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GRAINS-Soybeans rebound from 6-week low, set for 2nd weekly loss
February 24, 2017 / 3:30 AM / 10 months ago

GRAINS-Soybeans rebound from 6-week low, set for 2nd weekly loss

    * Soybeans under pressure amid ample global supplies
    * Wheat falls, set for weekly gain of 2.5 pct
    * Corn flat, despite lower-than-expected USDA f'cast

    By Colin Packham
    SYDNEY, Feb 24 (Reuters) - U.S. soybeans edged higher on Friday after
earlier hitting a six-week low as ample global supplies pushed the oilseed
towards two-week losses of nearly 5 percent.
    Wheat edged lower but was set to finish the week up 2.5 percent, while corn
was flat.
    The most active soybean futures on the Chicago Board Of Trade rose 0.1
percent to $10.12-1/2 per bushel, after hitting a six-week low of $10.09-1/2 a
bushel earlier in the session. 
    "The news flow of late has turned decidedly more bearish. The U.S. will end
season 2016 with a large carryout, estimates of Brazilian 2016 production are
still rising, and U.S. planting will be at record levels in 2017," said
Madeleine Donlan, analyst, Commonwealth Bank of Australia.
    Soybeans on course to post weekly losses of 2.5 percent, extending two-week
losses to nearly 5 percent.
    Soybeans under pressure after the U.S. Department of Agriculture at its
annual outlook conference projected U.S. soybean plantings for 2017 at 88
million acres, a record high if realized. The figure was just above an average
of trade expectations in a Reuters poll for 87.6 million.

    Agroconsult, a Brazilian consultancy, on Wednesday raised its forecast for
the country's 2016-17 soy crop to 107.8 million tonnes, up from its Feb. 8
estimate of 105.3 million tonnes.
    The most active corn futures fell 0.1 percent to $3.65-1/4 a bushel,
having closed down 1.5 percent in the previous session.
    Corn is down nearly 1 percent for the week, the second straight weekly fall.
    USDA projected U.S. 2017 plantings at 90 million acres, down 4.3 percent
from 2016 and below an average of trade expectations in the Reuters poll for
91.0 million acres.
    The most active wheat futures fell 0.1 percent to $4.53 a bushel after
closing down 0.5 percent on Thursday.
    Wheat is up more than 2.5 percent for the week, recouping all the losses
from the previous week.
    The USDA projected U.S. total wheat plantings for the 2017 harvest at 46
million acres, below an average of trade expectations in a Reuters poll for
46.85 million acres. 
 Grains prices at  0257 GMT
 Contract       Last   Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   453.00    -0.50    -0.11%       -0.82%   449.17    46
 CBOT corn    365.25    -0.25    -0.07%       -1.55%   367.18    40
 CBOT soy    1012.50     1.00    +0.10%       -1.00%  1044.79    31
 CBOT rice      9.43   -$0.04    -0.42%       -0.32%    $9.62    46
 WTI crude     54.31   -$0.14    -0.26%       +1.34%   $53.06    62
 Euro/dlr     $1.057  -$0.001    -0.07%       +0.16%               
 USD/AUD      0.7702   -0.001    -0.14%       +0.00%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Gopakumar Warrier)

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