November 23, 2015 / 2:26 AM / 4 years ago

GRAINS-Soybeans hit 6-1/2-year low on S.American export prospects

SYDNEY, Nov 23 (Reuters) - U.S. soybeans fell for a second
session on Monday to a more than six-and-a-half year low, hurt
by an improved production outlook in South America and the
election of a new president in Argentina who has promised to cut
export taxes.
             
    FUNDAMENTALS  
    * Chicago Board Of Trade front month soybeans were
trading down 0.5 percent at $8.53-1/2 a bushel at 0150 GMT, near
the session low of $8.50-3/4 a bushel, a 6-1/2-year low.
Soybeans closed down 0.3 percent on Friday.
    * December corn fell 0.1 percent to $3.63 a bushel,
having closed down 0.3 percent in the previous session.
    * December wheat rose 0.5 percent to $4.92-1/4 a
bushel, after closing down by a similar amount on Friday. 
    * Wheat under pressure as weather outlook for key growing
regions in the U.S. Plains and Midwest improves.
    * A turn to wetter weather in South America removed concerns
about dry soils that farmers encountered early in the planting
process.
    * Soybeans under some pressure after conservative opposition
candidate Mauricio Macri won Argentina's presidential election
on Sunday, with the newly elected president promising to cut
export taxes from one of the world's largest exporters of
oilseeds.
         
    MARKET NEWS  
    * The euro languished near a seven-month low against the
dollar on Monday, weighed down by expectations that the European
Central Bank will ramp up its monetary stimulus next month.
  
    * Crude oil futures lost ground on Monday in early Asian
trading, as the global supply surplus pressured prices, but a
cut in the number of U.S. oil rigs for an 11th week in the last
12 limited the falls.  

    DATA AHEAD (GMT) 
0800  France         Markit manufacturing PMI flash          Nov
0830  Germany        Markit manufacturing PMI flash          Nov
0900  Euro zone      Markit manufacturing PMI flash          Nov
1330  U.S.           National activity index                    
   Oct 
1445  U.S.           Markit manufacturing PMI flash          Nov
1500  U.S.           Existing home sales                     Oct
    
  Grains prices at  0150 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     492.25     2.25  +0.46%    +0.00%     503.24   40
  CBOT corn      363.00    -0.25  -0.07%    -0.34%     372.48   41
  CBOT soy       853.50    -4.00  -0.47%    -0.76%     879.41   29
  CBOT rice      $12.14    $0.00  +0.04%    +2.45%     $12.18   58
  WTI crude      $41.17   -$0.73  -1.74%    +1.55%     $44.26   36
  Currencies                                                
  Euro/dlr       $1.061  -$0.003  -0.28%    -1.11%
  USD/AUD         0.719   -0.005  -0.70%    -0.07%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
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