February 20, 2018 / 1:45 AM / 3 months ago

REFILE-GRAINS-Soybeans firm 1 pct to 7-month high

 (Refiles to add dateline)
    SYDNEY, Feb 20 (Reuters) - U.S. soybean futures rose 1
percent on Tuesday to hit a near seven-month high as dry weather
across key producing regions in Argentina crimps production from
one of the world's largest exporters.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 1 percent at $10.31-1/2 a bushel by 0113
GMT, near the session high of $10.33-1/2 a bushel - the highest
since July 25, 2017. Soybeans fell 0.3 percent on Friday. U.S.
markets were close don Monday for a holiday.
    * The most active corn futures were up 0.3 percent to
$3.68-1/2 a bushel, near the session high of $3.69 a bushel -
the highest since August last year. Corn closed little changed
in the previous session.
    * The most active wheat futures were up 0.7 percent to
$4.60-3/4 a bushel, having closed down 0.9 percent on Friday. 
    * The drought afflicting Argentina since November has
shriveled soy yields to the point that analysts and farmers have
slashed harvest estimates by about 10 million tonnes, with final
crop forecasts consolidating under the 50 million tonne mark.

    * Brazil's 2017/18 soybean crop is expected to reach a
record 115.6 million tonnes, 1.2 percent above the previous
record last year of 114.2 million tonnes, consultancy Safras &
Mercado said on Monday.
    * The consultancy expects Brazil to produce 89.46 million
tonnes of corn this season, 17 percent less than last year, as
planted area falls 11 percent and yields are projected to come
down as well.
         
    MARKET NEWS  
    * The dollar enjoyed a small rebound on Monday as investors
bought back the greenback after its plunge to three-year lows,
although analysts said any recovery looked set to be brief with
dollar bears still out in force.  
    * Oil prices hit their highest level in nearly two weeks on
Monday, lifted by a global equity market recovery and tensions
in the Middle East, although concerns of rising U.S. production
tempered gains. 
    * Asian stocks dipped on Tuesday, their recent recovery
slowing after the pan-European STOXX index fell 0.6
percent on Monday following three days of large gains. U.S.
markets were closed on Monday for a holiday. 
    
    DATA/EVENTS (GMT)
0700 Germany   Producer Prices         Jan
1000 Germany   ZEW Economic Sentiment  Feb
        
 Grains prices at  0113 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   460.75     3.00   +0.66%       -0.22%  441.96     56
 CBOT corn    368.50     1.00   +0.27%       +0.20%  358.07     69
 CBOT soy    1031.50    10.00   +0.98%       +0.71%  986.42     77
 CBOT rice     11.99   -$0.03   -0.21%       +0.33%  $12.21     31
 WTI crude     62.44    $0.76   +1.23%       +1.79%  $63.23     56
 Currencies                                                       
 Euro/dlr     $1.239  -$0.001   -0.11%       -0.09%               
 USD/AUD      0.7905   -0.001   -0.08%       -0.06%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
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