February 12, 2018 / 2:28 AM / 6 months ago

GRAINS-Soybeans jump 1.6 pct, hit near two-week high

    SYDNEY, Feb 12 (Reuters) - U.S. soybean futures gained more than 1.5 percent as a weaker dollar stoked expectations of increased demand for North American supplies, pushing prices to their highest in nearly two weeks.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were up 1.6 percent at $9.88-1/4 a bushel, as of 0215 GMT, just shy of the session high of $9.98-3/4 a bushel, their highest since Jan. 31. Soybeans dropped 0.5 percent on Friday.
    * The most active corn futures gained 1.2 percent to $3.66-1/2 a bushel, having closed down 1 percent in the previous session.
    * The most active wheat futures climbed 1.4 percent to $4.55-1/4 a bushel, having closed down 1.6 percent on Friday. 
    * The U.S. Department of Agriculture on Friday raised its forecast for U.S. 2017/18 soybean ending stocks, reflecting a slower-than-expected pace of exports. 
    * Some Chinese buyers have cancelled corn purchases from the United States and switched to rival supplier Ukraine, as Beijing tightens controls on processing genetically modified strains of the crop, trade sources said.
         
    MARKET NEWS  
    * The yen edged higher versus the dollar on Monday, but traded below a five-month high after a bounce in U.S. equities late last week dampened demand for traditional safe haven currencies.  
    * Oil prices rose on Monday, steadying from steep losses as calmer stock markets found their footing after tumbling in last week's chaotic trading.  
    
 Grains prices at 0202 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   454.00    5.00    +1.11%       -0.49%  437.11     58
 CBOT corn    365.50    3.50    +0.97%       -0.07%  355.40     64
 CBOT soy     998.25   15.25    +1.55%       +1.06%  977.22     63
 CBOT rice     12.39   $0.06    +0.49%       -0.48%  $12.16     54
 WTI crude     59.76   $0.56    +0.95%       -2.27%  $63.27     26
 Currencies                                                       
 Euro/dlr     $1.227  $0.004    +0.32%       +0.22%               
 USD/AUD      0.7825   0.001    +0.17%       +0.59%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
   

 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  
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