February 6, 2017 / 2:46 AM / 10 months ago

GRAINS-Soybean prices climb on weaker dollar, but S.America output caps gains

    SYDNEY, Feb 6 (Reuters) - U.S. soybean prices rose on Monday
as the dollar weakened, recouping nearly all their losses from
the previous session, although bumper South American output kept
gains in check.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade, for March, climbed 0.83 percent to $10.35-1/2 a
bushel, having closed down 1 percent on Friday.
    * The most active corn futures advanced 0.55 percent
to $3.67-1/4 a bushel, after ending the last session down 0.6
percent.
    * The most active wheat futures rose 0.23 percent to
$4.31-1/4 a bushel, having closed down 1 percent on Friday. 
    * Private analytics firm Informa Economics on Friday
forecast the Brazil soybean harvest at 106.5 million tonnes, up
from its previous estimate of 105 million. Brazilian analysts
Safras & Mercado pegged the crop at 107.09 million tonnes.

    * Farmers in Brazil are already ahead of their typical
harvest schedule and their progress is expected to curb demand
for U.S. soybeans earlier than usual. 
    * Wheat has been pressured as crop-friendly weather in the
Black Sea region supports expectations of bumper production.
         
    MARKET NEWS  
    * The dollar started the week on the back foot on Monday,
after U.S. data showed a smaller-than-expected rise in wages in
January that reinforced expectations the Federal Reserve will
refrain from raising interest rates next month.  
    * Oil prices edged up on Monday on fears that new U.S.
sanctions against Iran could be extended to start affecting
crude supplies, but markets were capped by further signs of
growing U.S. production.  
    
     DATA AHEAD (GMT) 
0145  China              Caixin services PMI            Jan 
0700  Germany            Industrial orders              Dec 
0930  Euro zone          Sentix index                   Feb 
1500  U.S.               Employment trends              Jan 
      
 Grains prices at  0209 GMT
 Contract          Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat      431.25     1.00   +0.23%       -0.75%  420.88    58
 CBOT corn       367.25     2.00   +0.55%       -0.07%  360.08    59
 CBOT soy       1035.50     8.50   +0.83%       -0.17%  1031.0    47
                                                             4  
 CBOT rice         9.63    $0.09   +0.89%       +1.00%   $9.70    47
 WTI crude        53.89    $0.06   +0.11%       +0.65%  $52.96    60
 Currencies                                                         
 Euro/dlr        $1.078   $0.000   -0.02%       +0.20%              
 USD/AUD         0.7660   -0.002   -0.30%       +0.07%              
 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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