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GRAINS-Soybeans rise from 2-wk low, gains capped by improved Brazil weather
November 14, 2017 / 3:30 AM / a month ago

GRAINS-Soybeans rise from 2-wk low, gains capped by improved Brazil weather

    * Soybeans up on bargain-buying after hitting lowest since
Oct 30
    * Rains boost soil moisture in Brazil, limit gains in
soybeans

 (Adds details, quotes)
    By Naveen Thukral
    Nov 14 (Reuters) - Chicago soybeans edged higher on Tuesday
with prices underpinned by bargain-buying after the market
dropped to a two-week low in the previous session, although
gains were limited by rains in key Brazilian growing areas. 
    Wheat edged higher, also following deep losses on Monday,
while corn eased for a second session. 
    The Chicago Board Of Trade most-active soybean contract
 rose 0.2 percent to $9.75-3/4 a bushel by 0256 GMT, having
closed down 1.3 percent on Monday, when prices hit a low of
$9.73-3/4 a bushel, weakest since Oct. 30. 
    Corn lost 0.2 percent to $3.41-1/2 a bushel, having
dropped 0.4 percent in the previous session. Wheat added
0.2 percent to $4.25-1/4 a bushel, having closed down 1.7
percent on Monday. 
    Improved Brazilian weather is keeping a lid on corn and
soybean prices. 
    Rains have been widespread across northern Brazil over the
past weekend, replenishing moisture for the two crops, MDA
Weather Services said in a note to clients, adding that there
are additional improvements in the weather expected this week. 
    Mostly dry weather is expected next week in Argentina's main
agricultural area, and that will delay soybean planting there
for the 2017/2018 season, analysts said on Monday. 
    Rainfall in Argentina, the world's main soymeal exporter,
has been lower than expected in November, causing alarm among
farmers even before the forecast for dry weather next week. 
    "Ultimately, I think the big picture is that South American
yields will be good overall," said Phin Ziebell, an agribusiness
economist at National Australia Bank. 
    For the United States, farmers have harvested 93 percent of
the soybean crop as of Sunday, slightly behind the average pace
of 95 percent for this time of year, the U.S. Department of
Agriculture said. 
    The agency said 83 percent of the U.S. corn crop has been
harvested, below the average pace of 91 percent. 
    In the wheat market, Russian export prices fell for the
second straight week due to a weaker rouble against the dollar
and softer demand, analysts said on Monday.
    Large speculators increased their net short position in CBOT
corn futures in the week to Nov. 7, regulatory data released on
Monday showed. 
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and raised their net long
position in soybeans. 
    
 Grains prices at  0256 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  425.25  1.00    +0.24%   -1.45%       431.26  43
 CBOT corn   341.50  -0.75   -0.22%   -0.58%       348.18  30
 CBOT soy    975.75  1.50    +0.15%   -1.14%       987.73  38
 CBOT rice   11.36   $0.00   -0.04%   -0.57%       $11.93  29
 WTI crude   56.65   -$0.11  -0.19%   -0.16%       $53.24  69
 Currencies                                                
 Euro/dlr    $1.167  $0.001  +0.05%   +0.07%               
 USD/AUD     0.7629  0.001   +0.10%   -0.42%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Tom Hogue)
  

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