GRAINS-Soybeans edge higher on dry weather, export pace

SYDNEY, July 25 (Reuters) – U.S. new-crop soybean futures rose for the third sessions on Friday as concerns over dry weather curbing yields and brisk export pace provided support.

FUNDAMENTALS

* Chicago Board Of Trade November soybeans little changed for the week, having closed up 1 percent in the previous week.

* December corn down nearly 2.5 percent for the week, the fifth straight weekly slide.

* September wheat down 0.2 percent for the week, having gained 1.2 percent in the previous week.

* The U.S. Department of Agriculture reported export sales in the latest week at more than 2.5 million tonnes, including 2.45 million for the 2014/15 marketing year – topping trade expectations.

* The USDA has forecast the U.S. soybean yield at a record-high 45.2 bushels per acre, but the crucial period for determining yields is next month.

* The biggest U.S. grain export association called on China on Thursday to rescind its latest restriction of a GMO corn strain, saying the new demand was unworkable.

MARKET NEWS

* The euro held above an eight-month low versus the U.S. dollar on Thursday after the release of stronger-than-expected German and French business data, while the New Zealand dollar sank after that nation’s central bank hinted it may pause before raising rates further.

* Oil futures prices fell on Thursday as unseasonably weak demand and plentiful supplies of crude and refined products offset strong Chinese factory data that could presage higher energy demand in the world’s No. 2 oil consumer.

* U.S. stocks finished a quiet session mostly flat on Thursday as earnings painted a mixed picture of the economy, though the S&P 500 set another record closing high.

DATA/EVENTS (GMT)
1230  U.S.   Durable goods              Jun         
1930  U.S.   CFTC commitment of traders data Weekly 
0800  Eurozone  Money-M3 annual growth              
    
	
Grains prices at 0032 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 531.75 3.00 +0.57% +0.19% 560.93 40 CBOT corn 369.50 0.00 +0.00% -0.34% 410.03 17 CBOT soy 1085.50 0.75 +0.07% +0.84% 1147.59 32 CBOT rice $13.11 $0.02 +0.19% -0.08% $13.44 31 WTI crude $102.05 -$0.02 -0.02% -1.04% $104.23 41 Currencies Euro/dlr $1.347 $0.000 +0.03% +0.02% USD/AUD 0.942 0.000 +0.02% -0.34% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Michael Perry)

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