September 19, 2019 / 2:23 AM / a month ago

GRAINS-Soybeans edge higher, recover from 6-day trough

    SYDNEY, Sept 19 (Reuters) - U.S. soybean futures edged
higher on Thursday, recovering from a six-day low touched in the
previous session, though gains were capped by forecasts for
crop-friendly weather.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.1% at $8.89-1/2 a bushel, as of 0151 GMT,
having slid 0.6% on Wednesday when prices hit a low of $8.86-3/4
a bushel - weakest since Sept. 12.
    * The most active corn futures were unchanged
at$3.71-1/4 a bushel, having gained 0.9% in the previous
session.
    * The most active wheat futures were down 0.6% at
$4.86-3/4 a bushel, having closed up 1.1% on Wednesday. 
    * Weather forecasts call for mild weather across the U.S.
Midwest, limiting the threat of frost for soybean crops.
    * Market eyes fresh export sales data due to be released by
the U.S. Department of Agriculture (USDA) early on Thursday.
    * Analysts surveyed by Reuters expected wheat and soybean
sales to be down from the prior week's robust pace, while corn
sales were seen rising following a drop in prices
         
    MARKET NEWS  
    * The dollar stood tall on Thursday after the U.S. Federal
Reserve cut rates by 25 basis points, as expected, but its
chairman signalled a higher bar for future rate cuts.  
    * Oil prices retreated about 2% on Wednesday, extending the
previous day's declines after Saudi Arabia said it would quickly
restore full production following last weekend's attacks on its
facilities and as U.S. crude stockpiles rose unexpectedly.
 
    * The S&P 500 ended marginally higher on Wednesday after
Federal Reserve policymakers cut interest rates by a quarter of
a percentage point, as expected, but gave mixed signals about
their next move.  
      
 Grains prices at  0151 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   486.75   -2.75   -0.56%       +0.52%  477.28     58
 CBOT corn    371.25    0.00   +0.00%       +0.88%  371.87     62
 CBOT soy     889.50    0.75   +0.08%       -0.48%  875.33     63
 CBOT rice     12.30  -$0.01   -0.08%       +0.20%  $11.81     86
 WTI crude     58.23   $0.12   +0.21%       -1.87%  $56.00     54
 Currencies                                                      
 Euro/dlr     $1.103  $0.000   -0.04%       -0.42%               
 USD/AUD      0.6790  -0.004   -0.54%       -1.08%               
 
 (Reporting by Colin Packham; Editing by Aditya Soni)
  
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