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GRAINS-Soybeans extend gains into 3rd session ahead of USDA forecast
November 8, 2017 / 2:29 AM / 16 days ago

GRAINS-Soybeans extend gains into 3rd session ahead of USDA forecast

    SYDNEY, Nov 8 (Reuters) - U.S. soybeans edged higher for a third consecutive session on Wednesday, drawing support on expectations the U.S. Department of
Agriculture will this week cut its forecast for oilseed production.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were up 0.1 percent at $9.97-1/2 a bushel by 0159 GMT, having firmed 0.2 percent on Tuesday.
    * The most active corn futures were down 0.2 percent at $3.47 a bushel, having closed 0.1 percent lower in the previous session.
    * The most active wheat futures were down 0.12 percent at $4.26-3/4 a bushel, having closed 0.8 percent lower on Tuesday.
    * Wheat prices are under pressure as the condition of the U.S. crop improves, easing concerns about the state of the grain.  
    * The market is expected to focus on the USDA supply and demand report on Thursday.
    * Analysts expect the report to show higher corn yields, lower soybean yields and still-ample global supplies of grains and oilseeds.
    * China will commit to buy more U.S. soybeans during President Donald Trump's visit to Beijing this week, a U.S. industry official said, underlining the
importance of trade in farm goods even as tensions grow between the world's top two economies.
         
    MARKET NEWS  
    * The dollar slipped broadly on Wednesday, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in U.S.
tax reforms plans could be delayed.  
    * Oil markets were mixed on Wednesday, with international crude prices supported by expectations of strong Chinese demand data later in the day and tightening
supplies, while U.S. crude slipped on the prospect of rising output.
    * The Dow Jones Industrial Average eked out a fourth consecutive record high close on Tuesday, while the S&P 500 ended marginally lower after a disappointing
profit forecast from Priceline and a drop in financials.  
    
    DATA/EVENT AHEAD (GMT)
0700  Germany           Industrial output                 Sep
0745  France            Budget balance                    Sep
1000  Euro zone         Retail sales                      Sep
1930  Federal Reserve Chair Janet Yellen gives acceptance
remarks at Washington event

 Grains prices at  0159 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   426.75    -0.50   -0.12%       +0.12%  412.14     44
 CBOT corn    347.00    -0.75   -0.22%       -0.29%  349.47     41
 CBOT soy     997.00     1.00   +0.10%       +0.30%  986.32     59
 CBOT rice     11.52    $0.00   +0.00%       -0.52%  $12.07     31
 WTI crude     57.08   -$0.12   -0.21%       +7.68%  $52.51     83
 Currencies                                                       
 Euro/dlr     $1.160   $0.001   +0.09%       -0.11%               
 USD/AUD      0.7655    0.001   +0.14%       -0.46%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
    
        

 (Reporting by Colin Packham; Editing by Biju Dwarakanath)
  

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