January 8, 2018 / 2:35 AM / 9 days ago

GRAINS-Soybean prices fall, but S.America weather concerns curb losses

    SYDNEY, Jan 8 (Reuters) - U.S. soybean prices edged down on
Monday to move away from three-week highs hit in the last
session, though losses were curbed by concerns that adverse
weather in South America would crimp output.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.1 percent at $9.70-1/2 a bushel by 0140
GMT. They firmed 0.3 percent on Friday, when prices marked their
highest since Dec. 14 at $9.77 a bushel.
    * The most active corn futures were down 0.1 percent
at $3.51 a bushel, having closed the last session little
changed.
    * The most active wheat futures were down 0.5 percent
at $8.81-3/4 a bushel, after ending Friday down 0.8 percent. 
    * Drought in Argentina's bread basket province of Buenos
Aires has raised the risk that some of the 18.1 million hectares
expected to be sown with soy this season will go unplanted, the
Buenos Aires Grains Exchange and other analysts warned.

    * The U.S. Department of Agriculture said on Thursday that
U.S soybean export sales in the latest week totalled 560,800
tonnes, just below the low-end of market expectations.

    * The USDA reported corn export sales of 101,200 tonnes,
below forecasts for 600,000 to 1 million tonnes. 
    * The USDA also reported export sales of U.S. wheat of just
131,000 tonnes. Analysts forecasts for wheat export sales ranged
from 225,000 to 500,000 tonnes. 
    * Wheat prices have been drawing support amid fears frigid
temperatures damaged crops across key U.S. producing regions,
already struggling with persistent dry weather.
         
    MARKET NEWS  
    * The dollar gained on Friday after a brief dip as investors
reckoned a weaker-than-expected U.S. December non-farm payrolls
report would not deter the Federal Reserve from raising interest
rates multiple times this year.  
    * Oil prices firmed on Monday on the back of a slight
decline in the number of U.S. rigs drilling for new production,
with crude holding just below near three-year highs reached last
week.  
    
 Grains prices at  0140 GMT
 Contract      Last  Change   Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  429.25   -1.50    -0.35%       +0.70%   412.23     54
 CBOT corn   351.00   -0.25    -0.07%       -2.02%   355.37     48
 CBOT soy    970.00   -0.75    -0.08%       -6.75%  1023.87     49
 CBOT rice    11.82   $0.01    +0.08%      +18.39%    $9.85     40
 WTI crude    61.69   $0.25    +0.41%      +16.37%   $52.66     73
 Currencies                                                       
 Euro/dlr    $1.204  $0.144   +13.61%      +13.18%                
 USD/AUD     0.7863   0.039    +5.19%       +4.85%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)
  
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