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GRAINS-Soybeans edge higher from 3-week low, U.S. acreage weighs

Reuters, 20.03.18


Chicago soybean futures ticked higher on Thursday after dropping to a three-week low early in the session as the market remained under pressure from a forecast of a higher planted area in the United States. Wheat rose for a second session as drought in the U.S. Plains is expected to curb winter wheat yields.

FUNDAMENTALS * The Chicago Board of Trade most-active soybean contract added 0.2 percent to $10.33-3/4 a bushel by 0120 GMT after falling to $10.27 a bushel, the weakest since Feb. 21.

* Wheat gained 0.5 percent to $4.91-1/4 a bushel and corn rose 0.3 percent to $3.90 a bushel.

* U.S. farmers are expected to plant a record 92.104 million acres of soybeans in 2018 and 88.514 million acres of corn, according to an annual survey conducted by commodity brokerage and analytical firm Allendale Inc.

* U.S. soybean plantings are widely expected to be ahead of corn for the first time since 1983, as price ratios point to higher profits in soy.

* U.S. cash prices for soybeans eased this week as global buyers turned attention to a record soy harvest in Brazil, and amid fears that top importer China would retaliate against U.S. soybeans due to steel and aluminium tariffs announced last week by President Donald Trump.

* The wheat market is being underpinned by expectations of a lower U.S. crop.

* The governor of top wheat state Kansas declared a drought emergency in 28 counties and issued drought warnings and watches for the rest of the state.

* The state buying agency for major wheat importer Egypt announced a tender seeking global offers of wheat for shipment from April 15-25.

* IKAR, one of the leading agriculture consultancies in Moscow, said on Wednesday it had raised its forecast for Russia’s 2017/18 wheat exports to 38.5 million tonnes from the previously expected 37.5 million tonnes.

* Commodity funds were net sellers of CBOT soybean, corn, soymeal and soyoil futures contracts on Wednesday and net buyers of wheat futures, traders said.

MARKET NEWS * Stock markets sagged broadly on Thursday while government bonds attracted safe-haven demand amid mounting investor concerns that growing trade tensions would hurt the global economy.

    DATA AHEAD (GMT)
1230  U.S.       New York Fed manufacturing        Mar
1230  U.S.       Import prices                     Feb
1230  U.S.       Export prices                     Feb
1230  U.S.       Weekly jobless claims             
1230  U.S.       Philly Fed business index         Mar
1400  U.S.       NAHB housing market index         Mar
    
 Grains prices at  0120 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  491.25   2.50    +0.51%   +0.98%       479.38   61
 CBOT corn   390.00   1.25    +0.32%   -0.45%       379.15   65
 CBOT soy    1033.75  1.50    +0.15%   -1.43%       1034.18  40
 CBOT rice   12.40    $0.05   +0.45%   +1.02%       $12.42   39
 WTI crude   61.04    $0.08   +0.13%   +0.54%       $61.88   42
 Currencies                                                  
 Euro/dlr    $1.238   $0.001  +0.11%   -0.08%                
 USD/AUD     0.7873   0.000   -0.05%   +0.20%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential


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