January 24, 2018 / 2:21 AM / 4 months ago

GRAINS-Soybean prices fall for first time in seven sessions

    SYDNEY, Jan 24 (Reuters) - U.S. soybean prices edged down
for the first time in seven sessions on Wednesday, though prices
lingered near a five-week high amid concerns that dry weather in
South America will hamper production.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.1 percent at $9.85-3/4 a bushel by 0159
GMT. They firmed 0.2 percent on Tuesday, when prices hit their
strongest since Dec. 11 at $9.88-3/4 a bushel.
    * The most active corn futures were up 0.1 percent at
$3.51-1/2 a bushel, having closed down 0.2 percent in the
previous session.
    * The most active wheat futures were down 0.1 percent
to $8.81-3/4 a bushel, after ending Tuesday down 1 percent. 
    * Rain mixed with snow fell in parts of wheat-growing areas
in the U.S. Midwest, providing moisture to the dormant soft red
winter wheat crop.
    * Analytics firm Informa Economics trimmed its forecasts for
2018 U.S. soybean and corn plantings, even as their outlook for
91.387 million soybean acres still would be a record.
[nS0N1NR036
         
    MARKET NEWS  
    * The dollar touched a four-month low against the yen on
Wednesday, pressured by simmering concerns that the U.S.
currency's yield advantage will start to erode as major central
banks head toward unwinding their massive stimulus.  
    * Oil prices were firm on Wednesday, receiving ongoing
support from healthy economic growth as well as from supply
restrictions led by a group of producers around the Organization
of the Petroleum Exporting Countries (OPEC) and Russia.  
    * U.S. stocks advanced on Tuesday, as strong results from
Netflix helped lift the S&P and Nasdaq Composite, but the Dow
Industrials were hemmed in by declines in Johnson & Johnson and
Procter & Gamble.  
    
    DATA AHEAD (GMT)
0800  France        Markit manufacturing flash PMI        Jan
0830  Germany       Markit manufacturing flash PMI        Jan
0900  Euro zone     Markit manufacturing flash PMI        Jan
1400  U.S.          Monthly home price index              Nov
1445  U.S.          Markit manufacturing flash PMI        Jan
1500  U.S.          Existing home sales                   Dec
        
 Grains prices at  0159 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   421.25   -0.25   -0.06%       -1.06%  424.48     46
 CBOT corn    351.50    0.25   +0.07%       -0.14%  350.23     56
 CBOT soy     985.75   -0.50   -0.05%       +0.15%  971.03     72
 CBOT rice     12.20   $0.00   +0.00%       +0.16%  $12.02     71
 WTI crude     64.42  -$0.05   -0.08%       +1.46%  $60.82     73
 Currencies                                                      
 Euro/dlr     $1.231  $0.001   +0.07%       +0.37%               
 USD/AUD      0.8001   0.001   +0.06%       -0.20%               
 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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