February 12, 2018 / 4:51 AM / a year ago

GRAINS-Soybeans rallies more than 1.5 pct, hit near two-week high

    * Soybeans buoyed by falling U.S. dollar
    * Gains come despite rains across Argentina
    * Wheat, corn also up more than 1 percent

    By Colin Packham
    SYDNEY, Feb 12 (Reuters) - U.S. soybean futures rose more
than 1.5 percent on Monday to a their highest in nearly two
weeks as a fall in the dollar helped to lift commodity prices.
    Wheat rose nearly 2 percent after two straight sessions of
falls. Corn futures rose 1 percent. 
     The most active soybean futures contract on the Chicago
Board Of Trade was up 1.6 percent at $9.88-1/2 a bushel as
of 0357 GMT, just shy of a session-high of $10.00. This is the
highest since Jan. 31, and follows a 0.5 percent drop on Friday.
    "The weaker dollar will have some people re-evaluating the
potential demand for U.S. supplies," said a Melbourne-based
trader who declined to be named as he is not authorised to talk
to the media.
    Weakness in the greenback makes dollar-denominated
commodities cheaper for those holding other currencies, and can
spark purchases from large buyers such as China. This may have
traders and investors re-calculating the outlook for U.S.
soybean exports. 
     The U.S. Department of Agriculture (USDA) on Friday raised
its forecast for U.S. 2017/18 soybean end-stocks, reflecting an
export pace that is so far slower-than-expected. 
    Soybeans gains came despite rains across Argentina's crop
belt easing fears of potential production losses.
    The most active wheat futures climbed 1.4 percent to
$4.56-3/4 a bushel, having closed down 1.6 percent on Friday. 
    The USDA last week lowered its U.S. wheat export forecast
for the 2017/18 marketing year. 
    The most active corn futures gained 1.1 percent to
$3.66 a bushel, having dropped 1 percent in the last session.
    Some Chinese buyers have cancelled corn purchases from the
United States and switched to rival supplier Ukraine, as Beijing
tightens controls on processing genetically modified strains of
the crop, trade sources said.
 Grains prices at  0357 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat  456.75     7.75   +1.73%       +0.11%  437.20   60
 CBOT corn   366.00     4.00   +1.10%       +0.07%  355.42   66
 CBOT soy    998.50    15.50   +1.58%       +1.09%  977.23   63
 CBOT rice    12.39    $0.06   +0.53%       -0.44%  $12.16   53
 WTI crude    59.83    $0.63   +1.06%       -2.16%  $63.27   27
 Euro/dlr    $1.229   $0.005   +0.43%       +0.33%             
 USD/AUD     0.7831    0.002   +0.24%       +0.67%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Tom Hogue)
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