February 16, 2018 / 2:37 AM / 3 months ago

GRAINS-Soybeans poised for biggest weekly gain in 7 months

    SYDNEY, Feb 16 (Reuters) - U.S. soybeans took a breather on
Friday, though the oilseed was poised to record its biggest
weekly gain in seven months on fears dry weather in Argentina
will crimp production.
         
    FUNDAMENTALS
    * The most active soybean futures on the Chicago Board Of
Trade surged more than 4 percent for the week, the biggest
weekly gain since July 2017.
    * The most active corn futures rose more than 1.5
percent for the week, the fifth straight weekly gain.
    * The most active wheat futures up more than 3 percent
for the week, extending five-week gains to more than 10 percent.
    * Argentina could harvest fewer than 50 million tonnes of
soybeans in the 2017-2018 crop year, the lead analyst at the
Rosario grains exchange said on Wednesday, as a prolonged
drought looks set to continue harming yields.
    * The dryness in the heart of Argentina's Pampas grains belt
is likely to persist through the second half of February,
climate experts said.
    * The U.S. Agriculture Department on Thursday said weekly
export sales of corn totalled 2.072 million tonnes, topping
market forecasts that ranged from 1 million to 1.6 million
tonnes.
             
    MARKET NEWS  
    * The U.S. dollar fell across the board on Thursday, hitting
a 15-month low against the yen late in the session, as negative
sentiment about the U.S. currency outweighed a rise in 10-year
Treasury yields to their highest levels in four years.  
    * Oil markets were mixed on Thursday with Brent flat even
though the dollar slid, while U.S. crude rose as investors
covered short positions.  
    * Wall Street surged on Thursday to notch its fifth straight
session of gains, led by Apple and other technology stocks as
investors shrugged off recent inflation worries that sent the
market into a sell-off at the start of the month.  
    
    DATA AHEAD (GMT)
0700  Germany  Wholesale price index                   Jan
0930  UK       Retail sales                            Jan
1330  U.S.     Housing starts                          Jan
1330  U.S.     Building permits                        Jan
1330  U.S.     Import prices                           Jan
1330  U.S.     Export prices                           Jan
1500  U.S.     University of Michigan sentiment index  Feb
    
 Grains prices at  0218 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   463.00    1.25   +0.27%       +1.59%  441.13     61
 CBOT corn    368.00    0.25   +0.07%       +0.20%  357.51     71
 CBOT soy    1024.00   -0.25   -0.02%       +0.66%  984.48     76
 CBOT rice     11.95   $0.00   +0.00%       -2.45%  $12.20     25
 WTI crude     61.48   $0.14   +0.23%       +1.45%  $63.19     47
 Currencies                                                      
 Euro/dlr     $1.252  $0.001   +0.10%       +0.56%               
 USD/AUD      0.7943   0.000   +0.00%       +0.25%               
 Most active contracts
 Wheat, corn, soy: US cents/bushel. Rice: USD per hundred weight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Gopakumar Warrier)
  
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