May 14, 2018 / 1:40 AM / in 6 months

GRAINS-Soybeans edge up from five-week low

    SYDNEY, May 14 (Reuters) - U.S. soybean futures edged higher
on Monday after earlier hitting a more than five-week low amid
uncertainty about the impact of trade disputes on demand for
North American supplies despite forecasts for record breaking
sales.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.6 percent to $10.09 a bushel by 0109 GMT
after earlier hitting $10.01-3/4 a bushel - the lowest since
April 4. Soybeans closed down 1.8 percent on Friday.
    * The most active corn futures were down 0.3 percent
to $3.95-1/4 a bushel, near the session low of $3.94-1/4 a
bushel - the lowest since April 27. Corn fell 1.4 percent in the
previous session.
    * The most active wheat futures were down 0.4 percent
to $4.96-3/4 a bushel, near the session low of $4.96 a bushel -
the lowest since April 27. Wheat fell 1.5 percent on Friday. 
    * The USDA on Thursday forecast that U.S. soybean exports
will break a record in the upcoming marketing year.
    * However, just a month ago, Beijing proposed slapping
tariffs of 25 percent on all U.S. shipments of the oilseed.

    * The USDA on Thursday projected 2018/19 U.S. corn ending
stocks at 1.682 billion bushels, above the average trade
estimate of 1.628 billion.
         
    MARKET NEWS  
    * The dollar held steady on Monday, its recent rally running
out of steam on the back of sagging U.S. yields as investors
wound back expectations that the Federal Reserve will launch a
series of quick rate hikes.  
    * Oil prices edged lower on Monday as a relentless rise in
U.S. drilling activity points to increased output, while
resistance emerged in Europe and Asia to U.S. sanctions against
major crude exporter Iran.  
    
 Grains prices at  0109 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   496.75   -2.00    -0.40%       -1.92%   497.62   39
 CBOT corn    395.25   -1.25    -0.32%       -1.68%   397.24   42
 CBOT soy    1009.00    5.75    +0.57%       -1.20%  1041.73   33
 CBOT rice     12.68   $0.02    +0.20%       +1.24%   $13.00   40
 WTI crude     70.61  -$0.09    -0.13%       -1.05%   $67.56   62
 Currencies                                                      
 Euro/dlr     $1.196  $0.002    +0.15%       +0.39%              
 USD/AUD      0.7559   0.002    +0.23%       +0.36%              
 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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