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GRAINS-Soybeans edge higher, USDA-led caution caps gains
May 10, 2017 / 4:34 AM / 5 months ago

GRAINS-Soybeans edge higher, USDA-led caution caps gains

    * Soybeans extend gains into a second consecutive session
    * USDA to issue latest supply and demand report on Wednesday
    * Corn edges higher, wheat unchanged

    By Colin Packham
    SYDNEY, May 10 (Reuters) - U.S. soybeans were on track for their second consecutive session of
gains on Wednesday, buoyed by a weaker dollar, though traders largely remained on the sidelines
ahead of a widely watched U.S. government report.
    Corn edged higher, while wheat was unchanged after falling nearly 1 percent in the previous
session.
    The most active soybean futures on the Chicago Board of Trade rose 0.15 percent to
$9.75-1/2 a bushel, having closed up 1 percent on Tuesday.
    "The market is cautious of taking positions ahead the U.S. Department of Agriculture (USDA)
report later in the session," said Andrew Woodhouse, grains analyst, Advance Trading Australasia.
    The USDA's supply/demand report on Wednesday will include  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 most active corn futures advanced 0.1 percent to $3.66-3/4 a bushel, after gaining
0.1 percent in the previous session.
    The most active wheat futures remained unchanged at $4.29-1/2 a bushel, having closed
down 0.9 percent on Tuesday.
    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.
    Wheat remained under pressure on fears of widespread production losses as a result of a recent
frost ease.
        
 Grains prices at 0408 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   429.50     0.00   +0.00%       -0.92%  438.70    48
 CBOT corn    366.75     0.25   +0.07%       +0.20%  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     46.16    $0.28   +0.61%       -0.58%  $49.87    32
 Currencies                                                      
 Euro/dlr     $1.090   $0.002   +0.21%       -0.25%              
 USD/AUD      0.7364    0.002   +0.27%       -0.30%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  

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