October 5, 2016 / 1:42 AM / a year ago

GRAINS-Soybeans extend losses into second session on bumper supply

SYDNEY, Oct 5 (Reuters) - U.S. soybean prices edged lower on
Wednesday to extend losses into a second session, hit by
expectations of bumper supply.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade dropped 0.1 percent to $9.62-1/2 a bushel, having
closed down 1 percent on Tuesday.
    * The most active corn futures fell 0.1 percent to
$3.48 a bushel, after gaining 0.65 percent in the previous
session when they marked their highest since July 20 at $3.49.
    * The most active wheat futures were unchanged at
$3.95-1/2 a bushel, having closed steady on Tuesday. 
    * The U.S. soybean harvest was 26 percent complete as of
Sunday, ahead of the trade estimates' average of 25 percent but
behind the five-year average of 27 percent, the U.S. Department
of Agriculture (USDA) said. 
    * The USDA also said 74 percent of U.S. soybeans were in
good or excellent shape, up 1 percentage point from a week ago.
    * INTL FCStone 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. 
    * U.S. soybean export prospects were boosted by news that
Argentina will not reduce export taxes this year or next as
previously promised. 
    * The USDA said the U.S. corn harvest was 24 percent
complete by Sunday, behind the trade estimates' average of 25
percent and the five-year average of 27 percent. 
    * The U.S. winter wheat crop was 43 percent planted, behind
the five-year average of 45 percent and analysts' average
expectation of 47 percent.
         
    MARKET NEWS  
    * The dollar hovered near a two-month high against a basket
of currencies on Wednesday, lifted by hawkish comments from a
Federal Reserve official and a sharp rise in U.S. Treasury
yields.  
    * Oil prices rose in early trading on Wednesday after a
report that U.S. fuel inventories may have fallen for a fifth
straight week, but contracts remained near the $50 marker where
many traders currently see fair value for crude.  
    * U.S. stocks dropped on Tuesday as investors fretted about
Britain's exit from the European Union and the prospect of a Fed
interest rate hike in coming months.  
    
    DATA AHEAD (GMT) 
0750  France         Markit services PMI            Sep 
0755  Germany        Markit services PMI            Sep 
0800  Euro zone      Markit services PMI final      Sep 
0900  Euro zone      Retail sales                   Aug 
1215  U.S.           ADP national employment        Sep 
1230  U.S.           International trade            Aug 
1400  U.S.           ISM non-manufacturing PMI      Sep 

    
 Grains
 prices at
  0102 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  395.  0.00  +0.0  -1.6  403.    40
 whea    50          0%    2%    55  
 t                                   
 CBOT  348.  -0.2  -0.0  +3.3  332.    72
 corn    00     5    7%    4%    84  
 CBOT  962.  -1.0  -0.1  +0.8  964.    50
 soy     50     0    0%    9%    26  
 CBOT  10.0  -$0.  -0.1  +2.0  $9.7    71
 rice     9    01    0%    2%     5  
 WTI   49.1  $0.4  +0.9  +0.7  $45.    69
 crud     6     7    7%    2%    87  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  $0.0  -0.0  -0.2            
 /dlr    21    00    1%    7%        
 USD/  0.76  -0.0  -0.6  -0.4            
 AUD     20    05    5%    4%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
 (Reporting by Colin Packham; Editing by Joseph Radford)

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