January 25, 2018 / 4:02 AM / 7 months ago

GRAINS-Soybeans rise, set for longest winning streak in 6 years

    * Soybeans set for 9-day gaining run, longest since early
2012
    * Market at highest since early Dec on dry Argentine weather

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Jan 25 (Reuters) - Chicago soybeans rose for a
ninth consecutive session on Thursday, the longest unbroken
gaining run in nearly six years, as dry weather in Argentina hit
crop yields and a weaker U.S. dollar made greenback-priced
commodities cheaper.
    Wheat climbed to a two-week high, while corn was little
changed after rising 1.5 percent in the last session.
    The most-active soybean contract on the Chicago Board Of
Trade rose 0.3 percent to $9.95 a bushel by 0334 GMT, the
highest since Dec. 8. Soybeans last rose for at least nine
straight sessions in March 2012.
    Wheat added 0.4 percent to $4.34-3/4 a bushel, having
closed up 2.7 percent on Wednesday, while corn was
unchanged at $3.56-1/2 a bushel.
    "We have seen a big run-up in soybean prices as there have
been weather concerns in Argentina," said Phin Ziebell,
agribusiness economist at National Australia Bank.
    "But the rally could be running out of steam as there is no
major supply risk with ample supplies in the United States and
Brazil."
    Soybeans were supported by concerns about drought in parts
of Argentina, the world's third-largest soybean producer and
largest exporter of soymeal and soyoil. 
    Dryness there has fuelled forecasts of lost plantings and
yield damage that could potentially tighten global supplies and
make U.S. exports look more attractive.
    Still, the United States has ample supplies from last year's
bumper harvest, while Brazil is on track for another record
crop.
    Grains complex had been underpinned by a weaker dollar,
increasing the competitiveness of U.S. supplies.
    The dollar skidded to a three-year-low against its peers on
Thursday after caving on comments by U.S. Treasury secretary
Steven Mnuchin that he welcomed a weaker currency, while the
euro was firm ahead of the European Central Bank's policy
decision.
    Commodity funds were net buyers of Chicago Board of Trade
corn, wheat and soybean futures contracts on Wednesday, traders
said.

 Grains prices at  0334 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  434.75  1.75    +0.40%   +3.14%       425.58  64
 CBOT corn   356.50  0.00    +0.00%   +1.49%       350.64  70
 CBOT soy    995.00  2.75    +0.28%   +0.89%       971.26  79
 CBOT rice   12.12   -$0.04  -0.37%   -0.66%       $12.01  64
 WTI crude   66.19   $0.58   +0.88%   +2.67%       $61.14  84
 Currencies                                                
 Euro/dlr    $1.244  $0.003  +0.25%   +1.14%               
 USD/AUD     0.8098  0.004   +0.46%   +1.28%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Amrutha Gayathri)
  
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