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GRAINS-Corn edges higher as traders look for bargains
March 25, 2013 / 12:42 AM / 5 years ago

GRAINS-Corn edges higher as traders look for bargains

SYDNEY, March 25 (Reuters) - U.S. corn futures rose as
traders looked for bargains on Monday, rebounding from sharp
losses in the previous session when position-squaring ahead of
the next U.S. Department of Agriculture report weighed on the
    * Chicago Board of Trade May corn climbed 0.21 percent
to $7.27-3/4 a bushel, having slid 0.92 percent the session
    * May soybeans were flat at $14.40-3/4 a bushel, after
closing down 0.59 percent on Wednesday.
    * May wheat was little changed at $7.29-1/2 a bushel,
having ending down 0.99 percent on Friday. 
    * Another winter storm over the weekend was expected to
bring welcome snowfall and moisture to a large portion of the
U.S. Plains hard red winter wheat region and to portions of the
U.S. Midwest corn and soybean belt. 
    * Traders have been squaring positions across grain complex
ahead of the USDA March planting intentions and quarterly stocks
reports on March 28.
    * Widely followed analytical firm Informa Economics on
Friday forecast 2013 U.S. corn planted acreage at 97.753
million, the most in 77 years and soybean plantings at record
78.457 million, above the previous record 77.451 million four
years ago. 
    * Dealers said the market continued to be underpinned by
concern about port congestion in Brazil although the calling off
of a national port strike set for next week may help to relieve
some of the pressure. 
    * Dealers also noted China is selling between 1.0 million
and 1.5 million tonnes of state soy reserves to some crushers to
ease tight supply after port congestion in Brazil interrupted
shipments to the world's top soy importer. 
    * Argentina's current soy crop is seen at 51.3 million
tonnes, more than a million tonnes below the country's all-time
record crop, but far higher than the drought-hit 2011-12 season,
the Agriculture Ministry said on Thursday. 
    * The euro rose on Monday after EU sources said Cyprus's
president and the European Union have agreed the outlines of a
rescue deal that would include the creation of a "good bank" and
a "bad bank". 
    * Brent crude edged higher on Friday while U.S. crude
futures jumped more than $1 per barrel, sending the spread
between the two contracts to the narrowest level since July.
    * S&P 500 stock index futures dipped in late Sunday trading
as last-mintue talks to save Cyprus from financial meltdown went
         DATA/EVENTS (GMT) 
0900  Italy  Consumer confidence                 
1230  U.S.   Chicago Fed Midwest manufacturing   
1230  U.S.   Chicago Fed national activity       
1430  U.S.   Dallas Fed Texas manufacturing      
1715         Federal Reserve Chairman Ben Bernanke speaks 
  Grains prices at  0011 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     729.50    -0.25  -0.03%    +0.10%     720.41   63
  CBOT corn      727.75     1.50  +0.21%    +0.21%     702.17   51
  CBOT soy      1440.75     0.25  +0.02%    -0.57%    1440.60   47
  CBOT rice      $14.90    $0.00  +0.00%    +0.78%     $15.46   52
  WTI crude      $93.91    $0.20  +0.21%    +0.21%     $93.24   60
  Euro/dlr       $1.303   $0.008  +0.62%    +0.33%
  USD/AUD         1.045    0.001  +0.08%    +0.10%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 (Reporting by Colin Packham; Editing by Joseph Radford)

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