October 6, 2017 / 2:11 AM / in 16 days

GRAINS-Soybean prices edge down, but stay near one-week high

    SYDNEY, Oct 6 (Reuters) - U.S. soybean prices inched lower
on Friday, but stayed near one-week highs on reports of
lower-than-expected yields in the U.S. Midwest, where rains have
already slowed the pace of harvest.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were little changed for the week after slumping more
1.5 percent last week. On Thursday, they hit their highest since
Sept. 29 at $9.71 a bushel.
     * The most active corn futures were down nearly 1.5
percent for the week, their biggest seven-day loss in six weeks.
    * The most active wheat futures were down nearly 1.5
percent over the week, their second-straight weekly fall.
    * Soybean prices were supported by disappointing yields in
key Midwest producing areas, where wet weather has already
slowed harvesting.
    * The U.S. Department of Agriculture said weekly export
sales of corn totalled 814,100 tonnes, topping market forecasts
that ranged from 500,000 to 700,000 tonnes. Export sales of
soybeans and wheat were in line with trade estimates.

    * Wheat prices have been capped by export competition from a
record Russian harvest this year. U.S. offerings are still seen
as too expensive for overseas buyers despite the recent weakness
in futures.
         
    MARKET NEWS  
    * The dollar touched a fresh seven-week high versus a basket
of currencies on Friday, supported by hopes for progress on U.S.
tax reforms, with traders looking to U.S. jobs data for
near-term catalysts.  
    * Oil markets opened cautiously in Asia on Friday as traders
monitored a tropical storm heading for the Gulf of Mexico and as
China remained closed for a week-long public holiday.  
    * The S&P 500 posted its sixth straight record high close on
Thursday, its longest run since 1997, as investors cheered
increased prospects for a tax overhaul with Congress moving
closer to agreement on a budget resolution.  
    
    DATA AHEAD (GMT) 
0600  Germany               Industrial orders              Aug 
0645  France                Trade balance                  Aug 
1230  U.S.                  Nonfarm payrolls               Sep 
1230  U.S.                  Unemployment rate              Sep 
1400  U.S.                  Wholesale sales                Aug 
        
 Grains prices at  0142 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   442.00     1.25    +0.28%       +0.00%  443.33   47
 CBOT corn    350.00     0.50    +0.14%       +0.50%  352.76   50
 CBOT soy     969.00     0.75    +0.08%       +1.12%  961.04   58
 CBOT rice     11.91   -$0.01    -0.04%       -1.00%  $12.49   27
 WTI crude     50.71   -$0.08    -0.16%       +1.46%  $49.47   53
 Currencies                                                      
 Euro/dlr     $1.171   $0.000    +0.03%       -0.38%             
 USD/AUD      0.7796    0.000    +0.03%       -0.85%             
 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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