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GRAINS-Soybean prices hit highest in nearly one month
September 5, 2017 / 1:35 AM / in 3 months

GRAINS-Soybean prices hit highest in nearly one month

    SYDNEY, Sept 5 (Reuters) - U.S. soybeans rose for a third
consecutive session on Tuesday, with strong demand for soyoil
pushing prices for the oilseed to a near one-month high.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were up 0.6 percent at $9.55-1/4 a bushel by 0057
GMT. That was near the session-high of $9.56-1/2 a bushel, the
strongest since Aug. 10. Soybeans closed up 0.5 percent on
Friday, with U.S. markets closed on Monday for a holiday.
    * The most active corn futures were up 0.3 percent at
$3.56-1/4 a bushel, having closed down 0.7 percent in the
previous session.
    * The most active wheat futures were 0.4 percent
higher at $4.40-1/2 a bushel, after ending up 1 percent in the
last session. 
    * Corn prices have come under pressure as confidence grows
that U.S. output will be larger than previously feared.

    * Soybeans were supported by strength in soyoil, amid a fall
in U.S. supplies and expectations for stronger export demand.

         
    MARKET NEWS  
    * The dollar steadied on Tuesday after investors took in the
latest headlines on tensions in the Korean Peninsula before
turning their focus towards U.S. monetary and fiscal policies.
  
    * U.S. crude oil prices edged higher on Monday while
gasoline prices slumped to pre-Hurricane Harvey levels, as oil
refineries and pipelines in the U.S. Gulf Coast slowly resumed
activity, easing supply concerns.  

    DATA (GMT)
0130    Australia   Balance of payments data        Q2  
0145    China       Caixin/Markit services PMI      Aug  
0750    France      IHS Markit Final Composite PMI  Aug  
0750    France      IHS Markit Final Services PMI   Aug  
0755    Germany     IHS Markit Final Composite PMI  Aug  
0755    Germany     IHS Markit Final Services PMI   Aug 
0800    Euro Zone   IHS Markit Final Composite PMI  Aug 
0800    Euro Zone   IHS Markit Final Services PMI   Aug 
0830    U.K.        IHS Markit Services PMI         Aug  
0900    Euro Zone   Retail sales                    Jul  
1400    U.S.        Factory orders                  Jul  
1400    U.S.        Durables orders (revised)       Jul 
    
 Grains prices at  0057 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   440.50     1.75    +0.40%       +1.38%  462.38    56
 CBOT corn    356.25     1.00    +0.28%       -0.42%  369.66    47
 CBOT soy     955.25     5.75    +0.61%       +1.06%  957.06    60
 CBOT rice     12.94   -$0.01    -0.04%       +0.90%  $12.62    75
 WTI crude     47.36    $0.07    +0.15%       +0.28%  $48.18    51
 Currencies                                                       
 Euro/dlr     $1.190   $0.000    +0.00%       +0.32%              
 USD/AUD      0.7948    0.001    +0.08%       -0.24%              
 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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