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GRAINS-Soybeans at 2-week high as dry weather slows planting in Brazil
October 9, 2017 / 2:52 AM / in 15 days

GRAINS-Soybeans at 2-week high as dry weather slows planting in Brazil

    * Little changed after hitting highest since Sept. 25
    * Brazil weather raises concerns about planting delays

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Oct 9 (Reuters) - Chicago soybeans were largely
unchanged after climbing to a two-week high on Monday,
underpinned by concerns about dry weather bringing planting
delays in the world's biggest exporter, Brazil. 
    Corn rose for a third consecutive session as rains
threatened the U.S. harvest, while wheat extended Friday's
gains.
    The Chicago Board Of Trade most-active soybean
contract was up quarter of a cent, or 0.03 percent, at $9.72-1/2
a bushel by 0223 GMT, after climbing to its highest since Sept.
25 at $9.77 a bushel.
    Corn added 0.3 percent, or 1 cent, to $3.51 a bushel,
having gained 0.1 percent in the previous session. Wheat
was up 0.2 percent, or three quarter of a cent, to $4.44-1/4 a
bushel, having closed up 0.6 percent on Friday.
    "Weather forecasters continue to expect soybean regions in
Brazil's Mato Grosso state to see no material gains in soil
moisture for another week or so," said Tobin Gorey, director of
agricultural strategy at Commonwealth Bank of Australia.
    "The market does seem to be adding a little to prices to
reflect concern about this issue. And perhaps for the developing
La Nina condition, too, that would restrict Brazilian rainfall."
    Soybean planting in Brazil was 5.6 percent complete as of
Friday, consultancy Safras & Mercado said, down from 10.4
percent at this time last year, as dry weather for most of
September delayed seeding.
    Brazil's soybean output in the 2017/18 crop season is
expected to reach 109.98 million tonnes, according to an average
of 10 estimates compiled by Reuters on Friday.
    The country produced 114.08 million tonnes of soybeans in
the previous season (2016/17), according to agricultural
statistics agency Conab, in an area of 33.91 million hectares.

    The market's focus is now turning to the next U.S.
Department of Agriculture (USDA) monthly supply-demand reports,
due on Oct. 12.
    Brokerage INTL FCStone and research firm Informa Economics
last week raised their U.S. yield estimates for both crops.

    Large speculators increased their net short position in CBOT
corn futures in the week to Oct. 3, regulatory data released on
Friday showed. 
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and trimmed their net short
position in soybeans.

 Grains prices at  0223 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  444.25  0.75    +0.17%   +0.79%       443.68  50
 CBOT corn   351.00  1.00    +0.29%   +0.43%       352.68  55
 CBOT soy    972.50  0.25    +0.03%   +0.44%       962.08  61
 CBOT rice   11.94   $0.05   +0.42%   +0.17%       $12.47  34
 WTI crude   49.42   $0.13   +0.26%   -2.70%       $49.47  41
 Currencies                                                
 Euro/dlr    $1.174  $0.001  +0.07%   +0.26%               
 USD/AUD     0.7777  0.001   +0.10%   -0.22%               
 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)
  

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