August 2, 2017 / 4:05 AM / a year ago

GRAINS-Soybean prices edge higher, easing weather worries cap gains

    * Soybeans rebound from near one-month low
    * Soybean gains checked by USDA crop condition report
    * Corn and wheat both inch up

    By Colin Packham
    SYDNEY, Aug 2 (Reuters) - U.S. soybeans edged higher on
Wednesday, pulling away from a near one-month low touched in the
previous session, though gains were checked as fears of
potential losses from recent dry weather eased.
    Corn prices rose 0.5 percent, clawing back some of their
losses from the previous session, while wheat also edged higher.
    The most active soybean futures on the Chicago Board of
Trade had crept up 0.3 percent to $9.74-1/4 a bushel by
0326 GMT. They closed down 3.5 percent on Tuesday, when prices
hit their lowest since July 3 at $9.69-3/4 a bushel.
    But gains were capped by forecasts of wetter weather in key
growing regions, reining in worries over dry conditions.
    "Weather forecasters have increased rainfall in their
forecasts for the first half of August. Soybean crops now seem
less at peril from hot summer weather," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of
    The U.S. Department of Agriculture late on Monday rated 59
percent of the U.S. soy crop in good-to-excellent condition, up
from 57 percent a week earlier. Analysts surveyed by Reuters on
average had expected no change.
    INTL FCStone projected U.S. 2017 soybean production
at 4.235 billion bushels, with an average yield of 47.7 bushels
per acre (bpa). The figures compare with the USDA's current
forecast for a 4.260 billion bushel crop with a yield of 48.0
    The most active wheat futures were up 0.2 percent
at$4.62-1/4 a bushel after closing down 2.8 percent. On Tuesday,
prices marked their lowest since June 22 at $4.60-1/2 a bushel.
    The most active corn futures climbed 0.4 percent to
$3.78 a bushel, having closed down 2.1 percent in the previous
session. Prices on Tuesday touched their lowest since June 30 at
$3.75-3/4 a bushel.
    INTL FCStone forecast this year's corn harvest at 13.590
billion bushels, with an average yield of 162.8 bpa. That was
below the USDA's forecast for a corn crop of 14.255 billion
bushels, with a yield of 170.4 bpa.
 Grains prices at  0326 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  462.25     1.00    +0.22%       -2.58%  501.00    30
 CBOT corn   378.00     1.50    +0.40%       -1.75%  391.22    40
 CBOT soy    974.25     2.50    +0.26%       -3.28%  984.24    37
 CBOT rice    12.42    $0.04    +0.36%       +1.26%  $11.94    75
 WTI crude    48.73   -$0.43    -0.87%       -2.87%  $46.10    60
 Euro/dlr    $1.180   $0.000    +0.02%       -0.31%              
 USD/AUD     0.7947   -0.002    -0.25%       -0.69%              
 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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