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GRAINS-Soybeans firm to hit 2-week high on dry weather in Brazil
October 9, 2017 / 12:42 AM / 14 days ago

GRAINS-Soybeans firm to hit 2-week high on dry weather in Brazil

    SYDNEY, Oct 9 (Reuters) - U.S. soybeans rose for a fourth
consecutive session as concerns about dry weather in South
America pushed the oilseed to a two-week high.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.4 percent to $9.76-1/4 a bushel by 0019, near
the session high of $9.76-1/2 a bushel - the highest since Sept.
25. Soybeans rose  0.4 percent on Friday.
    * The most active corn futures were up 0.3 percent to
$3.51-3/4, having gained 0.6 percent in the previous session.
    * The most active wheat futures were up 0.2 percent to
$4.44-1/2 a bushel, having closed up 2.1 percent on Wednesday. 
    * Soybean planting in Brazil was 5.6 percent complete as of
Friday, consultancy Safras & Mercado said, down from 10.4
percent at this time last year as dry weather conditions for
most of September delayed seeding.
    * Market attention is turning to the next U.S. Department of
Agriculture (USDA) monthly supply/demand reports, due on Oct.
12.
    * Brokerage INTL FCStone and research firm Informa Economics
last week raised their U.S. yield estimates for both crops.
         
    MARKET NEWS  
    * The U.S. dollar tumbled on Friday on a report that North
Korea is preparing to test a long-range missile, overturning
earlier gains after the government's jobs report for September
showed an unexpected rise in wages.  
    * Oil futures fell more than 2 percent on Friday, ending
Brent crude's longest multi-week rally in 16 months as
oversupply concerns reappeared as producers have started hedging
future drilling.  
    
    DATA AHEAD (GMT) 
0145  China              Caixin services PMI             Sep 
0600  Germany            Industrial output               Aug 
0830  Euro zone          Sentix index                    Oct 
1400  U.S.               Employment trends               Sep 
        
 Grains prices at  0019 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  444.50     1.00    +0.23%       +0.85%  443.69    50
 CBOT corn   351.00     1.00    +0.29%       +0.43%  352.68    55
 CBOT soy    976.25     4.00    +0.41%       +0.83%  962.21    64
 CBOT rice    11.98    $0.09    +0.76%       +0.50%  $12.47    39
 WTI crude    49.43    $0.14    +0.28%       -2.68%  $49.47    41
 Currencies                                                      
 Euro/dlr    $1.174   $0.001    +0.08%       +0.27%              
 USD/AUD     0.7780    0.001    +0.14%       -0.18%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
  

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