January 10, 2018 / 2:13 AM / 8 months ago

GRAINS-Soybeans extend losses into third session as ample supplies weigh

    SYDNEY, Jan 10 (Reuters) - U.S. soybeans edged lower on
Wednesday to extend losses into a third straight session as
ample global supplies weighed on prices.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.1 percent at $9.62-1/2 a bushel, having
closed down 0.3 percent on Wednesday.
    * The most active wheat futures were unchanged at
$4.32-1/4 a bushel, having closed up 1 percent on Tuesday. 
    * The most active corn futures were unchanged at $3.49
a bushel, having gained 0.5 percent in the previous session.
    * Soybeans were under pressure from abundant global
supplies, although the market is concerned about the impact of
adverse weather in Argentina.
    * The U.S. Department of Agriculture on Friday is expected
to show smaller U.S. winter wheat seedings, in the agency's
first forecast for 2018.
    * The state grain buying agency for top global wheat
importer Egypt said it purchased 115,000 tonnes of Russian wheat
in a tender. The agency initially received no offers, and then
offers for wheat at prices higher than Egypt's last wheat tender
in December.
    * Warmer temperatures this week in the U.S. Plains
alleviated some concerns that dormant winter wheat plants could
be damaged. 
         
    MARKET NEWS  
    * The dollar edged up in early Asian trade on Wednesday,
bolstered by higher U.S. Treasury yields but still constrained
against the yen after the Bank of Japan's move to trim its
purchases of Japanese government bonds triggered tapering fears.
  
    * Oil prices hit their highest levels since 2014 on
Wednesday due to ongoing production cuts led by OPEC as well as
healthy demand, although analysts cautioned that markets may be
overheating.  
    * Wall Street's major indexes extended the New Year rally to
close at record levels on Tuesday on investor optimism ahead of
quarterly earnings reports and hopes for easing tensions with
North Korea.  
    
    DATA/EVENTS (GMT)
1330  U.S.   Import, Export Prices    Dec
        
 Grains prices at  0151 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat  432.25    0.00   +0.00%       +1.05%   426.45   58
 CBOT corn   349.00    0.00   +0.00%       +0.50%   351.13   47
 CBOT soy    962.50   -1.25   -0.13%       -0.44%   981.65   43
 CBOT rice    11.90  -$0.05   -0.42%       +0.04%   $12.15   51
 WTI crude    63.49   $0.53   +0.84%       +2.85%   $58.84   83
 Currencies                                                    
 Euro/dlr    $1.194  $0.001   +0.05%       -0.20%              
 USD/AUD     0.7817  -0.001   -0.08%       -0.29%              
 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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