Tue Jan 8, 2013
SYDNEY, Jan 8 (Reuters) - U.S. soybeans edged lower on Tuesday, falling back slightly from gains made in the previous session when technical buying snapped a four-day slump fuelled by expectations of a bumper South American crop.
FUNDAMENTALS
* Chicago Board Of Trade March soybeans fell 0.11 percent to $13.87 a bushel, having firmed 1.55 percent on Monday.
* March corn was unchanged at $6.85-1/2 a bushel, having gained 0.77 percent in the previous session, the biggest jump since Dec. 21.
* March wheat fell 0.13 percent to $7.50-1/4 a bushel, having closed up 0.54 percent on Monday.
* The wave of technical buying on Monday overcame early sluggishness caused by the impending harvest in South American countries such as Argentina and Brazil.
* Investors are reluctant to stake out big positions ahead of a U.S. Agriculture Department supply-and-demand report on Friday that will provide the final update on 2012 U.S. crop production. Trading has been particularly volatile following the January supply-and-demand report, with corn making limit moves
on the day of the release six times in a row.
* Dry weather is expected in Argentina for the next seven days followed by some light rain, Global Weather Monitoring said.
MARKET NEWS
* The euro rose for a second straight session against the dollar on Monday, buoyed by expectations that the European Central Bank will refrain from cutting interest rates at its meeting later this week.
* Brent crude oil prices were steady above $111 a barrel on Monday while U.S. crude futures edged higher, cutting the spread between the two benchmarks by a penny to its narrowest since September as a U.S. pipeline expansion project neared completion.
* U.S. stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.
Grains prices at 0134 GMT
Contract Last Change Pct chg chg MA 30 RSI
CBOT wheat 750.25 -1.00 -0.13% 869.42 20
CBOT corn 685.50 0.00 +0.00% 764.76 30
CBOT soy 1387.00 -1.50 -0.11% 1576.78 40
CBOT rice $15.21 $0.00 -0.03% $15.47 47
WTI crude $93.20 $0.01 +0.01% $89.09 77
Currencies
Euro/dlr $1.311 $0.082 +6.65%
USD/AUD 1.049 -0.006 -0.56%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Michael Urquhart)
SYDNEY, Jan 8 (Reuters) - U.S. soybeans edged lower on Tuesday, falling back slightly from gains made in the previous session when technical buying snapped a four-day slump fuelled by expectations of a bumper South American crop.
FUNDAMENTALS
* Chicago Board Of Trade March soybeans fell 0.11 percent to $13.87 a bushel, having firmed 1.55 percent on Monday.
* March corn was unchanged at $6.85-1/2 a bushel, having gained 0.77 percent in the previous session, the biggest jump since Dec. 21.
* March wheat fell 0.13 percent to $7.50-1/4 a bushel, having closed up 0.54 percent on Monday.
* The wave of technical buying on Monday overcame early sluggishness caused by the impending harvest in South American countries such as Argentina and Brazil.
* Investors are reluctant to stake out big positions ahead of a U.S. Agriculture Department supply-and-demand report on Friday that will provide the final update on 2012 U.S. crop production. Trading has been particularly volatile following the January supply-and-demand report, with corn making limit moves
on the day of the release six times in a row.
* Dry weather is expected in Argentina for the next seven days followed by some light rain, Global Weather Monitoring said.
MARKET NEWS
* The euro rose for a second straight session against the dollar on Monday, buoyed by expectations that the European Central Bank will refrain from cutting interest rates at its meeting later this week.
* Brent crude oil prices were steady above $111 a barrel on Monday while U.S. crude futures edged higher, cutting the spread between the two benchmarks by a penny to its narrowest since September as a U.S. pipeline expansion project neared completion.
* U.S. stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.
Grains prices at 0134 GMT
Contract Last Change Pct chg chg MA 30 RSI
CBOT wheat 750.25 -1.00 -0.13% 869.42 20
CBOT corn 685.50 0.00 +0.00% 764.76 30
CBOT soy 1387.00 -1.50 -0.11% 1576.78 40
CBOT rice $15.21 $0.00 -0.03% $15.47 47
WTI crude $93.20 $0.01 +0.01% $89.09 77
Currencies
Euro/dlr $1.311 $0.082 +6.65%
USD/AUD 1.049 -0.006 -0.56%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Michael Urquhart)
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