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GRAINS-Soybeans extend gains into second session
October 5, 2017 / 1:24 AM / 2 months ago

GRAINS-Soybeans extend gains into second session

    SYDNEY, Oct 5 (Reuters) - U.S. soybeans edged higher for a
second consecutive session on Thursday as rains across the
Midwest slowed harvesting.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.4 percent to $9.61-3/4 a bushel by 0102
GMT, after firming 0.3 percent on Wednesday.
    * The most active corn futures rose 0.3 percent to
$3.49-1/4 a bushel, having closed down 0.4 percent in the
previous session.
    * The most active wheat futures were up 0.2 percent
to$4.43 a bushel, having closed down 1.4 percent on Wednesday. 
    * Rains crossed parts of Iowa, Minnesota and Wisconsin in
the last day, with light showers crossing areas of Missouri,
Illinois and Indiana.
    * Fears that dry weather might limit Brazilian soy plantings
lent support. Industry group Abiove estimated Brazil's 2017-18
soybean crop at 108.5 million tonnes, down from its forecast
last month of 113.8 million tonnes.
    * Corn was anchored by better-than-expected yield reports
from the early harvest and concern that the U.S. Department of
Agriculture might raise its U.S. corn yield forecast in its next
monthly supply/demand report on Oct. 12.
         
    MARKET NEWS  
    * The U.S. dollar weakened on Wednesday as investors
repositioned ahead of Friday's highly anticipated jobs report,
but pared losses on a strong non-manufacturing report.  
    * Oil prices dipped on Thursday after the United States
reported record crude exports, although traders said that
efforts led by OPEC and Russia to cut production meant markets
remained well supported overall.  
    * U.S. stocks edged up to extend their run of record closing
highs on Wednesday as data on the services sector added to signs
of strength in the economy and prospects for earnings.  
    
    DATA AHEAD (GMT) 
1230  U.S.              International trade                  Aug
1230  U.S.              Weekly jobless claims 
1400  U.S.              Factory orders                       Aug
    
 Grains prices at  0102 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   443.00     1.00    +0.23%       -1.12%  443.16   45
 CBOT corn    349.25     1.00    +0.29%       -0.07%  352.96   45
 CBOT soy     961.75     3.50    +0.37%       +0.68%  960.08   49
 CBOT rice     12.05    $0.02    +0.17%       +0.29%  $12.52   35
 WTI crude     49.89   -$0.09    -0.18%       -1.05%  $49.33   39
 Currencies                                                      
 Euro/dlr     $1.175  -$0.001    -0.06%       +0.09%             
 USD/AUD      0.7837   -0.003    -0.33%       +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 Amrutha Gayathri)
  

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