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GRAINS-Soybeans edge higher as market expects USDA to trim output forecast
November 7, 2017 / 2:07 AM / a month ago

GRAINS-Soybeans edge higher as market expects USDA to trim output forecast

    SYDNEY, Nov 7 (Reuters) - U.S. soybeans edged higher on
Tuesday, extending gains into a second consecutive session, as
expectations the U.S. Department of Agriculture will trim its
production forecast provided support to prices. 
         
    FUNDAMENTALS  
    * The most active soybeans futures on the Chicago Board Of
Trade were up 0.2 percent to $9.96-1/4 a bushel by 0132
GMT, having firmed 0.7 percent on Monday after earlier hitting a
low of $9.85 a bushel - the lowest since Nov. 1.
    * The most active corn futures were up 0.1 percent to
$3.47-1/2 a bushel after closing down 0.1 percent in the
previous session.
    * The most active wheat futures were down 0.1 percent
at $4.30-1/4 a bushel, having closed up 1.2 percent on Monday. 
    * The U.S. Agriculture Department's (USDA) monthly crop
supply and demand report is scheduled for release on Thursday.
Analysts, on average, expect the government to raise its U.S.
corn yield forecast and trim its soybean yield outlook.

    * Brazilian soybean planting has been lagging the normal
pace because of heavy early season rains in central and southern
areas and dry conditions in top soy state Mato Grosso.

         
    MARKET NEWS  
    * The dollar sagged on Tuesday, knocked away from an
eight-month highs versus the yen as Treasury yields slipped on
uncertainty over whether the U.S. Republicans can pass their tax
bill in a timely manner.  
    * U.S. oil prices edged lower on Tuesday after posting the
biggest gains in six weeks a day earlier, buoyed by moves by
Saudi Arabia's crown prince to tighten his grip on power and a
drop in U.S. drilling rigs.  
    * U.S. stocks climbed to record highs on Monday, helped by
optimism about merger activity and as investors bet that a
Republican plan to cut corporate taxes would bolster earnings.
  
    
    DATA/EVENT AHEAD (GMT)
0700  Germany             Industrial output                 Sep
0745  France              Budget balance                    Sep
1000  Euro zone           Retail sales                      Sep
1930  Federal Reserve Chair Janet Yellen gives acceptance
remarks at Washington event
        
 Grains prices at  0132 GMT
 Contract        Last  Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    430.25   -0.50   -0.12%       +1.06%  435.38    51
 CBOT corn     347.50   -0.50   -0.14%       -0.22%  349.69    42
 CBOT soy      996.25    2.25   +0.23%       +0.96%  985.62    57
 CBOT rice      11.49  -$0.03   -0.26%       -0.73%  $12.07    31
 WTI crude      57.22  -$0.13   -0.23%       +2.84%  $52.32    85
 Currencies                                                      
 Euro/dlr      $1.160  $0.000   -0.04%       -0.03%              
 USD/AUD       0.7688   0.000   -0.03%       +0.50%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
  

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