March 11, 2019 / 1:28 AM / in 3 months

GRAINS-Soybeans rebound on Chinese buying, wheat up for 2nd day

    SINGAPORE, March 11 (Reuters) - Chicago soybean futures rose
on Monday after dropping to their lowest since mid-January in
the previous session, with the market supported by China's
purchases of U.S. cargoes.
    Wheat rose for a second day, while corn gained after
declining for the last three sessions.
    
    FUNDAMENTALS  
    * China bought 664,000 tonnes of U.S. soybeans, the U.S.
Agriculture Department said on Friday, confirming a sale that
marked the top oilseed buyer's first purchase of U.S. supplies
since promising to buy 10 million tonnes as part of trade talks.
    * The agency, in its daily reporting system, said that
private exporters said the deal was for the 2018/19 marketing
year, which ends on Aug. 31.
    * The USDA pegged Brazil's soybean crop at 116.5 million
tonnes, down from its February estimate of 117 million but above
an average of analyst estimates for 115.7 million. 
    * Traffic on Brazil's key grain shipping highway BR-163,
linking the agriculture belt to northern ports, was totally
re-established by late on Thursday after being deemed
"unnavigable" earlier in the week, transport authority Dnit
said.
    * The poor state of the road, parts of which are unpaved,
had led authorities to block traffic as emergency repairs were
made.
    * Large speculators increased their net short position in
Chicago Board of Trade corn futures in the week to March 5,
regulatory data released on Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and increased their net short
position in soybeans.
    * On Friday, corn futures came under pressure after the USDA
in a monthly report raised its forecast of U.S. corn stocks
remaining at the end of the 2018/19 marketing year to 1.835
billion bushels, topping the highest in a range of trade
expectations.
    * The projected increase reflected a drop in the
government's estimate of U.S. corn exports to 2.375 billion
bushels, down 75 million from the USDA's previous monthly
report.
    * The USDA cut its forecast of U.S. 2018/19 wheat exports
and raised its forecast of wheat ending stocks to 1.055 billion
bushels, from 1.010 billion last month.
    
    MARKET NEWS
    * Asian shares pulled back on Monday after U.S. employment
data raised doubts about the strength of the global economy
while investor jitters ahead of crucial Brexit votes in the UK
parliament this week weighed on the pound.
    
    DATA/EVENTS (GMT)
0700      Germany        Industrial Output   MM       Jan
1230      US             Retail Sales        MM       Jan
          EU             Finance ministers to meet in Brussels
1300      Bank of England Monetary Policy Committee member
Jonathan Haskel to deliver a speech at University of Birmingham.
Deputy Governor Henry Ohlsson will talk about the economic
situation and current monetary policy at Halmstad University (to
Mar 12).
    
 Grains prices at  0115 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  441.00  1.50     +0.34%   +0.63%       494.03  13
 CBOT corn   367.00  2.75     +0.75%   +0.48%       380.35  33
 CBOT soy    898.25  2.50     +0.28%   -0.47%       920.65  39
 CBOT rice   10.82   -$0.01   -0.05%   +0.23%       $10.58  60
 WTI crude   56.13   $0.06    +0.11%   -0.94%       $55.07  
 Currencies                                                 
 Euro/dlr    $1.123  -$0.001  -0.09%   +0.32%               
 USD/AUD     0.7029  -0.002   -0.23%   +0.23%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
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