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GRAINS-Soybeans rebound from 2-wk low as USDA pegs harvest pace behind forecasts
November 14, 2017 / 2:30 AM / 8 days ago

GRAINS-Soybeans rebound from 2-wk low as USDA pegs harvest pace behind forecasts

    SYDNEY, Nov 14 (Reuters) - U.S. soybeans edged higher on
Tuesday, rebounding from a two-week low touched in the previous
session, as the U.S. Department of Agriculture said the pace of
harvesting was behind market forecasts.  
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.2 percent to $9.75-3/4 a bushel by 0205
GMT, having closed down 1.3 percent on Monday when prices hit a
low of $9.73-3/4 a bushel - the lowest since Oct. 30.
    * The most active corn futures were down 0.1 percent
to $3.42 a bushel, having gained 0.6 percent in the previous
session.
    * The most active wheat futures were up 0.1 percent to
$4.24-3/4 a bushel, having closed down 1.7 percent on Monday. 
    * The USDA said 93 percent of U.S. soybeans were harvested
as of Sunday, behind forecasts for 95 percent.

    * The USDA said 83 percent of the U.S. corn crop was
harvested, matching market expectations.
    * The USDA said 54 percent of the U.S. wheat crop was in
good-to-excellent condition, behind analysts' forecast.
    * Soybeans pressured as rains arrive across key producing
regions in Brazil.
         
    MARKET NEWS  
    * The dollar got support from higher U.S. Treasury yields in
early Asian trading on Tuesday, while sterling arrested a recent
slide, which followed concerns about Theresa May's ability to
stay on as British prime minister.  
    * Oil markets were treading water early on Tuesday,
continuing the cautious trading seen over the last week as
bullish factors such as ongoing OPEC-led production cuts and
Middle East tensions are countered by rising U.S. output. 
    * U.S. stock indexes rose on Monday as a sharp drop in
General Electric shares was more than offset by gains in high
dividend-paying sectors including consumer staples and
utilities.  

    DATA (GMT)
0200  China     Industrial Output   Oct
0200  China     Retail Sales        Oct
1000  Euro Zone GDP Flash Estimate  Q3    
    
 Grains prices at  0205 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   424.75     0.50   +0.12%       -1.56%  431.24     41
 CBOT corn    342.00    -0.25   -0.07%       -0.44%  348.19     33
 CBOT soy     975.75     1.50   +0.15%       -1.14%  987.73     38
 CBOT rice     11.36    $0.00   -0.04%       -0.57%  $11.93     29
 WTI crude     56.72   -$0.04   -0.07%       -0.04%  $53.24     71
 Currencies                                                       
 Euro/dlr     $1.167   $0.000   +0.03%       +0.05%               
 USD/AUD      0.7628    0.001   +0.09%       -0.43%               
 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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