February 23, 2018 / 1:45 AM / 6 months ago

GRAINS-Soybeans edge higher, linger around one-year high

    SYDNEY, Feb 23 (Reuters) - U.S. soybean futures edged higher
on Friday to linger near a one-year high as expectations of
lower production from Argentina lent support to prices, pushing
the oilseed towards its third straight weekly gain.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade up more than 2 percent for the week, the third
straight weekly gain.
    * Soybeans hit a high of $10.48-1/4 a bushel - the highest
since March 2017.
    * The most active corn futures down nearly 0.5 percent
for the week, the first weekly slide in six weeks.
    * The most active wheat futures down 1 percent for the
week, the first weekly fall in six weeks.
    * USDA on Thursday predicted U.S. plantings of corn and
soybeans at 90 million acres each and wheat slightly above last
year at 46.5 million acres. The estimates were generally in line
with analyst expectations.
    * The government will issue longer-term supply and demand
forecasts as well as weekly U.S. export sales results on Friday.
USDA/EST>
    * Argentina remained the focus for soybean markets, with
traders assessing production downgrades by forecasters along
with prospects for light rain next week and a bumper harvest in
Brazil.
    * Argentine farmers were expected to harvest 47 million
tonnes of soy this season and not the 50 million tonnes forecast
earlier, the Buenos Aires Grains Exchange said in its weekly
crop report.
         
    MARKET NEWS  
    * The dollar sagged broadly on Friday after its recovery
this week faded as U.S. Treasury yields declined from their
recent peaks.  
    * Oil prices rose to two-week highs on Thursday, boosted by
data showing a surprise draw in U.S. crude inventories and also
by a drop in the dollar.  
    * The Dow and S&P 500 advanced on Thursday to halt a
two-session losing skid, buoyed by gains in industrial and
energy shares as U.S. Treasury yields eased, while the Nasdaq
lost ground for a third straight session.  
    
    DATA AHEAD (GMT)
0700  Germany               Detailed GDP              Q4
1000  Euro zone             Inflation final           Jan
    
 Grains prices at  0119 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   452.50     1.25   +0.28%       +1.17%  443.47     52
 CBOT corn    366.50    -0.25   -0.07%       +0.21%  359.76     59
 CBOT soy    1033.00     1.00   +0.10%       -0.12%  993.38     79
 CBOT rice     12.02    $0.00   +0.00%       +1.39%  $12.21     43
 WTI crude     62.69   -$0.08   -0.13%       +1.64%  $63.17     58
 Currencies                                                       
 Euro/dlr     $1.232  -$0.001   -0.09%       +0.29%               
 USD/AUD      0.7832   -0.001   -0.17%       +0.37%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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