September 28, 2018 / 4:08 AM / 3 months ago

GRAINS-Soybean prices edge up, but set to finish the quarter down 2.5 pct

    * Soybeans extend gains into fourth session
    * They hit a 10-yr low last week
    * Corn set to finish the quarter up nearly 1.5 pct 
    * Wheat set for third straight quarterly gain 

    By Colin Packham
    SYDNEY, Sept 28 (Reuters) - U.S. soybean futures edged up on
Friday to extend gains into a fourth session, though they were
set for a quarterly loss of more than 2.5 percent as the
Sino-U.S. trade war threatens demand for U.S. supplies.
    Corn was unchanged on the day, but poised for quarterly
gains of more than 1.5 percent. Wheat was on course to record a
third-straight quarterly climb.
    The most active soybean futures on the Chicago Board of
Trade were up 0.2 percent at $8.56-1/4 a bushel by 0325
GMT, having firmed 0.6 percent on Thursday. 
    "Soybeans have bounced off the 10-year low in recent days,
but the fundamental picture hasn't changed," said a
Melbourne-based trader, declining to be identified as he was not
authorised to talk to media.
    "There are a lot of U.S. beans poised to hit the market at a
time when China is looking at alternative suppliers."
    The U.S. oilseed hit a 10-year low of 8.12-1/4 a bushel on
Sept. 18.
    Soybeans are down more than 2.5 percent for the quarter,
after losses of 15.8 percent the quarter before.
    Market attention is now turning to the next U.S. Department
of Agriculture quarterly stocks report later in the session.
    Soybean stocks are expected to be 401 million, up from 302
million a year earlier and the largest Sept. 1 figure since
2007.
    The most active corn futures were little changed at
$3.64-1/2 a bushel after closing up 0.5 percent in the previous
session.
    Corn is up nearly 1.5 percent for the quarter, after falling
more than 7 percent the previous quarter.
    U.S. corn exports last week totalled 1.7 million tonnes,
topping a range of analysts' expectations for 900,000 tonnes to
1.3 million tonnes.
    The USDA report is expected to show corn stocks were 2.010
billion bushels as of Sept. 1, down from 2.293 billion a year
earlier, according to a Reuters poll
    The most active wheat futures were unchanged at $5.13
a bushel, after closing down 0.9 percent on Thursday.
    Wheat is up nearly 2.5 percent for the quarter, set for a
third straight quarterly gain.
    Weekly U.S. wheat sales reached a six-week high of 657,100
tonnes last week, according to the USDA, topping analyst
expectations. U.S. soybean export sales were 872,300 tonnes, in
line with estimates.
    Wheat stocks are seen at 2.343 billion bushels, up from
2.266 billion bushels.
        
 Grains prices at  0325 GMT
 Contract          Last    Change   Pct chg   Two-day chg   MA 30
 CBOT wheat      513.00      0.00    +0.00%        -0.87%  526.61
 CBOT corn       364.50     -0.25    -0.07%        +0.41%  361.15
 CBOT soy        856.25      1.25    +0.15%        +0.74%  846.78
 CBOT rice         9.80     $0.02    +0.15%        +0.15%  $10.45
 WTI crude        72.27     $0.15    +0.21%        +0.98%  $69.39
 Currencies                                                      
 Euro/dlr        $1.165    $0.001    +0.08%        -0.77%        
 USD/AUD         0.7214     0.001    +0.11%        -0.58%        
 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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