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GRAINS-Soybeans edge higher as USDA pegs harvest rate behind forecasts
September 26, 2017 / 1:12 AM / in 24 days

GRAINS-Soybeans edge higher as USDA pegs harvest rate behind forecasts

    SYDNEY, Sept 26 (Reuters) - U.S. soybeans edged higher on
Tuesday after the U.S. Department of Agriculture said harvesting
was lagging behind market expectations, although gains were
checked as weather forecasts called for near ideal conditions.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.3 percent to $9.73-3/4 a bushel by 0048
GMT after closing down 1.3 percent on Monday.
    * The most active corn futures were up 0.1 percent to
$3.54 a bushel, having gained nearly 1 percent in the previous
session.
    * The most active wheat futures were up 0.3 percent to
$4.55-1/2 a bushel, having closed up 1 percent on Monday. 
    * USDA said 11 percent of the U.S. corn crop has been
harvested as of Sept. 24, behind market expectations of 14
percent.
    * USDA said 11 percent of the U.S. soybean crop had been
harvested, matching market forecasts.
    * However, unusually hot U.S. temperatures over the last
week have accelerated crop maturity and should promote a quick
harvest pace in the coming days.
         
    MARKET NEWS  
    * The U.S. dollar rose against a basket of six currencies on
Monday, with the euro hit by election results in Germany and
investor jitters about a warning against hasty policy shifts by
the European Central Bank president.  
    * Oil prices soared more than 3 percent on Monday, with
Brent hitting its highest in more than two years, after major
producers said the global market was on its way to rebalancing,
while Turkey threatened to cut oil flows from Iraq's Kurdistan
region toward its ports.  
    * Wall Street dipped on Monday, as a selloff in technology
shares weighed heavily on the Nasdaq, while the most recent
statement from North Korea's to Washington added to a cautious
tone.  
    
    DATA/EVENT AHEAD (GMT) 
0600  Germany           Import prices                    Aug 
0645  France            Business climate                 Sep 
1300  U.S.              Case-Shiller housing index       Jul 
1400  U.S.              Consumer confidence              Sep 
1400  U.S.              New home sales                   Aug 
1645 Federal Reserve Chair Janet Yellen speaks at Ohio event
        
 Grains prices at  0048 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   455.50    1.50   +0.33%       +1.33%   441.16    74
 CBOT corn    354.00    0.25   +0.07%       +0.14%   355.80    62
 CBOT soy     973.75    2.50   +0.26%       -1.07%   953.96    60
 CBOT rice     12.05   $0.03   +0.25%       -2.55%   $12.64    28
 WTI crude     52.10  -$0.12   -0.23%       +2.84%   $48.57    77
 Currencies                                                      
 Euro/dlr     $1.185  $0.001   +0.05%       -0.84%               
 USD/AUD      0.7923  -0.001   -0.14%       -0.49%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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