January 25, 2018 / 2:42 AM / in 7 months

CORRECTED-GRAINS-Soybeans firm for 9th session, longest unbroken rally in nearly 6 years

 (Corrects milestone in headline, first paragraph and first
bullet)
    SYDNEY, Jan 25 (Reuters) - U.S. soybeans rose for a ninth
straight session, the longest unbroken rally in nearly six
years, as dry weather in South America and a weaker U.S. dollar
stoked expectations of strong demand for North American
supplies.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.2 percent to $9.94-1/2 a bushel by 0214
GMT, having firmed 0.6 percent on Wednesday when prices hit a
high of $9.94-3/4 a bushel - the highest since Dec. 8.
    * Soybeans last rose for at lease nine straight sessions in
March, 2012.
    * The most active corn futures unchanged at $3.56-1/2
a bushel, having gained 1.5 percent in the previous session.
    * The most active wheat futures were up 0.3 percent to
$4.34-1/4 a bushel, having closed up 2.7 percent on Wednesday. 
    * Soybeans supported by concerns about drought in parts of
Argentina, the world's third-largest soybean producer and
largest exporter of soymeal and soyoil. 
    * Dryness there has fuelled forecasts for lost plantings and
yield damage that could potentially tighten global supplies and
make U.S. exports look more attractive.
    * Grain complex had been underpinned by a weaker U.S dollar,
increasing the competitiveness of U.S. supplies.
         
    MARKET NEWS  
    * The dollar wallowed near three-year lows against its peers
on Thursday after caving on comments by U.S. Treasury secretary
Steven Mnuchin that he welcomed a weaker currency, while the
euro steadied ahead of the European Central Bank's policy
decision.  
    * Oil prices on Thursday hit their highest since December,
2014, pushed up after U.S. crude inventories posted a tenth
straight week of declines and as the dollar continued to weaken.
  
    * The S&P 500 was little changed on Wednesday while the
Nasdaq lagged in choppy trading in the wake of comments by U.S.
Commerce Secretary Wilbur Ross which hinted at action against
China in a trade war.  
    
    DATA/EVENT AHEAD (GMT)
0700  Germany        GfK consumer sentiment                 Feb
0900  Germany        Ifo business climate                   Jan
1245  European Central Bank interest rate announcement          
  followed by press conference by ECB President Mario Draghi
1330  U.S.            Advance goods trade balance           Dec
1330  U.S.            Wholesale inventories                 Dec
1330  U.S.            Retail inventories                    Dec
1330  U.S.            Weekly jobless claims
1500  U.S.            New home sales                        Dec
1500  U.S.            Leading index                         Dec
        
 Grains prices at  0214 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  434.25    1.25    +0.29%       +2.00%  424.92     64
 CBOT corn   356.50    0.00    +0.00%       +1.28%  350.39     70
 CBOT soy    994.50    2.25    +0.23%       +1.04%  971.32     78
 CBOT rice    12.12  -$0.05    -0.41%       -0.53%  $12.02     63
 WTI crude    66.29   $0.68    +1.04%       +2.82%  $61.14     85
 Currencies                                                      
 Euro/dlr    $1.241  $0.011    +0.92%       +1.22%               
 USD/AUD     0.8070   0.007    +0.93%       +0.66%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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