January 24, 2018 / 3:26 AM / in 7 months

GRAINS-Soybeans ease after 7-session rally, market eyes Argentina weather

    * Soybeans ease from 6-week top, Argentina dryness supports
    * Wheat ticks up after falling 1 pct on improved U.S.
weather

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Jan 24 (Reuters) - Chicago soybean futures slid
from a six-week high on Wednesday, easing after seven
consecutive sessions of gains, though concerns about dry weather
hurting yields in Argentina provided some support.
    Wheat edged higher after dropping 1 percent in the last
session as improved weather in parts of the U.S. Midwest grain
belt provided headwinds for the market.
    The Chicago Board of Trade most-active soybean contract
 shed 0.1 percent to $9.85-3/4 a bushel by 0302 GMT. The
market hit its strongest since Dec. 11 at $9.88-3/4 a bushel on
Tuesday.
    Corn gained 0.2 percent to $3.52 a bushel and wheat
 rose 0.1 percent to $4.22 a bushel.
    "Argentina weather will remain supportive for soybean prices
but at this stage I think the weather premium has already been
built into the prices," said one India-based agricultural
commodities analyst.
    "Brazilian soybean crop estimates are being raised. A big
Brazilian crop will offset yield losses in Argentina."
    Dry weather across parts of Argentina's soybean belt is
expected to reduce production in the world's third largest
exporter of the oilseed. 
    The country is also the world's No. 1 exporter of soymeal
and soyoil.
    But Brazil, the world's largest exporter, is on track for
another year of bumper production.
    Private analytics firm Informa Economics trimmed its
forecast of U.S. 2018 soybean plantings to 91.197 million acres,
down from its previous projection of 91.387 million but still a
potential record high, three trade sources said on Tuesday.
    Informa in a note to clients pegged U.S. 2018 corn plantings
at 89.179 million acres, down from its month-ago forecast of
89.675 million.
    Rain mixed with snow fell in parts of grain-growing areas in
the U.S. Midwest, providing moisture to the dormant soft red
winter wheat crop.
    Commodity funds were net sellers of CBOT corn and wheat
futures contracts on Tuesday and net buyers of soybeans, soymeal
and soyoil, traders said.

 Grains prices at  0302 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  422.00  0.50    +0.12%   -0.18%       424.43  48
 CBOT corn   352.00  0.75    +0.21%   -0.14%       350.29  60
 CBOT soy    985.75  -0.50   -0.05%   +0.87%       971.54  72
 CBOT rice   12.15   -$0.05  -0.41%   -0.45%       $12.02  65
 WTI crude   64.39   -$0.08  -0.12%   +1.42%       $60.82  72
 Currencies                                                
 Euro/dlr    $1.231  $0.005  +0.40%   +0.73%               
 USD/AUD     0.8001  -0.002  -0.20%   +0.14%               
 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Sunil Nair)
  
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