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GRAINS-Soybean prices firm as US crop tour findings stoke yield concerns
August 23, 2017 / 1:39 AM / a month ago

GRAINS-Soybean prices firm as US crop tour findings stoke yield concerns

    SYDNEY, Aug 23 (Reuters) - U.S. soybean prices rose on
Wednesday, drawing support from the findings of a widely-watched
U.S. crop tour that stoked fears production would fail to meet
official estimates.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade had climbed 0.6 percent to $9.43 a bushel by 0107
GMT, after closing up 0.1 percent on Tuesday.
    * The most active corn futures were up 0.1 percent at
$3.60-1/2 a bushel, having closed down 0.8 percent in the
previous session.
    * The most active wheat futures were little changed at
$4.29-1/4 a bushel, after ending Tuesday down 1.8 percent.
    * The annual Farm Journal Midwest Crop Tour found
below-average corn yield potential in Indiana and above-average
in Nebraska, while soybean pod counts were average to
below-average in the states.

    * U.S. Department of Agriculture data released late on
Monday showed the U.S. spring wheat harvest as 58 percent
complete, above the five-year average pace of 51 percent.

    * Top world wheat importer Egypt was looking to reject a
cargo of Romanian wheat, sources said on Monday. The shipment
was found to contain poppy seeds, a source with direct knowledge
of the matter told Reuters.
         
    MARKET NEWS  
    * The dollar rallied on Tuesday after falling for two
straight days, benefiting from the euro's decline following
weaker-than-expected euro zone data as well as investors
adjusting positions ahead of a global central bankers'
conference this week.  
    * Oil inched up on Tuesday, lifted by expectations of
another crude stockpile drawdown in the United States but price
gains were limited amid the reopening of Libya's largest oil
field.  
    * U.S. stocks ended up on Tuesday, with each of the three
major indexes posting their best one-day percentage gains in
over a week, as lawmakers' comments on tax reform and the debt
ceiling boosted investor optimism.  
    
    DATA/EVENT AHEAD (GMT) 
0700 Speech by ECB President Mario Draghi in Germany 
0700 France          Markit manufacturing flash PMI         Aug 
0730 Germany         Markit manufacturing flash PMI         Aug 
0800 Euro zone       Markit manufacturing flash PMI         Aug 
1345 U.S.            Markit manufacturing flash PMI         Aug 
1400 Euro zone       Consumer confidence flash              Aug 
1400 U.S.            New home sales                         Jul 
    
 Grains prices at  0107 GMT
 Contract        Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat    429.25     0.25    +0.06%        -1.77%  488.03    14
 CBOT corn     360.50     0.50    +0.14%        -0.69%  380.23    29
 CBOT soy      943.00     5.50    +0.59%        +0.72%  974.13    49
 CBOT rice      12.48   -$0.02    -0.16%        +0.04%  $12.46    52
 WTI crude      47.65   -$0.18    -0.38%        +0.59%  $47.99    47
 Currencies                                                         
 Euro/dlr      $1.175  -$0.001    -0.09%        -0.54%              
 USD/AUD       0.7882   -0.002    -0.32%        -0.67%              
 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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