December 27, 2017 / 1:55 AM / 6 months ago

GRAINS-Soybeans edge higher as dry weather lingers in Argentina

    SYDNEY, Dec 27 (Reuters) - U.S. soybean futures edged higher
on Wednesday to linger near a two-week high as concerns over dry
weather in parts of Argentina supported prices, although gains
were capped by ample global supplies.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
 were up 0.2 percent at $9.61-1/4 a bushel by 0137 GMT
after jumping 2.2 percent on Tuesday when prices hit a high of
$9.74 a bushel - the highest since Dec. 14.
    * The most active corn futures eased 0.2 percent to
$3.52 a bushel, having gained 0.2 percent in the previous
session when prices hit a high of $3.53-1/4 a bushel - the
highest since Dec. 8.
    * The most active wheat futures were down 0.1 percent
at $4.21-3/4 a bushel, having closed down 0.6 percent on
Tuesday. 
    * Soybeans drew support as a dry weather pattern lingered in
Argentina, reducing yield potential in the No. 3 global soy
producer after the United States and Brazil.
    * Speculative investors, including hedge funds, expanded net
short positions in soybeans and corn and trimmed their net
shorts in wheat in the latest reporting week, Commodity Futures
Trading Commission data showed on Friday.
    * The U.S. Department of Agriculture said 1.3 million tonnes
of U.S. soybeans, 609,281 tonnes of corn and 493,550 tonnes of
wheat were inspected for export last week, all relatively near
analysts' expectations.
             
    MARKET NEWS  
    * The dollar was little changed against major currencies on
Tuesday as traders brushed off encouraging Japanese inflation
data and Bank of Japan minutes that signaled policy-makers
favored sticking to a loose monetary policy.  
    * Oil prices surged to 2-1/2-year highs and U.S. crude
touched $60 a barrel in light trading volume on Tuesday, boosted
by news of an explosion on a Libyan crude pipeline as well as
voluntary OPEC-led supply cuts.  
    * U.S. stocks declined on Tuesday as Apple and shares of its
parts suppliers weakened on a report of soft iPhone X demand,
which pulled technology shares lower.  
    
    DATA (GMT)
    1500    U.S.   Pending home sales    Nov
        
 Grains prices at  0137 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  421.75   -0.50   -0.12%       -0.71%   428.94     65
 CBOT corn   352.00   -0.75   -0.21%       +0.00%   352.43     75
 CBOT soy    961.25    2.00   +0.21%       +1.24%   979.73     43
 CBOT rice    11.80   $0.00   +0.00%       -1.67%   $12.08     41
 WTI crude    59.68  -$0.29   -0.48%       +2.07%   $57.40     74
 Currencies                                                      
 Euro/dlr    $1.186  $0.000   +0.01%       -0.08%                
 USD/AUD     0.7731   0.000   +0.05%       +0.21%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    
    

 (Reporting by Colin Packham; editing by Richard Pullin)
  
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