January 11, 2018 / 4:00 AM / 2 months ago

GRAINS-Soybeans edge higher after deep losses, market eyes USDA report

    * Soybeans tick up after losing 1.6 pct in last 3 days
    * Wheat eases after two sessions of gains, corn dips

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Jan 11 (Reuters) - Chicago soybean futures edged
higher on Thursday as the market took a breather following three
sessions of declines, with the focus on a U.S. government report
expected to show higher inventories.
    Wheat dipped for the first time in three sessions, although
prices lingered near Wednesday's highest since Jan. 4 amid
forecasts of slower-than-expected Black Sea exports.
    The Chicago Board Of Trade most-active soybean contract
 rose 0.1 percent to $9.56 a bushel by 0340 GMT, having
closed down 0.9 percent on Wednesday when prices hit $9.51-3/4 a
bushel - the lowest since Dec. 22.
    Wheat slid 0.3 percent to $4.33 a bushel, having
closed up 0.5 percent on Wednesday when prices hit $4.35 a
bushel - the highest since Jan. 4. Corn dipped 0.1 percent
to $3.48-3/4 a bushel, having closed flat in the previous
    "U.S. soybean exports are surprisingly slow and I think it
is because of quality issues," said one India-based agricultural
commodities analyst at an international bank.
    "It is difficult for U.S. soybean exports to recover now as
Brazilian new-crop supplies will hit the market at the beginning
of February."
    Analysts polled by Reuters expected the U.S. Department of
Agriculture (USDA) to boost U.S. soybean stocks after a
record-large harvest at the end of last year and slowing exports
due to quality issues.
    Higher Brazilian production is likely to keep a lid on the
market. Brazil's 2017-18 soybean crop is expected to be 111.8
million tonnes, 1.9 percent higher from the previous estimate,
Céleres consultancy said on Tuesday.
    The USDA is likely to show smaller U.S. winter wheat
seedings, in the agency's first forecast for 2018.
    Wheat exports from Ukraine are running behind last season
with 11.4 million tonnes of wheat exported since July, down from
12 million tonnes at the same point last year, the agriculture
ministry said on Wednesday.
    Farming agency FranceAgriMer lowered its forecast for French
soft wheat exports outside the European Union this season for a
third straight month on Wednesday, predicting 9.3 million tonnes
versus 9.5 million last month.
    Commodity funds were net sellers of CBOT soybean, soyoil,
soymeal and corn futures contracts on Wednesday and net buyers
of wheat, traders said.
 Grains prices at 0340 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  433.00  -1.25   -0.29%   +0.17%       426.64  59
 CBOT corn   348.75  -0.25   -0.07%   -0.07%       351.08  42
 CBOT soy    956.00  1.00    +0.10%   -0.80%       979.77  32
 CBOT rice   11.98   $0.07   +0.59%   +0.25%       $12.13  47
 WTI crude   63.47   -$0.10  -0.16%   +0.81%       $59.03  81
 Euro/dlr    $1.195  $0.000  +0.01%   +0.09%               
 USD/AUD     0.7850  0.001   +0.10%   +0.35%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; editing by Richard Pullin)
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