You are here

GRAINS-Soybeans hit 1-yr high as dry weather in Argentina to limit production

SYDNEY, Feb 26 (Reuters) - U.S. soybeans rose on Monday to hit a one-year high as expectations that dry weather will limit production in Argentina underpinned gains.

* The most active soybean futures on the Chicago Board Of Trade were up 0.6 percent at $10.54 a bushel by 0126 GMT, near the session high of $10.55 a bushel - the highest since February 2017.
Soybeans firmed 0.4 percent on Friday.
* The most active corn futures were up 0.4 percent to $3.67-3/4 a bushel, having closed down 0.1 percent in the previous session.
* The most active wheat futures were up 1.1 percent at $4.69-1/4 a bushel, near the session high of $4.71 a bushel - the highest since Aug. 1. Wheat closed up 2.9 percent on Friday.
* Argentina, which is also the world's No. 3 supplier of soybeans and corn, has been grappling with dry weather since late last year. The effects are becoming apparent as crops are in the sensitive
yield-formation stages.
* Brazilian soy farmers are expected to harvest a record 117.5 million tonnes of soybeans in the 2017/18 crop cycle, a top executive at Brazil-based consultancy Agroconsult said on Friday.

* Wheat is supported by dry weather across key U.S. producing regions.

* The euro got off to an unusually quiet start in Asia on Monday, having posted its worst weekly performance in three months, as investors await more developments and ratings downgrades from Europe.

* Oil prices held little changed near two-week highs early on Monday, supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global
* A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Friday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe's debt
crisis will engulf world economies.

1330 U.S. National activity index Jan
1500 U.S. New home sales Jan
1530 U.S. Dallas Fed manufacturing index Feb

Grains prices at 0126 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 469.25 5.00 +1.08% +3.99% 444.66 59
CBOT corn 367.75 1.50 +0.41% +0.27% 360.38 65
CBOT soy 1054.00 6.50 +0.62% +1.03% 1007.83 83
CBOT rice 12.26 $0.06 +0.49% +2.00% $12.23 46
WTI crude 63.50 -$0.05 -0.08% +1.16% $63.19 66
Euro/dlr $1.229 $0.000 -0.02% -0.32%
USD/AUD 0.7838 0.000 -0.05% -0.09%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Colin Packham; Editing by Biju Dwarakanath)

© Copyright Thomson Reuters 2018. Click For Restrictions -

Read more about

Talk in Marketing

Most Recent Poll

What crops do you grow on your farm?