October 1, 2019 / 2:31 AM / 22 days ago

GRAINS-Soybeans hit more than 2-month peak on slow harvest

    SYDNEY, Oct 1 (Reuters) - U.S. soybean futures edged higher
on Tuesday to an over two-month high after the U.S. Department
of Agriculture said the pace of harvest lagged expectations.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.1% at $9.06-1/2 a bushel, as of 0147 GMT,
near the session peak of $9.07 a bushel - the highest since July
29. Soybeans firmed 2.6% on Monday. 
    * The most active corn futures were down 0.1% at
$3.53-3/4, having gained 4.4% in the previous session when
prices hit their highest since Aug. 12 at $3.88-1/4 a bushel.
    * The most active wheat futures were up 0.3% at
$4.97-1/4 a bushel, having closed up 1.7% on Monday when prices
hit a Aug. 12 high of $5.01 a bushel.
    * The USDA separately said 11% of U.S. corn and 7% of
soybeans were harvested, below normal for this time of year.

    * The USDA estimated U.S. soybean supplies as of Sept. 1 at
913 million bushels, below the average estimate of 982 million
bushels. Soy stocks, however, were up 108% from the same point
last year, largely due to the drop in U.S. exports to China.
 
    * The agency cut its estimate for the 2018 marketing season
soybean crop by 2.6% to 4.428 billion bushels, which contributed
to stockpiles being smaller than expected. 
    * That was the largest-ever revision to the soybean crop in
any September USDA quarterly stocks report, consultancy Advanced
Economic Solutions said.
    * Corn stocks were 2.114 billion bushels, the USDA said,
below projections for 2.428 billion and down 1% from a year
earlier. Wheat stocks were slightly above expectations at 2.385
billion bushels.
         
    MARKET NEWS  
    * The U.S. dollar traded near its highest in almost two
weeks versus the yen before the release of data that is forecast
to show the U.S. manufacturing sector returned to growth, which
would ease concern about the impact of the ongoing Sino-U.S.
trade war.  
    * U.S. crude futures rebounded in early Asian trade on
Tuesday after production at the world's largest oil producers
fell in the third quarter, partly recovering from a more than 3%
drop in the previous session.  
    * U.S. stocks climbed on Monday, helped by gains in Apple,
Microsoft and Merck & Co, as investors set aside worries about
the U.S.-China trade war.  
            
 Grains prices at  0147 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   497.25     1.50    +0.30%       +2.05%  477.78    71
 CBOT corn    387.75    -0.25    -0.06%       +4.37%  368.95    76
 CBOT soy     906.50     0.50    +0.06%       +2.66%  878.94    68
 CBOT rice     11.97   -$0.05    -0.42%       -1.56%  $11.91    48
 WTI crude     54.48    $0.41    +0.76%       -2.56%  $56.38    36
 Currencies                                                       
 Euro/dlr     $1.089  -$0.001    -0.07%       -0.44%              
 USD/AUD      0.6747    0.000    -0.03%       -0.27%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Aditya Soni)
  
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