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GRAINS-Soybeans poised for fifth straight weekly gain
September 22, 2017 / 1:19 AM / 3 months ago

GRAINS-Soybeans poised for fifth straight weekly gain

    SYDNEY, Sept 22 (Reuters) - U.S. soybeans were little
changed on Friday, but were on track for a fifth straight weekly
gain as strong demand for U.S. supplies underpins gains. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up nearly 0.5 percent for the week, taking
gains to more than 4 percent over the past five weeks.
    * The most active corn futures were down nearly 1.5
percent for the week, the second straight weekly loss.
    * The most active wheat futures were up nearly 1
percent for the week, extending two-week gains to more than 3
percent.
    * Wheat was supported as excessive rains in Argentina have
threatened yield prospects, while Australia's crop has suffered
from persistent dryness in the east.
    * The USDA reported export sales of U.S. soybeans in the
latest week at more than 2.3 million tonnes, topping a range of
trade estimates for 1.2 million to 1.5 million tonnes.

    * USDA said private exporters sold 132,000 tonnes of U.S.
soybeans to China.
         
    MARKET NEWS  
    * The dollar weakened against a basket of currencies on
Thursday, pulling back from a more than two-week peak as bets
stoked by the Federal Reserve signalling it may raise interest
rates in December abated.  
    * Oil prices held steady in early Asian trade on Friday as
the market waited to see whether major oil producers would
extend supply cuts beyond March at a meeting in Vienna later in
the day.  
    * U.S. stock indexes slipped on Thursday as investors braced
for a third interest rate hike this year and the United States
ordered new sanctions against North Korea.  
    
    DATA AHEAD (GMT) 
0645  France            GDP final                           Q2 
0700  France            Markit manufacturing PMI flash      Sep 
0730  Germany           Markit manufacturing PMI flash      Sep 
0800  Euro zone         Markit manufacturing PMI flash      Sep 
1345  U.S.              Markit manufacturing PMI flash      Sep 
    
    
 Grains prices at  0054 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  452.50     0.00    +0.00%       +0.61%  442.05    71
 CBOT corn   350.25     0.00    +0.00%       +0.07%  357.13    55
 CBOT soy    970.75     0.00    +0.00%       +0.08%  951.45    67
 CBOT rice    12.73    $0.02    +0.16%       -0.59%  $12.70    55
 WTI crude    50.60    $0.05    +0.10%       +0.38%  $48.31    70
 Currencies                                                      
 Euro/dlr    $1.194   $0.000    +0.02%       +0.42%              
 USD/AUD     0.7909   -0.002    -0.28%       -1.52%              
 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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