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GRAINS-Soybeans fall, retreat from six-day high
May 17, 2017 / 1:22 AM / 6 months ago

GRAINS-Soybeans fall, retreat from six-day high

    SYDNEY, May 17 (Reuters) - U.S. soybeans edged lower on
Wednesday, retreating from a six-day high touched in the
previous session, as ample global supplies weigh on prices.
                 
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade fell 0.1 percent to $9.75 a bushel, having firmed
1.1 percent on Tuesday when prices hit a high of $9.77-1/4 a
bushel - the highest since May 10.
    * The most active corn futures fell 0.1 percent to
$3.67-1/4 a bushel, having closed unchanged in the previous
session.
    * The most active wheat futures fell 0.5 percent to
$4.22 a bushel, having closed up 0.2 percent on Tuesday. 
    * The USDA said on Tuesday that private exporters reported
the sale of 132,000 tonnes of soybeans for delivery to unknown
destinations during the 2016/17 marketing year.
    * The USDA said on Monday that the U.S. corn crop was 71
percent planted as of May 15, up from only 47 percent the
previous week and above analysts' estimates of 68 percent in a
Reuters poll. 
             
    MARKET NEWS  
    * The dollar nursed its losses on Wednesday after taking a
combination of punches - solid eurozone economic data, a fall in
U.S. yields on heightened turmoil in Washington and downbeat
housing data that reduced expectations of a Federal Reserve rate
hike next month.  
    * Oil prices fell 1 percent on Wednesday after data showed
an increase in U.S. crude inventories, stoking concerns that
markets remain oversupplied despite efforts by top producers
Saudi Arabia and Russia to cut output.  
    * The S&P 500 and the Dow ended Tuesday's session flat after
mixed economic data and retail earnings, while the Nasdaq had
another record close with help from technology stocks.  
    
    DATA AHEAD (GMT) 
0900  Euro zone            Inflation final                  Apr 
        
 Grains prices at  0101 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   422.00    -2.25    -0.53%       -0.30%  436.26    45
 CBOT corn    367.25    -0.50    -0.14%       -0.14%  369.63    58
 CBOT soy     975.00    -1.25    -0.13%       +1.01%  963.61    68
 CBOT rice     10.63    $0.01    +0.05%       +0.00%  $10.15    78
 WTI crude     48.09   -$0.57    -1.17%       -1.56%  $49.56    50
 Currencies                                                       
 Euro/dlr     $1.110   $0.001    +0.12%       +1.11%              
 USD/AUD      0.7415   -0.001    -0.15%       +0.04%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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