February 7, 2018 / 2:28 AM / 17 days ago

GRAINS-Soybeans hit six-day high on South American crop worries

    SYDNEY, Feb 7 (Reuters) - U.S. soybeans futures edged up on
Wednesday to hit a six-day high as fears over South American
production supported to prices.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.5 percent to $9.91-1/4 a bushel by 0214 GMT,
near the session high of $9.92 a bushel - the highest since Feb.
1. Soybeans firmed 1.7 percent on Tuesday.
    * The most active corn futures were up 0.2 percent to
$3.64-1/4 a bushel, having gained 1.3 percent in the previous
session.
    * The most active wheat futures were up 0.6 percent to
$4.49 a bushel, having closed up 1.4 percent on Tuesday. 
    * Soybeans draw support on worries that rains forecast for
Argentina's crop belt late this week and possibly through the
weekend might not be enough to relieve stress on crops.
    * Rains have delayed the soybean harvest in Brazil.

    * The U.S. Department of Agriculture said private exporters
sold a total of 225,000 tonnes of U.S. corn in the last day, the
government's third corn sales announcement in as many business
days.
         
    MARKET NEWS  
    * The dollar was firmer against the yen but trimmed gains
against the euro on Wednesday when U.S. equities bounced
overnight after suffering deep losses earlier in the week.
  
    * Oil prices rose on Wednesday amid a recovery in global
stock markets, supported by a report that U.S. crude inventories
fell last week  
    * Shaken out of many months of calm, Wall Street braced for
a higher level of volatility in the days ahead, after a roughly
2 percent rebound in U.S. stocks on Tuesday followed the biggest
one-day selloff in more than six years.  
    
    DATA AHEAD (GMT)
0700  Germany             Industrial output              Dec
0745  France              Trade data                     Dec
0800  China               Forex reserves                 Jan
        
 Grains prices at  0214 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  449.00    2.75    +0.62%       +1.99%  434.02     61
 CBOT corn   364.25    0.75    +0.21%       +1.53%  354.21     71
 CBOT soy    991.25    5.00    +0.51%       +2.22%  975.04     58
 CBOT rice    12.55   $0.00    +0.00%       +0.16%  $12.12     76
 WTI crude    64.09   $0.70    +1.10%       -0.09%  $63.32     48
 Currencies                                                      
 Euro/dlr    $1.239  $0.001    +0.09%       +0.16%               
 USD/AUD     0.7905   0.000    +0.00%       +0.36%               
 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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