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GRAINS-Soybeans rise to two-week high as crop tour raises U.S. yield concerns
August 23, 2017 / 3:35 AM / 3 months ago

GRAINS-Soybeans rise to two-week high as crop tour raises U.S. yield concerns

    * Soybeans hit neat two-week high
    * Corn rebounds from near two-month low
    * Wheat edges higher, gains capped as spring crops improve

    By Colin Packham
    SYDNEY, Aug 23 (Reuters) - U.S. soybeans rose on Wednesday
to a two-week high as reports of lower-than-expected yields
during a widely followed U.S. crop tour stoked fears that
production would fall to match official estimates.
    Corn rose, rebounding slightly from a two-month low hit
during the previous session, while wheat rose for the first time
in three sessions.
    The most active soybean futures on the Chicago Board of
Trade had climbed 0.7 percent to $9.43-3/4 a bushel by
0304 GMT, near the session high of $9.47 a bushel - the highest
since Aug. 10. Soybeans closed up 0.1 percent on Tuesday.
    Analysts said the findings from the annual Farm Journal
Midwest Crop Tour was underpinning gains, which reported average
to below-average yields in Indiana and in Nebraska.

    "Crop tourists in U.S. soybean regions report a mixture of
pod counts in the fields they visit. U.S. bean yields are
already expected to be a little below their best," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
Australia.
    Further support arose from strong demand for U.S. soybean
supplies from China - the world's largest buyer of the oilseed.
     The most active corn futures were up 0.1 percent at
$3.60-1/4 a bushel, having closed down 0.8 percent in the
previous session.
    Analysts said forecasts for crop friendly weather was
capping any gains for corn.
    The Farm Journal Tour found below-average corn yield
potential in Indiana and above-average in Nebraska.
    The most active wheat futures were up 0.2 percent to
$4.30 a bushel, after ending Tuesday down 1.8 percent.
    Wheat is under pressure as fears of widespread damage to
U.S. supplies of high quality crops ease.
    U.S. Department of Agriculture data released late on Monday
showed the U.S. spring wheat harvest as 58 percent complete,
above the five-year average pace of 51 percent.
       
 Grains prices at  0304 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   430.00     1.00    +0.23%       -1.60%  488.05    15
 CBOT corn    360.25     0.25    +0.07%       -0.76%  380.22    29
 CBOT soy     943.75     6.25    +0.67%       +0.80%  974.16    49
 CBOT rice     12.48   -$0.02    -0.16%       +0.04%  $12.46    52
 WTI crude     47.68   -$0.15    -0.31%       +0.65%  $47.99    47
 Currencies                                                       
 Euro/dlr     $1.176   $0.000    +0.00%       -0.46%              
 USD/AUD      0.7895   -0.001    -0.15%       -0.50%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)
  

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