January 9, 2018 / 2:51 AM / 15 days ago

GRAINS-Corn prices firm, move away from 3-week low

    SYDNEY, Jan 9 (Reuters) - U.S. corn futures edged up on
Tuesday to move away from a three-week low, but abundant global
supply capped gains. 
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were up 0.1 percent at $3.47-3/4 a bushel by 0206 GMT.
They closed the last session down 1.1 percent, having touched
their lowest since Dec. 19 at $3.46-3/4 a bushel. 
    * The most active wheat futures were down 0.2 percent
at $4.26-3/4 a bushel. They ended Monday down 0.7 percent, after
marking their weakest since Dec. 29 at $4.25-3/4 a bushel. 
    * The most active soybean futures were unchanged at
$9.66-3/4 a bushel, having closed down 0.4 percent on Monday.
    * Analysts expect the U.S. Department of Agriculture to show
abundant global grain and soy supplies in monthly and quarterly
reports due on Friday. The reports tend to spur increased
volatility in futures.
    * Wheat prices have been supported by fears that frigid
weather might damage crops across key U.S. producing regions,
which are already struggling with persistent dry weather.

    * The drought afflicting Argentina's soy belt is expected to
worsen this week, pushing farmers to risk planting later than
usual and raising the risk of frosts later in the season, a
meteorologist and a farmer said on Monday.
         
    MARKET NEWS  
    * The euro languished on Tuesday after slipping from last
week's high as investors were cautious after a months-long
rally, while the dollar firmed against the yen though a lack of
catalysts tempered its momentum.  
    * U.S. oil prices hit their highest since 2015 again on
Tuesday as speculators bet on further price rises amid OPEC-led
production cuts and a dip in American drilling activity.  
    * The S&P 500 extended its winning streak for 2018 on
Monday, although its advance slowed to a crawl as the healthcare
and financial sectors weighed and investors awaited the start of
the quarterly earnings season.  
    
    DATA/EVENTS (GMT)
1000 Euro Zone   Unemployment Rate   Nov
        
 Grains prices at  0206 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  426.75    -1.00    -0.23%       -0.93%  426.13     47
 CBOT corn   347.75     0.50    +0.14%       -1.00%  351.21     39
 CBOT soy    966.75     0.00    +0.00%       -0.41%  983.27     48
 CBOT rice    12.01    $0.12    +1.01%       +1.74%  $12.18     46
 WTI crude    62.17    $0.44    +0.71%       +1.19%  $58.64     76
 Currencies                                                       
 Euro/dlr    $1.197   $0.001    +0.05%       -0.47%               
 USD/AUD     0.7858    0.002    +0.23%       -0.05%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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