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