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GRAINS-Soybean price edges up, market cautious ahead of USDA forecast
May 10, 2017 / 1:19 AM / 5 months ago

GRAINS-Soybean price edges up, market cautious ahead of USDA forecast

    SYDNEY, May 10 (Reuters) - U.S. soybeans edged up on
Wednesday to extend gains into a second session, with traders
squaring positions ahead of a widely watched U.S. government
forecast later in the session.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade rose 0.15 percent to $9.75-1/2 a bushel, having
firmed 1 percent on Tuesday.
    * The most active corn futures advanced 0.14 percent
to $3.75 a bushel, after gaining 0.1 percent in the previous
session.
    * The most active wheat futures were little changed at
$4.29-3/4 a bushel, having closed down 0.9 percent on Tuesday. 
    * The U.S. Department of Agriculture will issue its latest
supply/demand report on Wednesday, including the government's
first official crop production and usage estimates for the
2017/18 marketing year.
    * Wet conditions that have slowed planting in some crop
areas added support. The USDA on Monday said the U.S. soybean
crop was 14 percent planted, behind the five-year average of 17
percent and below an average of analyst expectations for 16
percent.
    * The government also reported that the U.S. spring wheat
crop was 54 percent planted, behind the five-year average of 60
percent but well above the average trade expectation of 45
percent.
             
    MARKET NEWS  
    * The dollar slid on Wednesday and the perceived safe-haven
yen gained after U.S. President Donald Trump abruptly fired FBI
Director James Comey in a move that shocked Washington.  
    * Oil futures rose in Asian trading on Wednesday after
Reuters reported that Saudi Arabia would cut supplies to the
region as OPEC battles against rising U.S. production that is
threatening to derail its attempts to end a sustained global
glut in crude.  
    * The S&P 500 fell on Tuesday after edging up to an
intra-day record high for the second straight session, while
Apple became the first U.S. company to close with a market
capitalization above $800 billion.  
            
 Grains prices at  0046 GMT
 Contract      Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  429.75     0.25   +0.06%        -0.87%  438.71    48
 CBOT corn   367.00     0.50   +0.14%        +0.27%  369.38    46
 CBOT soy    975.50     1.50   +0.15%        +1.11%  962.48    60
 CBOT rice     9.90    $0.03   +0.30%        +0.35%  $10.09    57
 WTI crude    46.21    $0.33   +0.72%        -0.47%  $49.88    32
 Currencies                                                      
 Euro/dlr    $1.089   $0.002   +0.17%        -0.28%              
 USD/AUD     0.7349    0.000   +0.07%        -0.50%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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