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GRAINS-Soybeans edge higher from six-week low

Reuters, 30.08.18


SYDNEY, Aug 29 (Reuters) - U.S. soybean futures edged higher on Wednesday, recovering from a six-week low touched in the previous session, although expectations of ample global supplies weighed on the market.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.2 percent at $8.35 a bushel as of 0101 GMT, having closed down 1.8 percent on Tuesday when prices hit a low of $8.33 a bushel - the lowest since July 16.

* The most active corn futures were unchanged at $3.56-1/4 a bushel, having closed down 1.5 percent in the previous session when prices hit a low of $3.56 a bushel - the lowest since July 16.

* The most active wheat futures were little changed at $5.23-1/2 a bushel, having closed nearly flat on Tuesday.

* Soy was under pressure from expectations of bumper U.S. supplies as trade disputes with top buyer China have clouded export prospects.

* The Pro Farmer advisory service last week projected 2018 U.S. soybean production at a record 4.683 billion bushels, topping the U.S. Department of Agriculture's forecast for 4.586 billion bushels.

* Pro Farmer also projected U.S. corn yield of 177.3 bushels per acre, below the USDA's forecast of 178.4 but still a record high, if realised.

* Russian consultancy IKAR lowered its estimate of Russia's 2018 wheat harvest to 69.6 million tonnes from 70.8 million tonnes previously. The firm left its Russian wheat export estimate unchanged at 32.5 million tonnes.

MARKET NEWS

* The dollar slid to a new four-week low on Tuesday, as the U.S.-Mexico trade deal aimed at overhauling the North American Free Trade Agreement prompted investors to unwind more of their safe-haven bets on the greenback, boosting appetite for higher-risk assets.

* Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of U.S. sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries.

* The S&P 500 and the Nasdaq edged up to record closing highs for the third consecutive session as investors struggled over whether to take profits following a rally on positive developments in trade disputes which have vexed the markets.

    DATA AHEAD (GMT)
0600  Germany           GfK consumer sentiment           Sep
0645  France            Consumer spending                Jul
0645  France            Detailed GDP                     Q2
1230  U.S.              GDP 2nd estimate                 Q2
1400  U.S.              Pending homes sales              Jul
        
 Grains prices at  0101 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  523.50     0.25   +0.05%       +0.19%  556.68     27
 CBOT corn   356.25     0.00   +0.00%       -1.45%  373.84     23
 CBOT soy    835.00     1.75   +0.21%       -1.56%  878.96     27
 CBOT rice    10.71    $0.02   +0.19%       +1.90%  $11.12     46
 WTI crude    68.55    $0.02   +0.03%       -0.46%  $68.08     60
 Currencies                                                      
 Euro/dlr    $1.169  -$0.001   -0.07%       +0.07%               
 USD/AUD     0.7342    0.001   +0.07%       -0.11%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 



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