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GRAINS-Soybeans edge up after decline, harvest pressure caps gains
September 26, 2017 / 3:27 AM / 3 months ago

GRAINS-Soybeans edge up after decline, harvest pressure caps gains

    * Soybeans rise after biggest one-day loss in 6 weeks
    * Dry weather boosting corn, soybeans harvest across Midwest

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 26 (Reuters) - Chicago soybean futures
ticked higher on Tuesday as the market took a breather following
last session's biggest one-day decline in six weeks, although
expectations of a rapid U.S. harvest limited gains.
    Wheat rose for a second day, underpinned by short-covering
and positioning ahead of a U.S. crop report due on Friday.
    The Chicago Board Of Trade's most-active soybean contract
 edged up 0.3 percent to $9.73-3/4 a bushel by 0210 GMT
after Monday's 1.3 percent decline, the biggest daily loss since
Aug. 15.
    Wheat rose 0.3 percent to $4.55-1/2 a bushel, having
closed up 1 percent on Monday and corn gained 0.1 percent
to $3.54 a bushel.
    After the market closed on Monday, the U.S. Department of
Agriculture said 11 percent of the U.S. corn crop has been
harvested as of Sept. 24, behind market expectations of 14
percent.
    It said 10 percent of the U.S. soybean crop had been
harvested, close to the five-year average of 12 percent by this
time of the year.
    Going forward, there are expectations of a rapid pickup in
the pace of the U.S. harvest. 
    Unseasonably hot U.S. weather is accelerating corn and
soybean crop maturity after months of concerns that lagging
development could drag down yields or put some late-planted
acres at risk of damage from frost, agronomists and analysts
said.
    Soybean prices are under additional pressure from a forecast
of improved weather in Brazil.
    "Weather forecasters have revised their outlook for Brazil's
driest soybean regions," said Tobin Gorey, director of
agricultural strategy at Commonwealth Bank of Australia.
    "The forecasters were expecting continued dry conditions. 
Now that has evolved to a somewhat wetter outlook. The forecast
rainfall is modest so the market will continue to worry about
delayed planting for a while yet."
    In the wheat market, traders are squaring positions ahead of
the USDA's small grains and quarterly stocks reports due on
Friday.
    Russian wheat export prices rose last week, supported by
higher global benchmarks and strong demand from buyers.
    Black Sea prices for Russian wheat with 12.5 percent protein
content and September delivery were at $189 a tonne on a
free-on-board (FOB) basis at the end of last week, up from $185
a week earlier, agriculture consultancy IKAR said.
    Commodity funds were net sellers of CBOT soybean, soymeal
and soyoil futures contracts on Monday and were net buyers of
corn and wheat.
    
 Grains prices at  0210 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  59
 CBOT rice   12.04   $0.02   +0.12%   -2.67%       $12.64  27
 WTI crude   52.15   -$0.07  -0.13%   +2.94%       $48.58  78
 Currencies                                                
 Euro/dlr    $1.186  $0.001  +0.12%   -0.77%               
 USD/AUD     0.7943  0.001   +0.11%   -0.24%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Richard Pullin)
  

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