August 25, 2017 / 4:36 AM / a year ago

GRAINS-Soybeans edge lower, set for biggest weekly rally in 5 weeks

    * Soybeans draw support from strong U.S. exports
    * Corn on course for fifth straight weekly slide
    * Wheat set for sixth weekly fall in seven weeks

    By Colin Packham
    SYDNEY, Aug 25 (Reuters) - U.S. soybeans edged lower on
Friday, although the oilseed was poised to record its first
weekly gain in more than a month as strong export demand
provided support.
    Corn eased, with the grain on course to finish the week down
3 percent, its fifth consecutive weekly decline, while wheat was
on track for a weekly fall.
    The most active soybean futures on the Chicago Board Of
Trade were down 0.2 percent at $9.44-1/2 a bushel at 0351
GMT after closing up 0.9 percent in the previous session.
    Buoyed by strong export demand, soybeans were up more than
0.5 percent for the week, the first weekly gain since July 21.
    "The export demand has provided some support but I think
without some weather concerns potentially damaging the crop, it
is hard to see this rally being extended," said Phin Ziebell,
agribusiness economist, National Australia Bank.
    Weekly U.S. soybean export sales of more than 2 million
tonnes for the shipping season that starts on Sept. 1 topped
analyst estimates of 400,000 to 600,000 tonnes, U.S. Department
of Agriculture (USDA) data showed. More than half of the sales
were bound for China.,
    Analysts also noted the threat of Hurricane Harvey rainfall
that could hamper vessel loadings at the Gulf.
    The most active wheat futures were up 0.4 percent to
$4.36 a bushel after closing up 0.7 percent in the previous
    Wheat is down nearly 1.5 percent for the week after closing
up 0.7 percent last week.
    The most active corn futures were down 0.4 percent to
$3.55 a bushel after closing down 0.1 percent on Thursday.
    Corn is down nearly 3 percent for the week, the fifth
consecutive weekly fall as ample global supplies pushed prices
to a near five-month low on Thursday.
    Iowa corn yields are projected to fall about 4.5 percent
from last year's bumper crop, scouts on an annual tour said on
Thursday after surveying 452 fields across the top U.S.
corn-producing state.    
 Grains prices at  0351 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   436.00     1.50    +0.35%       +1.40%  481.22    27
 CBOT corn    355.00    -1.25    -0.35%       -0.21%  378.03    20
 CBOT soy     944.50    -2.00    -0.21%       +0.69%  970.70    48
 CBOT rice     12.65   -$0.03    -0.20%       +0.40%  $12.51    65
 WTI crude     47.77    $0.34    +0.72%       -1.32%  $48.10    49
 Euro/dlr     $1.180   $0.000    +0.00%       -0.07%              
 USD/AUD      0.7899    0.000    -0.01%       -0.04%              
 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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