December 13, 2016 / 3:07 AM / a year ago

GRAINS-Wheat falls after hitting 2-week high

U.S. wheat fell on Tuesday from more than a two-week high
touched earlier in the session, as ample global supplies offset
support from signs of international demand for U.S. supplies.
         
    FUNDAMENTALS
    * The most active wheat futures on the Chicago Board Of
Trade fell 0.5 percent to $4.15-1/4 a bushel after
touching $4.18-1/2 - the highest since November 28. Wheat closed
up 0.24 percent on Monday. 
    * The most active soybean futures rose 0.12 percent to
$10.32-1/4 a bushel, having closed down 0.63 percent on Monday.
    * The most active corn futures were unchanged at
$3.60-1/2  bushel, having gained 0.28 percent in the previous
session.
    * Saudi Arabia's main state grain importer, the Saudi Grains
Organization (SAGO), said on Monday it had bought 725,000 tonnes
of hard wheat. 
    * Traders said they expected part of the purchase to be
sourced in the United States, which has struggled to gain
traction in the wheat export market as cheaper supplies have
been readily available from other countries.
    * Soybeans were under pressure on forecasts of rains across
key producing areas in Argentina.
    * Chinese buyers purchased 256,600 tonnes of U.S. soybeans,
the U.S. Department of Agriculture said. 
    * A weekly report from the U.S. Agriculture Department that
showed better-than-expected soybean export inspections also
offered little support. 
         
    MARKET NEWS  
    * The dollar eased against the yen on Tuesday, coming off a
10-month high, as a surge in Treasury yields was tempered for
the time being.  
    * Oil prices were firm on Tuesday as the first signs of a
crude production cut organized by OPEC and other exporters
materialized, tightening a market that has been grappling with
ballooning oversupply for over two years.  
    * The S&P 500 and Nasdaq Composite fell on Monday after six
sessions of gains, weighed by tech sector stocks, while a rally
in energy shares petered out as crude oil gains withered.  
    
     DATA/EVENT AHEAD (GMT) 
0200  China          Industrial output                  Nov 
0200  China          Retail sales                       Nov 
0200  China          Urban investment                   Nov 
0700  Germany        Wholesale price index              Nov 
0930  Britain        Consumer prices                    Nov 
1000  Germany        ZEW economic sentiment             Dec 
1000  Euro zone      Employment                         Q3 
1100  U.S.           NFIB business optimism             Nov 
1330  U.S.           Import prices                      Nov 
1330  U.S.           Export prices                      Nov 
     Federal Reserve starts two-day policy meeting 
    
    
 Grains prices at  0237 GMT
 Contract          Last  Change  Pct chg   Two-day chg    MA 30  RSI 
 CBOT wheat      415.25   -2.00   -0.48%        +1.71%   421.26    59
 CBOT corn       360.50    0.00   +0.00%        +1.98%   355.89    64
 CBOT soy       1032.25    1.25   +0.12%        +0.51%  1015.16    50
 CBOT rice         9.89   $0.03   +0.30%        +1.18%    $9.73    58
 WTI crude        52.65  -$0.18   -0.34%        +3.56%   $47.27    68
 Currencies                                                          
 Euro/dlr        $1.063  $0.007   +0.66%        +0.13%               
 USD/AUD         0.7492   0.004   +0.55%        +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 Vyas Mohan)

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