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GRAINS-Soybean prices extend losses as bumper supplies weigh
October 3, 2017 / 1:06 AM / 14 days ago

GRAINS-Soybean prices extend losses as bumper supplies weigh

    SYDNEY, Oct 3 (Reuters) - U.S. soybean prices fell on
Tuesday as expectations for bumper supplies weighed, though
losses were checked as the U.S. Department of Agriculture said
the pace of harvest was lagging forecasts.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.3 percent at $9.54-1/4 a bushel by 0041
GMT, having closed down 1.1 percent on Monday.
    * The most active corn futures were down 0.3 percent
at $3.50-1/2 a bushel, after ending down 1.1 percent in the
previous session.
    * The most active wheat futures were down 0.2 percent
at $4.44 a bushel. They finished Monday down 0.7 percent. 
    * The USDA said the U.S. soybean harvest was 22 percent
complete by Sunday, behind an average of trade estimates for 25
percent and the five-year average of 26 percent.

    * The corn harvest was only 17 percent complete, lagging the
five-year average of 26 percent.
    * INTL FCStone raised its estimate of the U.S. 2017 corn
yield to 169.2 bushels per acre (bpa), from 166.9 bpa in its
previous monthly report released Aug. 31.
    * The firm also raised its forecast of the U.S. 2017 soybean
yield to 49.9 bpa, from 49.8 bpa previously. 
    * The USDA on Friday reported U.S. 2017 production of spring
wheat other than durum at 416 million bushels, up from its
previous estimate of 402 million bushels and well above analyst
estimates. 
         
    MARKET NEWS  
    * The dollar gained against the euro and the yen on Monday
as investors took a bullish view of the U.S. economy, and as the
single currency was hurt by a violence-marred independence vote
in Spain's Catalonia region.  
    *  Oil fell more than $1 a barrel on Monday as a rise in
U.S. drilling and higher OPEC output put the brakes on a rally
that helped prices notch up their biggest third-quarter gain in
13 years.  
    * U.S. stocks started the fourth quarter on a strong note on
Monday, with all three major indexes hitting record-high closes
as data pointed to underlying strength in the economy.  
    
    DATA AHEAD (GMT) 
0900  Euro zone          Producer prices                  Aug 
1345  U.S.               ISM-New York index               Sep 
        
 Grains prices at  0041 GMT
 Contract      Last  Change  Pct chg  Two-day chg     MA 30  RSI 
 CBOT wheat  444.00   -0.75   -0.17%       -0.95%    442.16    49
 CBOT corn   350.50   -1.00   -0.28%       -1.34%    353.60    49
 CBOT soy    954.25   -3.00   -0.31%       -1.45%    958.56    41
 CBOT rice    12.05   $0.03   +0.25%       +0.46%    $12.56    36
 WTI crude    50.43  -$0.15   -0.30%       -2.40%    $49.20    45
 Currencies                                                      
 Euro/dlr    $1.173  $0.000   +0.00%       -0.69%                
 USD/AUD     0.7825   0.000   +0.00%       -0.10%                
 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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