January 23, 2018 / 2:09 AM / 9 months ago

GRAINS-Soybeans snap winning streak, still hover near 5-week high

    SYDNEY, Jan 23 (Reuters) - U.S. soybean futures edged lower on Tuesday, snapping a six-session rally,
though prices continued to hover around a five-week high amid fears that adverse weather in Argentina will
crimp production.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were down 0.1 percent at
$9.83-1/2 a bushel, as of 0152 GMT. In the previous session, futures edged up 0.7 percent, when prices hit
$9.87-1/4 a bushel, their highest since Dec. 11.
    * The most active corn futures skid 0.3 percent to $3.51 a bushel, having closed down 0.1
percent on Monday.
    * The most active wheat futures slipped 0.4 percent to $4.24 a bushel, having closed up 0.7
percent on Monday. 
    * Weeks of dry weather and extended forecasts for only light precipitation in Argentina, the top
global exporter of soymeal and soyoil, continued to propel the prices. 
    * A weather consultant for the Buenos Aires Grains Exchange said the pattern is likely to result in
yield losses.
         
    MARKET NEWS  
    * The dollar pared some of its losses after U.S. senators struck a deal to lift a three-day government
shutdown but it was mired near a three-year low against a basket of currencies on lingering concerns about
its yield advantage being chipped away.   
    * Oil prices rose on Tuesday, lifted by healthy economic growth as well as the ongoing supply
restraint by a group of exporters around OPEC and Russia.  
    * U.S. stocks advanced on Monday as each of Wall Street's main scored records in the wake of a deal by
U.S. senators to end the federal government shutdown.  
    
    DATA AHEAD (GMT)
1000  Germany           ZEW economic sentiment               Jan
1500  U.S.              Richmond Fed composite index         Jan
1500  Euro zone         Consumer confidence flash            Jan
    
 Grains prices at 0135 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   424.50    -1.25   -0.29%       +0.41%  424.51     51
 CBOT corn    351.75    -0.25   -0.07%       -0.21%  350.28     55
 CBOT soy     983.50    -0.75   -0.08%       +0.64%  971.47     71
 CBOT rice     12.25    $0.07   +0.53%       +0.33%  $12.03     73
 WTI crude     63.87    $0.30   +0.47%       +0.79%  $60.57     68
 Currencies                                                       
 Euro/dlr     $1.227   $0.001   +0.08%       +0.41%               
 USD/AUD      0.8025    0.001   +0.10%       +0.44%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  
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