December 27, 2017 / 3:05 AM / 6 months ago

GRAINS-Soybeans rise on dry weather in Argentina, wheat eases for 3rd day

    * Soybeans up for 3rd day on concerns over Argentina dry
    * Chicago wheat loses more ground, market eyes Egypt tender

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Dec 27 (Reuters) - Chicago soybean futures rose
for a third consecutive session on Wednesday with the market
trading near its highest in almost two weeks on concerns over
dry weather in Argentina.
    Wheat slid for a third session in a row as ample global
supplies weighed on the market although losses were limited by
concerns about freezing weather across the U.S. grain belt
threatening the winter crop.
    The most-active soybean contract on the Chicago Board Of
 gained 0.2 percent at $9.61-1/4 a bushel by 0243 GMT after
climbing on Tuesday to $9.74 a bushel, the highest since Dec.
    Wheat fell 0.2 percent at $4.21-1/2 a bushel, having
closed down 0.6 percent on Tuesday and corn eased 0.2
percent to $3.52 a bushel, having gained 0.2 percent in the
previous session.
    Soybeans drew support as a dry weather pattern lingered in
Argentina, reducing yield potential in the No. 3 global soy
supplier after the United States and Brazil.
    Rainfall over the weekend in much of Argentina's main soy
and corn areas will improve soil moisture, analysts said. But
fields in some parts of the country could remain dry.

    In the wheat market focus was on a tender issued by    
Egypt's General Authority for Supply Commodities to buy an
unspecified amount of wheat from global suppliers for shipment
from Feb. 1 to Feb. 10.
    "Just as in the previous tenders, this tender is likely to
be awarded to Black Sea wheat as U.S. and Australian wheat
cargoes are still too expensive," said a Singapore-based trader.
    The Russian government approved the release of up to 500,000
tonnes of grain from state reserves for export in 2017 or 2018,
a document published on its official website said, to free up
storage space and reduce budget spending on servicing the stock.

    Losses in the wheat market were checked by U.S. weather
concerns. Temperatures are expected to be below freezing in much
of the Plains and Midwestern winter wheat-growing areas,
potentially putting dormant plants at risk of damage,
meteorologists and traders said.
    Speculative investors, including hedge funds, expanded net
short positions in soybeans and corn and trimmed their net
shorts in wheat in the latest reporting week, Commodity Futures
Trading Commission data showed on Friday.
 Grains prices at  0243 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  421.50  -0.75   -0.18%   -1.29%       429.63  62
 CBOT corn   352.00  -0.75   -0.21%   +0.21%       352.55  75
 CBOT soy    961.25  2.00    +0.21%   +1.32%       980.23  43
 CBOT rice   11.80   $0.00   +0.00%   -1.67%       $12.08  41
 WTI crude   59.73   -$0.24  -0.40%   +2.15%       $57.41  75
 Euro/dlr    $1.186  $0.000  +0.01%   -0.08%               
 USD/AUD     0.7736  0.001   +0.12%   +0.27%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Sunil Nair)
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