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Soybean prices edge away from 2-month lows

Soybean prices edge away from 2-month lows
Reuters | Mar 13, 2017, 07.30 AM IST



SYDNEY, March 13 (Reuters) - U.S. soybeans on Monday inched away from two-month lows hit in the previous session, with U.S. Department of Agriculture forecasts of record Brazilian production keeping gains in check. FUNDAMENTALS * The most active Chicago Board of Trade soybean contract, for March, climbed 0.3 percent to $10.09-1/4 a bushel. It closed down 0.45 percent on Friday, after marking its lowest since Jan. 11 at $10.03 a bushel. * The most active corn futures gained 0.14 percent to $3.64-1/4 a bushel. They ended down 0.75 percent in the previous session, having hit their weakest since Feb. 24 at $3.62-1/2 a bushel. * The most active wheat futures rose 0.3 percent to $4.41-1/2 a bushel, after closing down 0.8 percent on Friday. * The USDA on Thursday raised its forecast of Brazil's soybean crop to a record 108 million tonnes, from the 104 million predicted last month. * Brazilian agricultural statistics agency Conab on Thursday raised its estimate for the country's 2016/17 soybean crop to 107.6 million tonnes, more than 2 million tonnes above its previous forecast. * The USDA raised its forecast of global 2016/17 corn ending stocks to 220.68 million tonnes, above the average trade estimate and up from 217.56 million last month. * Freezing temperatures next week could threaten soft red winter wheat in about 10 percent of the U.S. Midwest crop belt, where a recent warm spell advanced the crop's development, an agricultural meteorologist said. MARKET NEWS * The euro edged up near a one-month high against the dollar in Asian trading on Monday, after some European Central Bank policymakers raised the possibility of hiking interest rates before bond purchases end. * Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs. DATA AHEAD (GMT) 0700 Germany Trade data Jan 0700 Germany Wholesale price index Feb 0745 France Industrial output Jan 0930 Britain Industrial output Jan 1330 U.S. Nonfarm payrolls Feb 1330 U.S. Unemployment rate Feb Grains prices at 0130 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 441.50 1.00 +0.23% -0.56% 451.09 38 CBOT corn 364.75 0.50 +0.14% -0.61% 374.29 33 CBOT soy 1009.25 2.75 +0.27% -0.17% 1040.34 31 CBOT rice 9.69 $0.00 +0.00% +0.52% $9.72 60 WTI crude 48.06 -$0.43 -0.89% -2.48% $52.78 14 Currencies Euro/dlr $1.068 $0.001 +0.12% +1.01% USD/AUD 0.7545 0.001 +0.07% +0.55% 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)