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GRAINS-Soybeans extend rally into second session on strong U.S. sales
September 21, 2017 / 1:32 AM / 3 months ago

GRAINS-Soybeans extend rally into second session on strong U.S. sales

    SYDNEY, Sept 21 (Reuters) - U.S. soybeans rose for a second consecutive
session on Thursday as the oilseed drew support from a report of strong export
figures by the U.S. Department of Agriculture.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were
up 0.2 percent at $9.72 a bushel as of 0055 GMT, having firmed 0.5 percent on
Wednesday.
    * The most active corn futures were up 0.1 percent at $3.50-1/2 a
bushel, having gained 0.5 percent in the previous session.
    * The most active wheat futures were up 0.4 percent at $4.51-1/2 a
bushel, having closed up 1.5 percent on Wednesday. 
    * The U.S. Department of Agriculture said private exporters sold 1.2 million
tonnes of U.S. soybeans, including 1.08 million tonnes to unknown destinations.

    * The USDA said the soybean sale was among the 10 largest ever announced
through its daily reporting system, which dates to 1977. Analysts suspected that
at least a portion of the sales to unknown destinations were earmarked for
China, which is by far the world's largest soy importer.
         
    MARKET NEWS  
    * The dollar rose to a two-month high against the yen and extended its gains
against the euro on Thursday after a hawkish-sounding Federal Reserve heightened
expectations for an interest rate hike in December.  
    * Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude
inventories, with the market heading for its largest third-quarter gain in 13
years after the Iraqi oil minister said OPEC and its partners were considering
extending or deepening output cuts.  
    * The S&P 500 and the Dow ended slightly higher on Wednesday, adding to
their string of closing records, after the Federal Reserve signalled it expects
another interest rate hike by year-end and disclosed timing for reducing its
balance sheet.  
    
    DATA AHEAD (GMT) 
1230  U.S.             Weekly jobless claims 
1230  U.S.             Philly Fed business index          Sep 
1300  U.S.             Monthly home price index           Jul 
1400  Euro zone        Consumer confidence flash          Sep 
1400  U.S.             Leading index                      Aug
        
 Grains prices at  0055 GMT
 Contract       Last   Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   451.50     1.75    +0.39%       +1.92%   442.50   72
 CBOT corn    350.25     0.25    +0.07%       +0.57%   357.83   55
 CBOT soy     972.00     2.00    +0.21%       +0.67%   950.48   69
 CBOT rice     12.73   -$0.07    -0.59%       -0.39%   $12.69   55
 WTI crude     50.73    $0.04    +0.08%       +2.53%   $48.25   70
 Currencies                                                       
 Euro/dlr     $1.188  -$0.001    -0.11%       -0.95%              
 USD/AUD      0.8016   -0.001    -0.19%       +0.09%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  

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