Soybean prices hits7-week high as supply plummets

Soybean prices hits7-week high as supply plummets

SYDNEY, Jan 17 U.S. soybean prices rose morethan 1 percent on Tuesday to hit their highest in seven weeks,
buoyed by forecasts of lower-than-expected U.S. output.

The most active soybean futures on the Chicago Board of
Trade climbed 1.36 percent to $10.59-1/2 a bushel, after
earlier touching their highest since Nov. 28 at $10.62-1/4. The
oilseed firmed 0.58 percent on Friday, with markets closed on
Monday for a U.S. public holiday.
    * The most active corn futures rose 0.63 percent to
$3.60-3/4 a bushel, the strongest since Jan. 6. Corn closed
little changed in the previous session.
    * The most active wheat futures fell 0.12 percent to
$4.25-1/2 a bushel, having ended Friday up 1.8 percent. 
    * The U.S. Department of Agriculture last week trimmed its
estimates for 2016/17 U.S. soybean yields, production and ending
stocks by more than anticipated. 
    * The USDA said early on Friday that private exporters
reported the sale of 132,000 tonnes of soybeans for delivery to
unknown destinations. 
    * Wheat continues to draw support from smaller-than-expected
estimates of U.S. winter wheat sowings, with the USDA pegging
levels at their lowest in more than a century. 
         
    MARKET NEWS  
    * The British pound flirted with a three-month low on
Tuesday, hit by fears that Prime Minister Theresa May's speech
later in the day will set Britain on course to lose access to
the lucrative European Union single market.  
    * The Nasdaq marked a record high on Friday, while the S&P
500 also rose.   
    
    DATA AHEAD (GMT) 
1430   Britain        Consumer prices                  Dec 
1430   Britain        Producer prices                  Dec 
1600   Germany        ZEW economic sentiment           Jan 
1830   U.S.           New York Fed manufacturing       Jan 
    
    
 Grains prices at  0149 GMT
 Contract        Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    425.50    -0.50    -0.12%       -0.18%  412.10    65
 CBOT corn     360.75     2.25    +0.63%       +0.70%  355.69    64
 CBOT soy     1060.50    14.25    +1.36%       +1.95%  1026.8    76
                                                            8  
 CBOT rice       9.92    $0.02    +0.20%       -0.60%   $9.79    72
 WTI crude      52.51    $0.14    +0.27%       -0.94%  $52.36    48
 Currencies                                                        
 Euro/dlr      $1.060   $0.000    +0.02%       -0.37%              
 USD/AUD       0.7468   -0.001    -0.09%       -0.41%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
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