January 24, 2019 / 2:52 AM / in a month

GRAINS-Soybeans hold steady, market eyes dry weather in South America

    SYDNEY, Jan 24 (Reuters) - U.S. soybean futures held steady
on Thursday as the market awaited weather forecasts in South
America amid prolonged dry weather that threatens production
from some of the world's largest exporters.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were unchanged at $9.15 a bushel by 0236 GMT, having
firmed 0.6 percent on Wednesday.
    * The most active corn futures were up 0.1 percent to
$3.79-1/4 a bushel, having closed little changed in the previous
session.
    * The most active wheat futures were up 0.4 percent
at$5.28-1/4 a bushel, having closed up 0.9 percent on Wednesday.
    * Forecasters have been scaling back estimates for Brazil's
soybean harvest due to drought, and hot weather this week was
expected to keep some regions dry.
    * The average estimate of Brazil's 2018-19 soybean
production in a Reuters poll of analysts was 117.06 million
tonnes, down from the average in a November poll of 120.8
million tonnes.
    * Looking ahead to U.S. plantings for 2019, private
analytics firm IEG Vantage, formerly known as Informa Economics
IEG, projected that farmers would plant more corn and less
soybeans and wheat compared to 2018.
    * CBOT wheat futures were buoyed by tightening supplies and
rising prices in Russia and Ukraine after brisk early-season
shipments by the Black Sea exporting countries. [nL8N1ZL2MI
         
    MARKET NEWS  
    * The dollar eased against its peers on Thursday, as
concerns over global growth, a U.S. government shutdown and
U.S.-Sino trade talks kept a tight lid on the greenback. 
    * Oil prices steadied on Thursday, but concerns over global
growth and a sharp rise in U.S. stocks kept the market under
pressure.  
    * Wall Street ended slightly higher on Wednesday after a
spate of upbeat earnings reports, but lingering concerns about
trade tensions and the longest U.S. government shutdown ever
limited the advance.  
    
    DATA/EVENTS AHEAD (GMT)
0030  Japan  Nikkei Mfg PMI Flash Jan
0030  Australia  Employment  Dec
0815  France  Markit Mfg Flash PMI
0815  France  Markit Serv Flash PMI
0830  Germany  Markit Mfg Flash PMI  Jan
0830  Germany  Markit Service Flash PMI  Jan
0900  Euro Zone  Markit Mfg Flash PMI  Jan
0900  Euro Zone  Markit Serv Flash PMI  Jan
0900  Euro Zone  Markit Comp Flash PMI  Jan
1245  Euro Zone  ECB Refinancing Rate  Jan
1245  Euro Zone  ECB Deposit Rate  Jan
1330  U.S.  Initial Jobless Claims  w/e Jan. 19
1445  U.S.  Markit Mfg PMI Flash  Jan
Bank of England Governor Mark Carney speaks at the World
Economic Forum in Davos, Switzerland 
Governing Council of the ECB holds monetary policy meeting in
Frankfurt
      
 Grains prices at  0236 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   528.25     2.25   +0.43%       +1.34%  518.91     70
 CBOT corn    379.25     0.50   +0.13%       +0.07%  379.33     52
 CBOT soy     915.00     0.00   +0.00%       +0.63%  909.44     59
 CBOT rice     10.73   -$0.03   -0.28%       +0.75%  $10.57     70
 WTI crude     52.23   -$0.39   -0.74%       -0.65%  $49.34     55
 Currencies                                                       
 Euro/dlr     $1.138   $0.000   +0.02%       +0.21%               
 USD/AUD      0.7123   -0.002   -0.25%       +0.01%               
 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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