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GRAINS-Soybean prices edge down, but remain near three-week high
September 6, 2017 / 1:28 AM / 14 days ago

GRAINS-Soybean prices edge down, but remain near three-week high

    SYDNEY, Sept 6 (Reuters) - U.S. soybean prices inched lower
on Wednesday, but remained near a three-week high as forecasts
for dry weather for the remainder of the growing season stoked
fears of potential yield losses.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.1 percent at $9.67-3/4 a bushel by 0056
GMT. They firmed 2 percent on Tuesday, when prices hit their
highest since Aug. 10 at $9.73-1/2 a bushel.
    * The most active corn futures were down 0.4 percent
at $3.57-1/4 a bushel, having gained 0.9 percent in the previous
session.
    * The most active wheat futures dropped 0.5 percent to
$4.40-3/4 a bushel, after closing up 1 percent on Tuesday. 
    * The U.S. Department of Agriculture rated 61 percent of the
U.S. corn crop in good-to-excellent condition, down from 62
percent a week earlier. Analysts surveyed by Reuters on average
expected no change.
    * The USDA said 12 percent of the corn crop was mature,
behind the five-year average of 18 percent.
    * The USDA rated 61 percent of the soybean crop as
good-to-excellent, unchanged from the previous week.
    * Forecasts called for dry weather across much of the
Midwest for the next 10 days, potentially stressing the maturing
U.S. soybean crop.
    * The USDA on Tuesday said private exporters sold 136,000
tonnes of U.S. soybeans to China, following a string of similar
sales announcements since mid-August.
         
    MARKET NEWS  
    * The dollar edged down against the yen on Wednesday,
getting closer to a recent 4-1/2 month low, pressured by
simmering tensions on the Korean peninsula and on comments by a
Federal Reserve official about low U.S. inflation.  
    * Crude oil prices rose and gasoline fell by about 3 percent
on Tuesday as the gradual restart of refineries in the U.S. Gulf
that were shut by Hurricane Harvey raised demand for crude and
eased fears of a fuel supply crunch.  
    * U.S. stocks sank on Tuesday, with the S&P 500 stumbling to
its biggest single-day loss in about three weeks, as investors
weighed fresh tensions with North Korea.  

    DATA AHEAD (GMT) 
0600  Germany            Industrial orders                  Jul 
1230  U.S.               International trade                Jul 
1400  U.S.               ISM non-manufacturing PMI          Aug 
1800  Federal Reserve issues Beige Book of economic conditions 
        
 Grains prices at  0056 GMT
 Contract       Last  Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   440.75   -2.25    -0.51%        +0.46%  460.48    65
 CBOT corn    357.25   -1.25    -0.35%        +0.56%  368.90    47
 CBOT soy     967.75   -0.75    -0.08%        +1.92%  956.67    67
 CBOT rice     12.73  -$0.04    -0.35%        -1.66%  $12.62    58
 WTI crude     48.62  -$0.04    -0.08%        +2.81%  $48.25    62
 Currencies                                                       
 Euro/dlr     $1.192  $0.001    +0.08%        +0.23%              
 USD/AUD      0.8009   0.001    +0.18%        +0.84%              
 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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