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GRAINS-Soybeans edge higher, but South American supplies cap gains
November 6, 2017 / 1:56 AM / a month ago

GRAINS-Soybeans edge higher, but South American supplies cap gains

    SYDNEY, Nov 6 (Reuters) - U.S. soybeans edged higher on
Monday, rebounding from losses of more than 1 percent in the
previous session, but gains were checked by a rise in the
competitiveness of South American exports amid strong Chinese
demand.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.2 percent to $9.88-1/2 a bushel by 0134 GMT,
having closed down about 1.2 percent on Friday.
    * The most active corn futures gained 0.4 percent to
$3.49-3/4 a bushel, having slid 0.6 percent in the previous
session.
    * The most active wheat futures were up 0.8 percent at
$4.29-1/4 a bushel, having closed little changed on Friday. 
    * Soybeans pressured by fall in Brazilian currency, making
South American supplies cheaper.
    * China is expected to buy about 5 million tonnes of
soybeans from Brazil for the fourth quarter of 2017, two senior
trade sources said, double the 2.49 million tonnes shipped over
the same period last year.
         
    MARKET NEWS  
    * The dollar traded near a three-month high against a basket
of currencies on Monday, after the latest batch of U.S. data
backed expectations for the Federal Reserve to raise interest
rates next month and tighten further in 2018.  
    * Oil prices hit their highest levels since July 2015 early
on Monday as markets tightened, while Saudi Arabia's crown
prince cemented his power over the weekend through an
anti-corruption crackdown that included high profile arrests.
  
    * A rally in U.S. stocks fizzled, leaving major indexes with
modest gains on Friday, as Wall Street was torn between hope
that U.S. economic data signals better times ahead and fear
Europe's debt crisis will engulf world economies.  
    
     DATA/EVENTS (GMT)
0900  Euro Zone  Markit Serv Final PMI     Oct
      
 Grains prices at  0134 GMT
 Contract       Last    Change    Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   429.25      3.50     +0.82%       +2.69%   437.06   49
 CBOT corn    349.75      1.50     +0.43%       +0.43%   350.09   49
 CBOT soy     988.50      1.75     +0.18%       -0.28%   984.51   50
 CBOT rice     11.59     $0.01     +0.13%       +0.74%   $12.13   33
 WTI crude     55.86     $0.22     +0.40%       +2.87%   $51.98   83
 Currencies                                                         
 Euro/dlr     $1.161    $0.000     +0.03%       -0.39%              
 USD/AUD      0.7642    -0.001     -0.10%       -0.91%              
 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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