GRAINS-U.S. wheat, corn futures flat; soybeans weaker

CHICAGO, March 17 (Reuters) - U.S corn and wheat futures were trading close to unchanged on Friday as their recent rally from multi-week lows ran out of steam in the absence of fresh fundamental news, traders said.

Soybeans weakened, on track for their ninth decline in 10 sessions as the market remained anchored by expectations for a record crop in Brazil.

"The corn and wheat rebounds have run into chart resistance while nearby soybeans are stuck to the $10 mark," Matt Zeller, director of market information of INTL FCStone, said in a note to clients.

A weakening U.S. dollar, which makes U.S. commodities more attractive to overseas buyers as well as investors looking for a hedge against inflation, provided some support to the grains and oilseeds.

The dollar fell to a five-week low on Friday, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further bull run in the currency by keeping a gradual pace to its monetary tightening policy.

At 10:31 a.m. CDT (1531 GMT), Chicago Board of Trade corn futures for May delivery were up 1/2 cent at $3.66-1/2 a bushel. CBOT May wheat was 3/4 cent lower at $4.35-1/4 a bushel.

Both corn and wheat firmed during overnight trading but hit technical resistance at their 100-day moving averages.

CBOT May soybeans were down 3-1/4 cents at $9.98-1/4 a bushel.

For the week, soybean futures have fallen 0.7 percent, wheat futures have fallen 1.1 percent and corn futures have risen 0.7 percent.

Ample supplies, and the prospects for strong global harvests also limited any rally attempts.

Argentine corn and soybeans should benefit from high yields brought by good weather, the Buenos Aires Grains Exchange said on Thursday, adding it might increase its soybean harvest estimate.

"The Brazilian crop is so big that it is hard for soybeans to rally," Kaname Gokon at brokerage Okato Shoji in Tokyo, said. (Additional reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Jane Merriman and Chris Reese)

 
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By Abe Manuel 03/17/2017 06:42:00
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