February 15, 2018 / 2:34 AM / 7 days ago

GRAINS-Soybeans extend gains on Argentina dry weather woes

    SYDNEY, Feb 15 (Reuters) - U.S. soybeans edged higher on Thursday as
fears that adverse weather conditions in Argentina will crimp production
underpinned gains.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade
were up 0.2 percent at $10.19 a bushel, as of 0217 GMT, having firmed 0.5
percent on Wednesday.
    * The most active corn futures climbed 0.1 percent to $3.67-1/2,
having gained 0.1 percent in the previous session.
    * The most active wheat futures gained 0.4 percent to $4.57-1/2 a
bushel, having closed down 1 percent on Wednesday.
    * Argentina could harvest fewer than 50 million tonnes of soybeans in
the 2017-18 crop year, a lead analyst at the Rosario Grains Exchange told
Reuters on Wednesday, as a prolonged drought looks set to continue harming
yields.
    * Farm office FranceAgriMer lowered its forecast of French soft wheat
exports outside the EU in 2017/18 for the fourth month in a row, pointing to
stiff overseas competition and low prices that have made French farmers
reluctant to sell.  
         
    MARKET NEWS  
    * The dollar extended its losses against the yen and hit a fresh
15-month low on Thursday, with market participants bracing for further
near-term weakness in the U.S. currency.  
    * Oil prices on Thursday extended gains from the previous session,
pushed up by a weak dollar and by comments from Saudi Arabia that it would
rather see an undersupplied market than end a deal with OPEC and Russia to
withhold production.  
    * Wall Street surged on Wednesday as investors shrugged off
stronger-than-expected inflation data and snapped up shares of Facebook,
Amazon.com and Apple.  
    
    DATA AHEAD (In GMT)
    1000  Euro zone       Eurostat trade                 Dec
    1330  U.S.            Weekly jobless claims
    1330  U.S.            Philly Fed business index      Feb
    1330  U.S.            New York Fed manufacturing     Feb
    1415  U.S.            Industrial production          Jan
    1500  U.S.            NAHB housing market index      Feb
    
 Grains prices at 0209 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   457.50    1.75   +0.38%       -0.71%  440.03    56
 CBOT corn    367.50    0.25   +0.07%       +0.20%  356.93    66
 CBOT soy    1019.00    1.75   +0.17%       +0.72%  982.43    74
 CBOT rice     12.18  -$0.07   -0.57%       -0.85%  $12.20    36
 WTI crude     61.08   $0.48   +0.79%       +3.19%  $63.20    43
 Currencies                                                     
 Euro/dlr     $1.245  $0.001   +0.05%       +0.84%              
 USD/AUD      0.7927   0.000   +0.05%       +0.87%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below