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GRAINS-Soybeans rise to five-day high on concerns of dry South American weather
October 30, 2017 / 3:15 AM / 19 days ago

GRAINS-Soybeans rise to five-day high on concerns of dry South American weather

    SYDNEY, Oct 30 (Reuters) - U.S. soybeans rose 0.5 percent on
Monday as dry weather across South America pushed prices to a
five-day high.
    Corn edged higher for the first time in four sessions, while
wheat was little changed.
    The most active Chicago Board Of Trade March soybeans
were up 0.5 percent at $9.80-1/4 a bushel by 0248 GMT, near the
session high of $9.81 a bushel - the highest since Oct 25.
Soybeans gained 0.4 percent on Friday.
    Analysts said soybeans were drawing support amid fears that
dry weather in Brazil and Argentina could curtail production
from two of the world's largest exporters.
    "Farmers have delayed planting in the region because of dry
soils," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    Brazilian farmers have sown 30 percent of the soy area
through Thursday, roughly in line with a five-year average, but
more than 10 percentage points below planting at the same time
in the previous year's crop, consultancy AgRural said on Friday.

    The most active corn futures were up 0.1 percent at
$3.49-1/4 a bushel, having closed down 0.5 percent in the
previous session.
    The most active wheat futures were little changed at
$4.27 a bushel, having closed down 1 percent on Friday.
    Wheat is under pressure amid weak demand for U.S. supplies.
    The International Grains Council lifted its forecast for
2017/18 world grain production on Thursday, mainly due to an
increased estimate of the U.S. corn crop.
            
 Grains prices at  0248 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   427.00   -0.25    -0.06%       -1.10%  440.57    37
 CBOT corn    349.25    0.50    +0.14%       -0.36%  350.37    47
 CBOT soy     980.50    5.25    +0.54%       +0.95%  973.47    54
 CBOT rice     11.88   $0.03    +0.25%       +0.76%  $12.32    28
 WTI crude     53.94   $0.04    +0.07%       +2.47%  $51.37    76
 Currencies                                                      
 Euro/dlr     $1.161  $0.000    -0.01%       -0.37%              
 USD/AUD      0.7673   0.000    -0.04%       +0.17%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)
  

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