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GRAINS-Soybean prices edge up, rebound from near two-week low
October 25, 2017 / 1:35 AM / a month ago

GRAINS-Soybean prices edge up, rebound from near two-week low

    SYDNEY, Oct 25 (Reuters) - U.S. soybeans inched up on
Wednesday to move away from a near two-week low, though gains
were checked as supply poured into the market due to the rapid
pace of harvesting in North America.
         
    FUNDAMENTALS  
    * The most active soybean futures on Chicago Board of Trade,
for March, were up 0.2 percent at $9.77-1/2 a bushel by
0056 GMT. They closed down 0.5 percent on Tuesday, after marking
their lowest since Oct. 12 at $9.72-3/4 a bushel. 
    * The most active corn futures were down 0.1 percent
at $3.52-1/4 a bushel. They gained 0.4 percent in the previous
session, when prices hit their strongest since Oct. 16 at $3.53
a bushel.
    * The most active wheat futures were down 0.1 percent
at $4.37-1/2 a bushel, having closed up 0.3 percent on Tuesday. 
    * The U.S. soybean harvest was 70 percent complete, ahead of
analyst forecasts of 64 percent, the U.S. Department of
Agriculture said in its weekly crop progress and conditions
report. That leaves farmers only 3 percentage points behind
their five-year average.
    * The USDA assessed 66 percent of the U.S. corn crop as
being in good-to-excellent condition, which compared with
analyst forecasts of 65 percent.
    * The USDA said 75 percent of U.S. winter wheat was planted,
ahead of analyst forecasts of 73 percent.
         
    MARKET NEWS  
    * The dollar held firm on Tuesday against a basket of
currencies as a report that John Taylor has support from a group
of Republican Senators to be Federal Reserve chief offset news
that might hamper the passage of a tax-cut plan.  
    * Brent oil rose 1 percent on Tuesday after top exporter
Saudi Arabia said it was determined to end a supply glut, while
prices also drew support from forecasts of a further drop in
U.S. crude inventories as well as nervousness over tensions in
Iraqi Kurdistan.  
    * The Dow rallied on Tuesday, registering its biggest daily
percentage gain in more than a month, as stronger-than-expected
results and forecasts from companies including 3M and
Caterpillar fuelled optimism about economic strength.  
    
    DATA AHEAD (GMT)
0800  Germany           Ifo business climate            Oct
0830  Britain           Preliminary GDP                 Q3
1230  U.S.              Durable goods                   Sep
1300  U.S.              Monthly home price index        Aug
1400  U.S.              New home sales                  Sep
        
 Grains prices at  0056 GMT
 Contract        Last    Change   Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat    437.50     -0.50    -0.11%        +0.17%  442.28   52
 CBOT corn     352.25     -0.50    -0.14%        +0.28%  350.81   56
 CBOT soy      977.50      2.00    +0.21%        -0.33%  973.05   47
 CBOT rice      11.62     $0.02    +0.13%        -2.96%  $12.15   27
 WTI crude      52.45    -$0.02    -0.04%        +1.06%  $51.02   66
 Currencies                                                         
 Euro/dlr      $1.175   -$0.001    -0.05%        +0.05%             
 USD/AUD       0.7737    -0.004    -0.49%        -0.87%             
 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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