February 14, 2018 / 1:52 AM / 5 months ago

GRAINS-Soybeans fall from 10-wk high; dry Argentina weather caps losses

    SYDNEY, Feb 14 (Reuters) - U.S. soybean futures edged lower
on Wednesday, retreating from a 10-week high touched in the
previous session, though losses were checked by expectations
that ongoing adverse weather in Argentina will lower production.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.3 percent to $10.09-1/2 a bushel by 0134
GMT, having firmed 1 percent on Tuesday when prices hit a high
of $10.13-1/2 a bushel - the highest since Dec. 6.
    * The most active corn futures were down 0.3 percent
to $3.66-1/2 a bushel, having gained 0.1 percent in the previous
session.
    * The most active wheat futures were down 0.9
$4.56-1/2 a bushel, having closed down 0.7 percent on Tuesday. 
    * Wheat had drawn support from concerns about dry weather
across the U.S. Plains, threatening crops that are approaching a
key phase of development.
    * Dry weather across Argentina had supported gains in corn
and soybeans.
         
    MARKET NEWS  
    * The dollar clung above a five-month low against the yen on
Wednesday, its slide halted as a recovery in broader risk
sentiment remained intact for the time being.  
    * Oil prices were stable on Wednesday, supported by healthy
economic growth and expectations that a weaker dollar could spur
fuel demand.  
    * Wall Street climbed on Tuesday for a third straight
session, buoyed by Amazon.com and Apple, while investors focused
on inflation data on Wednesday that could upset the market's
fragile recovery - or clear the way for additional gains.  
    
    DATA AHEAD (GMT)
0700  Germany              GDP flash estimate             Q4
1000  Euro zone            GDP flash estimate             Q4
1000  Euro zone            Industrial production          Dec
1330  U.S.                 Consumer prices                Jan
1330  U.S.                 Retail sales                        
Jan
1500  U.S.                 Business inventories           Dec
        
 Grains prices at  0134 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   456.50   -4.25   -0.92%       -1.62%  439.33     55
 CBOT corn    365.50   -1.25   -0.34%       -0.41%  356.39     60
 CBOT soy    1009.00   -2.75   -0.27%       +0.72%  980.48     67
 CBOT rice     12.29   $0.00   +0.00%       -0.85%  $12.19     46
 WTI crude     59.23   $0.04   +0.07%       -0.10%  $63.17     20
 Currencies                                                      
 Euro/dlr     $1.235  $0.000   +0.03%       +0.51%               
 USD/AUD      0.7862   0.000   +0.04%       +0.05%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  
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