January 19, 2018 / 2:12 AM / 7 months ago

GRAINS-Soybean prices climb, poised for biggest weekly gain in 3 mths

    SYDNEY, Jan 19 (Reuters) - U.S. soybean futures rose for a
fifth session on Friday on concerns over dry weather in key
producer Argentina, remaining on course for their biggest weekly
gain in three months.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade, for March, were up nearly 1.5 percent for the week,
set for their largest weekly gain since October, 2017.
    * The most active corn futures were up nearly 2
percent for the week, on track for their largest weekly climb
since Dec. 1.
    * The most active wheat futures were up nearly 1.5
percent for the week after posting losses of nearly 2.5 percent
the week before.
    * Dry weather is persisting across a key growing region in
Argentina, a major exporter of soybeans. 
    * The International Grains Council (IGC) raised its forecast
for global wheat production in the 2017/18 season, but said
global wheat stocks in 2018/19 could decline for the first time
in six years.
    * IGC also raised its forecast for 2017/18 global corn
output by 14 million tonnes to 1.054 billion tonnes, partly
reflecting upward revisions for the European Union, China and
Nigeria.
            
    MARKET NEWS  
    * The U.S. dollar was lodged near a three-year low against a
basket of currencies on Friday, with fears over a possible U.S.
government shutdown adding to its underlying woes stemming from
its eroding yield advantage.  
    * Oil was little changed on Thursday, as prices eased early
in the session, but were supported by a record drawdown of U.S.
crude stockpiles at the Cushing, Oklahoma delivery hub.  
    * Wall Street fell on Thursday as losses in industrials and
interest-rate sensitive sectors offset marginal gains in tech
stocks.  
     
    DATA AHEAD (GMT)
0700  Germany        Producer prices                       Dec
0900  Euro zone      Current account                       Nov
1500  U.S.           Univ of Michigan sentiment index      Jan
        
 Grains prices at  0128 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  426.50     1.25   +0.29%       +1.19%  424.52     53
 CBOT corn   352.00     0.50   +0.14%       -0.28%  350.28     60
 CBOT soy    974.25     1.25   +0.13%       +0.57%  973.07     67
 CBOT rice    12.11   -$0.04   -0.29%       -0.33%  $12.03     67
 WTI crude    63.37   -$0.58   -0.91%       -0.94%  $60.08     63
 Currencies                                                      
 Euro/dlr    $1.223   $0.000   -0.02%       +0.41%               
 USD/AUD     0.8005    0.001   +0.09%       +0.45%               
 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)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below