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GRAINS-Soybeans set for biggest weekly rise in nearly three months
October 13, 2017 / 12:53 AM / 8 days ago

GRAINS-Soybeans set for biggest weekly rise in nearly three months

    SYDNEY, Oct 13 (Reuters) - U.S. soybeans edged lower on
Friday, though the oilseed was poised to record its biggest
one-week rise in nearly three months after the U.S. Department
unexpectedly cut a production forecast.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade up nearly 2 percent for the week, the biggest weekly
gain since late July.
    * The most active corn futures down about 0.2 percent
for the week, the second straight weekly fall.
    * The most active wheat futures down nearly 3 percent
for the week, the biggest weekly loss since August 11.
    * The USDA cut its U.S. soy yield estimate to 49.5 bushels
per acre (bpa), down from 49.9 in September and below all but
one estimate in a Reuters poll.
    * The USDA raised its U.S. corn yield estimate to 171.8 bpa,
above even the highest in a range of trade estimates.

         
    MARKET NEWS  
    * The dollar was poised to narrowly ward off a fifth
straight day of losses against a basket of currencies on
Thursday, as investors looked ahead to inflation data on Friday
that may provide more clues on the next U.S. interest rate hike.
  
    * Oil prices rebounded from earlier losses, but ended lower
on the day on Thursday, after the Energy Department reported a
larger-than-expected decline in U.S. inventories and a falloff
in weekly production.  
    * U.S. stocks retreated from recent record highs on Thursday
as AT&T shares sank after it said it lost subscribers in the
last quarter and banks slipped following results from JPMorgan
and Citigroup.  
    
     DATA AHEAD (GMT) 
*      China        Trade balance                         Sep 
1230   U.S.         Consumer prices                       Sep 
1230   U.S.         Retail sales                          Sep 
1400   U.S.         Business inventories                  Aug 
1400   U.S.         Univ of Michigan sentiment index      Oct 
    
*No fixed timing 
    
 Grains prices at  0012 GMT
 Contract        Last  Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat    430.75    0.25    +0.06%       -0.58%  443.67   30
 CBOT corn     349.00    0.00    +0.00%       +0.87%  352.30   45
 CBOT soy      991.00   -1.00    -0.10%       +2.67%  967.13   72
 CBOT rice      12.23  -$0.02    -0.16%       +1.62%  $12.39   65
 WTI crude      50.74   $0.14    +0.28%       -1.09%  $50.06   51
 Currencies                                                      
 Euro/dlr      $1.183  $0.000    +0.02%       -0.22%             
 USD/AUD       0.7823   0.000    +0.05%       +0.46%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Sonali Paul)
  

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