January 23, 2018 / 4:14 AM / 6 months ago

GRAINS-Soybeans unmoved after six-day rally on Argentina drought

    * Soybeans hold near highest since Dec 11, hit last session
    * Wheat falls after rising 0.7 pct on Monday; corn dips

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Jan 23 (Reuters) - Chicago soybean futures were
little changed on Tuesday as the market took a breather after
gaining 3.6 percent in the last six sessions on concerns over
dry weather in Argentina, the world's third largest supplier.
    Wheat edged lower after rising on Monday on worries of a
lack of moisture for the U.S. winter crop, while corn slid for a
second session.
    The most-active soybean contract on the Chicago Board Of
Trade was unchanged at $9.84-1/4 a bushel as of 0349 GMT.
In the previous session, it climbed to $9.87-1/4 a bushel, the
highest since Dec. 11.
    Wheat slipped 0.4 percent to $4.24-1/4 a bushel,
having closed up 0.7 percent on Monday. Corn skid 0.2
percent to $3.51-1/4 a bushel, having closed down 0.1 percent in
the last session.
    "Argentina has been pretty dry, (and) as a result soybean
prices have risen," said an Australia-based commodities analyst.
    "Globally, the soybean market is very well supplied. Having
said that, it is critical period for soybeans in Argentina."
    Argentine soy and corn farmers are facing yield losses this
season due to dry, hot weather that persisted over the weekend
and was expected to continue in days ahead, a Buenos Aires
Grains Exchange weather consultant said on Monday.
    Grains powerhouse Argentina is the world's No. 3 exporter of
both crops, but dryness late in the sowing season will affect
harvests, consultant Eduardo Sierra said. 
    For wheat, there are worries about dry weather in the U.S.
Plains but the crop's condition will be known only when it
emerges from dormancy around March, analysts said. 
    Commodity funds were net buyers of CBOT soybeans, soymeal
and wheat futures contracts on Monday and net sellers of corn
and soyoil, traders said.
 Grains prices at  0349 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  424.25  -1.50   -0.35%   +0.35%       424.50  51
 CBOT corn   351.25  -0.75   -0.21%   -0.35%       350.27  55
 CBOT soy    984.25  0.00    +0.00%   +0.72%       971.49  73
 CBOT rice   12.25   $0.07   +0.53%   +0.33%       $12.03  73
 WTI crude   63.92   $0.35   +0.55%   +0.87%       $60.57  69
 Euro/dlr    $1.226  $0.000  -0.01%   +0.32%               
 USD/AUD     0.7994  -0.002  -0.29%   +0.05%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Tom Hogue)
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