November 2, 2017 / 1:14 AM / in 16 days

GRAINS-Soybeans edge higher, linger near 2-wk high

    SYDNEY, Nov 2 (Reuters) - U.S. soybeans edged higher on Thursday, lingering
near a more than two-week high hit in the previous session, as reports of
lower-then-expected yields supported prices.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were
up 0.1 percent at $9.92-1/2 a bushel by 0029 GMT, having firmed 0.7 percent on
Wednesday when prices hit a high of $9.95 a bushel - the highest since Oct. 16.
    * The most active corn futures were down 0.1 percent at $3.47-3/4 a
bushel, having gained 0.7 percent in the previous session.
    * The most active wheat futures were unchanged at $4.18-1/2 a bushel,
having closed down 0.1 percent on Wednesday. 
    * The USDA last month lowered its forecast of the U.S. 2017 soybean yield to
49.5 bushels per acre, and some expect the government to trim its estimate again
in its next monthly supply and demand reports on Nov. 9.
    * INTL FCStone kept its forecast of the U.S. 2017 soybean yield at 49.9
bushels per acre (bpa), unchanged from its previous monthly estimate. The firm
raised its U.S. corn yield estimate to 173.7 bpa, from 169.2 bpa last month.

         
    MARKET NEWS  
    * The dollar climbed on Wednesday, nearing a 3 1/2-month high against the
yen, as investor optimism about the greenback rose ahead of major announcements
on U.S. fiscal and monetary policy after strong economic data.  
    * Oil prices held steady on Thursday as U.S. crude inventories fell despite
a rise in production, while outside the United States an OPEC-led supply cut
continued to tighten the market.  
    * Wall Street posted modest gains on Wednesday after the U.S. Federal
Reserve kept interest rates unchanged and gave encouraging comments about the
economy.  
    
    DATA/EVENTS (GMT)
0900  Euro Zone   Markit Mfg Final PMI    Oct
1130  U.S.        Challenger Layoffs      Oct
1230  U.S.        Initial Jobless Claims  weekly
        
 Grains prices at  0029 GMT
 Contract       Last     Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat   418.00       0.00   +0.00%       -1.94%   411.85     25
 CBOT corn    347.75      -0.50   -0.14%       -2.93%   355.26     44
 CBOT soy     992.00       0.75   +0.08%       -4.64%  1024.60     54
 CBOT rice     11.51      $0.00   +0.04%      +15.33%    $9.84     24
 WTI crude     54.25     -$0.05   -0.09%       +2.34%   $52.41     73
 Currencies                                                          
 Euro/dlr     $1.163     $0.103   +9.72%       +9.29%                
 USD/AUD      0.7682      0.021   +2.77%       +2.44%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  

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