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GRAINS-Soybeans extends 2-day gains to nearly 1.5 pct
May 14, 2014 / 12:57 AM / in 4 years

GRAINS-Soybeans extends 2-day gains to nearly 1.5 pct

SYDNEY, May 14 (Reuters) - U.S. soybean futures edged higher
on Wednesday after rising more than 1 percent in the previous
session as concerns over tight domestic stocks support prices
ahead of a widely watched industry report this week.
             
    FUNDAMENTALS  
    * Chicago Board of Trade July soybeans rose 0.1
percent to $14.85 a bushel, having firmed 1.3 percent on
Tuesday.
    * July wheat fell 0.1 percent to $7.08-1/4 a bushel,
having closed down 0.8 percent on Tuesday.
    * July corn fell 0.3 percent to $5.01-1/2 a bushel,
having closed up 0.6 percent in the previous session.
    * The National Oilseed Processors Association will release
its monthly report on crush data and oilseed stocks on Thursday.
The report will show the level of domestic crushing, giving an
indication of demand from U.S. processors.
    * The U.S. Agriculture Department said on Monday afternoon
that corn planting was a better-than-expected 59 percent
complete as of May 11, up from 29 percent a week earlier and 1
percentage point ahead of the average mid-May pace from 2009 to
2013, the USDA said. 
    * Soybean planting was 20 percent complete, up 15 percentage
points from last week but 1 percentage point behind the
five-year average. 
    
    MARKET NEWS  
    * The euro stabilised near one-month lows against the dollar
on Tuesday, although it remains under pressure as investors
expect the European Central Bank to try to limit its longer-term
strength in a bid to boost the euro-zone economy.  
    * Crude oil futures rose on Monday as tensions in Ukraine
prompted the European Union to widen sanctions, while Russia
reiterated that it could cut off Kiev's natural gas supplies.
  
    * The Dow and the S&P 500 ended at record highs on Monday
while the Nasdaq rallied as shares of Internet and biotech
shares advanced.  
    
    DATA AHEAD (GMT)
     0900  Euro zone     Industrial production        March
     1230  U.S.          Producer prices final        April 
        
  Grains prices at  0033 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     708.25    -1.00  -0.14%    -0.94%     700.63   43
  CBOT corn      501.50    -1.25  -0.25%    +0.40%     507.37   48
  CBOT soy      1485.00     1.25  +0.08%    +1.35%    1475.97   58
  CBOT rice      $15.33    $0.00  +0.03%    +0.07%     $15.50   27
  WTI crude     $101.88    $0.18  +0.18%    +1.28%    $101.54   65
  Currencies                                                
  Euro/dlr       $1.370   $0.000  -0.01%    -0.41%
  USD/AUD         0.937    0.001  +0.13%    +0.13%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)

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