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GRAINS-Wheat ticks up after rally, corn eases from eight-day peak
December 28, 2016 / 4:17 AM / a year ago

GRAINS-Wheat ticks up after rally, corn eases from eight-day peak

* Wheat firm after gaining more than 4 percent on Tuesday
    * Corn dips from its highest since Dec. 19, soybeans firm

 (Adds details, quotes)
    SINGAPORE, Dec 28 (Reuters) - Chicago wheat edged higher on
Wednesday after making its biggest one-day gain in more than a
month in the last session with technicals and short-covering by
investors underpinning the market.
    Corn dipped while soybeans ticked up after both markets
gained more than 2.5 percent on Tuesday.
    The Chicago Board Of Trade most-active wheat contract 
rose 0.1 percent to $4.09-3/4 a bushel by 0335 GMT, having
closed up 4.1 percent on Tuesday, biggest one-day rise since
Nov. 22.
    Corn slid 0.1 percent to $3.54-1/2 after hitting its
highest since Dec. 19 on Tuesday and soybeans rose 0.1
percent to $10.15-1/4 a bushel.
    The CBOT wheat may bounce more towards $4.19 per bushel as
it seems to have bottomed around $3.92 following its failure to
break below this level since the end of August, according to
Wang Tao, Reuters technical analyst for commodity markets.
    For soybeans, Tao said the market is expected to bounce
further towards $10.34-3/4 per bushel as its uptrend from the
Sept. 27 low of $9.43-1/2 seems to have resumed.
    Large speculators expanded their net short positions in CBOT
wheat and corn futures in the week to Dec. 20, U.S. Commodity
Futures Trading Commission data showed, leaving those markets
vulnerable to bouts of short-covering. 
    Strong weekly export inspections data lent support. The U.S.
Department of Agriculture said 1.7 million tonnes of U.S.
soybeans were inspected for export in the latest week, toward
the high end of trade expectations. 
    Heavy rains that pelted parts of Argentina over the weekend
did not reach the southeastern part of the bread-basket province
of Buenos Aires, where dryness is threatening to dent soybean
production, local farm weather experts said on Monday.

 Grains prices at  0335 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  409.75   0.25    +0.06%   +3.21%       412.17   63
 CBOT corn   354.50   -0.50   -0.14%   +2.09%       354.38   59
 CBOT soy    1015.25  0.50    +0.05%   +2.09%       1021.56  51
 CBOT rice   9.54     $0.01   +0.05%   +2.75%       $9.62    33
 WTI crude   53.80    -$0.10  -0.19%   +1.47%       $50.05   74
 Euro/dlr    $1.046   $0.001  +0.09%   +0.08%                
 USD/AUD     0.7203   0.002   +0.26%   +0.32%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Christian

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