September 12, 2018 / 2:23 AM / 11 days ago

GRAINS-Soybean prices edge down, mark lowest in nearly 2 weeks

    SYDNEY, Sept 12 (Reuters) - U.S. soybean futures inched down
on Wednesday to mark their lowest in nearly two weeks, with
traders squaring positions ahead of widely watched U.S.
government forecasts later in the session.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade had fallen 0.1 percent to $8.31 a bushel by 0152
GMT, after earlier touching their lowest since Aug. 31 at
$8.30-1/4 a bushel. Soybeans closed down 1.6 percent in the
previous session. 
    * The most active wheat futures were up 0.1 percent at
$5.19-1/4 a bushel, after ending down 1.8 percent on Tuesday.
    * The most active corn futures fell 0.2 percent to
$3.66-1/4 a bushel, having closed the previous session down 0.1
percent.
    * The U.S. Department of Agriculture will on Wednesday
report its latest estimate for the size of the upcoming U.S.
corn and soybean harvests.
    * Analysts are expecting the USDA to trim its estimate of
U.S. corn yields, but the harvest outlook will still forecast a
bumper crop.
    * Ukraine increased its 2018 grain harvest forecast to 63.1
million tonnes from a previous estimate of at least 60 million
tonnes, the acting agriculture minister said on Tuesday.

    * The country expects grain exports to rise to 42 million
tonnes in the 2018/19 marketing year.
         
    MARKET NEWS  
    * The U.S. dollar edged up against a basket of major
currencies on Tuesday as concerns about trade friction between
China and the United States prompted some safe-haven buying of
the currency.  
    * Oil prices climbed on Wednesday after a report of falling
crude inventories and the looming sanctions against Iran fuelled
expectations of a tightening market.  
    * U.S. stocks rose on Tuesday as Apple led a jump in
technology shares.  
    
    DATA AHEAD (GMT)
0900  Euro zone                 Industrial production        Jul
1800  U.S. Federal Reserve Beige Book of economic conditions
       
 Grains prices at  0152 GMT
 Contract          Last   Change   Pct chg   Two-day chg    MA 30
 CBOT wheat      519.25     0.50    +0.10%        -1.70%   550.39
 CBOT corn       366.00    -0.75    -0.20%        -0.34%   371.32
 CBOT soy        831.00    -0.75    -0.09%        -1.69%   866.97
 CBOT rice        10.80    $0.05    +0.47%        -1.10%   $10.82
 WTI crude        69.79    $0.54    +0.78%        +3.33%   $68.04
 Currencies                                                      
 Euro/dlr        $1.159  -$0.002    -0.13%        -0.02%         
 USD/AUD         0.7094   -0.003    -0.39%        -0.28%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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