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GRAINS-Soybeans reach a peak of almost 6 weeks according to global stimulus forecasts

 


SYDNEY, March 3 (Reuters) – US soybean futures peaked at nearly six weeks on Tuesday, boosted by expectations for coordinated global stimulus to offset the overall economic impact of the coronaviruses.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade rose 0.1% to $ 9.01-1 / 2 a bushel at 0152 GMT after hitting a high of 9.05-1 / $ 2. Soybeans tightened by 0.9% on Monday.

* The most active corn futures rose 0.5% to $ 3.76-1 / 2 a bushel, after gaining 2% in the previous session.

* The most active wheat futures fell 0.2% to $ 5.22 a bushel, after closing down 0.3% on Monday.

* Market sentiment has been boosted by expectations that central banks around the world will cut interest rates to ease the blow of the coronavirus.

* The US Department of Agriculture said 670,608 tonnes of US soybeans had been inspected for export during the week ended February 27, analysts said.

* Inspections of US wheat exports of 654,097 tonnes exceeded expectations, while inspections of corn of 896,221 tonnes were in line with expectations.

* The Argentine Ministry of Agriculture said last week that it was suspending the registration of agricultural exports until further notice. Traders said the move likely presaged a sharp increase in grain export prices.

MARKET NEWS

* The euro remained stable just below its highest level in two months against the dollar on Tuesday, in the hope that the monetary easing induced by coronaviruses in the United States can and will continue to Be deeper than any similar action in Europe.

* Oil prices rose more than 4% on Monday, reversing the start of a fall to multi-year lows as hopes of a deeper drop in production by OPEC and stimulus measures from central banks have countered concerns over demand damage from the coronavirus outbreak.

* The Dow Jones Industrial Average jumped more than 5% on Monday, while the S&P 500 and Nasdaq each jumped more than 4% in a major rebound after last week's strong sale triggered by fears over the coronavirus . (Report by Colin Packham; Edition by Maju Samuel)

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