×

GRAINS-Soybean prices edge up, move away from lowest in nearly a month

SYDNEY, Dec 12 (Reuters) - U.S. soybean prices inched higher on Tuesday after hitting a nearly one-month low earlier in the session, climbing for the first time in five sessions, though gains were checked by ample global supplies.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were up 0.3 percent at $9.85 a bushel by 0124 GMT. They earlier hit their lowest since Nov. 17 at $9.81-1/4 a bushel, after closing Monday down 0.7 percent.

* The most active corn futures were unchanged at $3.49 a bushel. They ended the last session down 1.1 percent, after marking their weakest since Nov. 27 at $3.48-1/4 a bushel.

* The most active wheat futures were little changed at $4.13-1/4 a bushel. They closed down 1.3 percent on Monday, having touched their lowest since January at $4.10-3/4 a bushel.

* Wheat prices were under downward pressure amid ample bumper global inventories. A higher-than-expected official estimate of Canadian output last week added to bearish sentiment, offsetting doubts over the weather-hit Australian harvest.

* Weekend rains in Argentinian soybean crop areas and forecasts for more moisture next week eased worries about dryness stressing crops in the South American country, dragging on prices. Argentina is a key soybean producer and the world's top exporter of soymeal and soyoil.

* The USDA could revise its soy export forecast as soon as Tuesday, when it is set to release its monthly supply/demand report.

MARKET NEWS

* The dollar held steady near a recent two-week high versus a basket of major currencies on Tuesday, with traders awaiting the U.S. Federal Reserve's policy meeting this week for fresh catalysts.

* Brent crude oil prices were near 2015 highs on Tuesday after the unplanned closure of a major North Sea pipeline for repairs, knocking out significant supplies from a market that was already tightening due to OPEC-led production cuts.

* Wall Street indexes closed higher on Monday and the biggest drivers were technology and energy sectors as oil prices rose and investors waited for an expected U.S. Federal Reserve rate hike later in the week.

DATA/EVENT AHEAD (GMT)

1000 Germany ZEW economic sentiment Dec 1100 U.S. NFIB business optimism Nov

U.S. Federal Reserve's Federal Open Market Committee starts its two-day meeting on interest rates

Grains prices at 0124 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 413.25 -0.25 -0.06% -1.37% 436.87 20 CBOT corn 349.00 0.00 +0.00% -1.06% 356.05 34 CBOT soy 985.00 2.50 +0.25% -0.48% 989.75 42 CBOT rice 12.25 $0.03 +0.20% +1.49% $11.99 54 WTI crude 58.02 $0.03 +0.05% +1.15% $56.79 59

Currencies

Euro/dlr $1.178 $0.001 +0.07% +0.10% USD/AUD 0.7526 0.000 +0.03% +0.29%

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)