GRAINS-Soybeans ease on profit taking, wheat inches higher

Reuters02-27

JAKARTA, Feb 27 (Reuters) - Chicago soybean futures eased on Friday on profit-taking after hitting their highest in more than three months in the previous session.

Wheat nudged higher, extending gains to a second session, while corn eased after two consecutive sessions of gains.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 slid 0.13% to $11.62 a bushel, as of 0120 GMT. Wheat Wv1 up 0.04% to $5.74-3/4 a bushel, and corn gave up 0.11% to $4.43 a bushel.

* The Trump administration has settled on a plan that would require big oil refineries to make up for at least half of the biofuel blending volumes obligations waived in recent years under the Small Refinery Exemption program, according to three sources familiar with the discussions.

* Brazil, which is reaping a record soy crop this year, may increase exports of the oilseed to China in 2026 amid lower Argentine shipments and in spite of stronger competition from U.S. farmers, an analyst at Hedgepoint Global Markets said on Thursday.

* Euronext wheat ticked up on Thursday with support from import demand and an easing euro, traders said.

* Saudi Arabia has issued a tender to purchase 655,000 metric tons of wheat, the Saudi state grains buying agency said on Thursday.

* India is likely to record one of its warmest Marches on record, with above-average temperatures forecast in key wheat and rapeseed-growing states, potentially cutting yields, two weather bureau sources said on Thursday.

* Ukraine's grain deliveries to its Black Sea ports for export have risen by 2% so far in February compared with January, but volumes remain below February 2025 levels, state railway Ukrzaliznytsia said on Thursday.

MARKET NEWS

* An index of global equity markets eased after hitting a record high on Thursday as concerns about lofty valuations of leading technology companies weighed on markets after artificial intelligence chipmaker Nvidia NVDA.O reported quarterly results.MKTS/GLOB

DATA/EVENTS (GMT)

0745 France GDP QQ Final Q4

0745 France CPI (EU Norm) Prelim MM, YY Feb

0745 France CPI Prelim YY, MM NSA Feb

0745 France Producer Prices YY Jan

0855 Germany Unemployment Chg, Rate SA Feb

1100 France Unemp Class-A SA Jan

1300 Germany CPI Prelim YY Feb

1300 Germany HICP Prelim YY Feb

1330 US PPI Machine Manuf'ing Jan

(Reporting by Bernadette Christina; Editing by Rashmi Aich)

((Bernadette.Christina@thomsonreuters.com))

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GRAINS-Soybeans ease on profit taking, wheat inches higher

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