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GRAINS-Soybeans ease from 1-week high as U.S. harvest picks up
October 4, 2016 / 3:22 AM / a year ago

GRAINS-Soybeans ease from 1-week high as U.S. harvest picks up

* Harvest progress caps 3-day rally in Chicago soybeans
    * Farmers harvest 26 pct of US soybeans, up from 10 pct a
week ago
    * Corn dips from 10-1/2 week top, wheat falls on ample
supply

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Oct 4 (Reuters) - Chicago soybean prices edged
lower on Tuesday, snapping a three-session rally and easing from
their highest in more than a week as a pick up in the pace of
U.S. harvesting kept a lid on the market. 
    Corn slid from its highest since late July, while wheat fell
for a second day with pressure from plentiful global supplies.
    Chicago Board of Trade's most-active soybean contract 
fell 0.3 percent to $9.70 a bushel by 0240 GMT, having firmed
about 2 percent on Monday when prices hit their highest since
Sept. 23.
    Corn gave up 0.1 percent to $3.45-1/2 a bushel, having
advanced about 2.5 percent in the previous session to its
highest since July 21. Wheat fell 0.1 percent to $3.95 a
bushel, having closed down around 1.5 percent on Monday.
    "U.S. soybean conditions remain excellent and around a
quarter of the crop has been harvested so far - significantly
slower than last year, but not too far behind the five-year
average pace," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
    "Progress should speed up this week with some drier weather
in the eastern Midwest."
    U.S. farmers have finished harvesting 26 pct of the soybean
crop, sharply higher than 10 pct a week ago and near the
five-year average pace of 27 percent, the U.S. Department of
Agriculture said after the market closed on Monday.
    Meanwhile, 24 percent of the crop has been gathered, up from
15 pct a week ago and slightly below the five-year average of 27
percent. 
    In news which could support the soybean market, Argentina
will not reduce export taxes this year or in 2017 as previously
announced and will instead reduce the tax by 0.5 percentage
points per month from January 2018 to December 2019, President
Mauricio Macri said on Monday.
    That could prompt farmers to plant other crops at the
expense of beans in the upcoming season, underpinning prices of
the oilseed. 
    Commodity brokerage INTL FCStone  said on Monday it raised
its estimate of the average U.S. 2016 soybean yield to a record
52.5 bushels per acre (bpa), from 50.1 in its previous monthly
report. The firm raised its soybean production estimate to 4.357
billion bushels from 4.163 billion last month.
    The USDA last week pegged U.S. wheat stocks as of Sept. 1 at
their highest since 1987, while corn supplies were smaller than
expected. 
    
 Grains prices at  0240 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  395.00  -0.50    -0.13%   -1.00%       404.86  43
 CBOT corn   345.50  -0.50    -0.14%   +4.94%       332.64  70
 CBOT soy    970.00  -3.00    -0.31%   +2.08%       965.93  53
 CBOT rice   10.06   $0.00    -0.05%   +2.97%       $9.77   69
 WTI crude   48.55   -$0.26   -0.53%   +0.64%       $45.83  67
 Currencies                                                 
 Euro/dlr    $1.120  -$0.004  -0.36%   -0.20%               
 USD/AUD     0.7666  0.001    +0.16%   +0.43%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Joseph Radford)

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