August 25, 2017 / 2:05 AM / 3 months ago

GRAINS-Soybeans firm, set for first weekly gain in more than a month

    SYDNEY, Aug 25 (Reuters) - U.S. soybeans edged lower on
Friday, but the oilseed was on track for its first weekly gain
in more than a month after the UDSA said weekly export sales
were more than triple market expectations.
             
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up more than 0.5 percent for the week, set for
the first weekly gain since July 21.
    * The most active corn futures were down nearly 3
percent for the week, the fifth consecutive weekly fall.
    * The most active wheat futures were down more than
1.5 percent for the week after closing up 0.7 percent last week.
    * 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.
    * 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.
         
    MARKET NEWS  
    * The dollar was buoyant against the yen on Friday as some
participants bought back the currency to square positions ahead
of a meeting of central bankers in Jackson Hole, Wyoming.
 
    * Oil prices were volatile early on Friday as the market
tried to gauge the potential impact of Hurricane Harvey heading
for the coast of Texas, the heart of the U.S. oil industry.
  
    * U.S. stocks dipped on Thursday as political uncertainty in
Washington kept investors cautious ahead of comments on monetary
policy from central bankers gathered for their annual meeting in
Jackson Hole, Wyoming.  
    
    DATA/EVENT AHEAD (GMT) 
0600  Germany              Detailed GDP                       
Q2 
0600  Germany              Import prices                        
Jul 
0645  France               Consumer confidence           Aug 
0800  Germany              Ifo business climate              Aug
1230  U.S.                 Durable goods                       
Jul 
1400  Federal Reserve Chair Janet Yellen speaks in Jackson 
           Hole 
1900  European Central Bank President Mario Draghi speaks 
           in Jackson Hole 
        
 Grains prices at  0139 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   434.75     0.25    +0.06%       +1.10%  481.18    25
 CBOT corn    355.00    -1.25    -0.35%       -0.21%  378.03    21
 CBOT soy     944.50    -2.00    -0.21%       +0.69%  970.70    47
 CBOT rice     12.65   -$0.03    -0.20%       +0.40%  $12.51    65
 WTI crude     47.74    $0.31    +0.65%       -1.38%  $48.10    49
 Currencies                                                       
 Euro/dlr     $1.179  -$0.001    -0.05%       -0.12%              
 USD/AUD      0.7889   -0.001    -0.14%       -0.16%              
 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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