September 11, 2017 / 1:26 AM / in 16 days

GRAINS-Corn prices extend gains, but expectations of ample US supply drag

    SYDNEY, Sept 11 (Reuters) - U.S. corn edged up on Monday to
extend gains into a second session, but expectations of ample
North American supplies kept a cap on prices.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were up 0.1 percent at $3.57 a bushel by 0059 GMT, having
gained 0.4 percent in the previous session.    
    * The most active wheat futures were up 0.3 percent at
$4.39-1/4 a bushel, after closing up 0.1 percent on Friday. 
    * The most active soybean futures were up 0.1 percent
at $9.63-1/4 a bushel, having ended Friday down 0.7 percent.
    * Corn prices were pressured by expectations of a bumper
U.S. harvest, with the U.S. government set to update its crop
production forecast in a monthly report on Tuesday.
    * The U.S. Department of Agriculture said on Friday morning
that private exporters reported the sale of 264,000 tonnes of
soybeans to China for delivery during the 2017/18 marketing
year, the biggest flash sale in 2-1/2 weeks.
    * Weekly export sales of soybeans totalled 1.16 million
tonnes, the USDA said, just above market forecasts that ranged
from 500,000 to 1.10 million tonnes.
    * China, the world's largest soybean buyer, imported 8.45
million tonnes of soybeans in August, a record for the month,
customs figures showed on Friday.
             
    MARKET NEWS  
    * The dollar caught its breath in early Asian trading on
Monday, pulling away from last week's lows against its major
rivals after the weekend passed without any missile launches by
North Korea.  
    * Oil prices edged up on Monday after the Saudi oil minister
discussed the possible extension of a pact to cut global oil
supplies beyond March 2018 with his Venezuelan and Kazakh
counterparts.  
    
 Grains prices at  0059 GMT
 Contract       Last   Change  Pct chg   Two-day chg    MA 30  RSI 
 CBOT wheat   439.25     1.50   +0.34%        +0.46%   453.85    45
 CBOT corn    357.00     0.25   +0.07%        +0.49%   365.93    51
 CBOT soy     963.25     1.25   +0.13%        -0.57%   952.55    59
 CBOT rice     12.72    $0.00   +0.00%        +0.00%   $12.63    54
 WTI crude     47.76    $0.28   +0.59%        -2.71%   $48.16    48
 Currencies                                                        
 Euro/dlr     $1.201  -$0.002   -0.18%        -0.08%               
 USD/AUD      0.8043   -0.001   -0.19%        -0.04%               
 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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