GRAINS-Soybeans extends 2-day gains to nearly 1.5 pct

SYDNEY, May 14 (Reuters) – U.S. soybean futures edged higher on Wednesday after rising more than 1 percent in the previous session as concerns over tight domestic stocks support prices ahead of a widely watched industry report this week.

FUNDAMENTALS

* Chicago Board of Trade July soybeans rose 0.1 percent to $14.85 a bushel, having firmed 1.3 percent on Tuesday.

* July wheat fell 0.1 percent to $7.08-1/4 a bushel, having closed down 0.8 percent on Tuesday.

* July corn fell 0.3 percent to $5.01-1/2 a bushel, having closed up 0.6 percent in the previous session.

* The National Oilseed Processors Association will release its monthly report on crush data and oilseed stocks on Thursday. The report will show the level of domestic crushing, giving an indication of demand from U.S. processors.

* The U.S. Agriculture Department said on Monday afternoon that corn planting was a better-than-expected 59 percent complete as of May 11, up from 29 percent a week earlier and 1 percentage point ahead of the average mid-May pace from 2009 to 2013, the USDA said.

* Soybean planting was 20 percent complete, up 15 percentage points from last week but 1 percentage point behind the five-year average.

MARKET NEWS

* The euro stabilised near one-month lows against the dollar on Tuesday, although it remains under pressure as investors expect the European Central Bank to try to limit its longer-term strength in a bid to boost the euro-zone economy.

* Crude oil futures rose on Monday as tensions in Ukraine prompted the European Union to widen sanctions, while Russia reiterated that it could cut off Kiev’s natural gas supplies.

* The Dow and the S&P 500 ended at record highs on Monday while the Nasdaq rallied as shares of Internet and biotech shares advanced.

DATA AHEAD (GMT)

0900 Euro zone

Industrial production

March

1230 U.S.

Producer prices final

April

Grains prices at 0033 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

708.25

-1.00 -0.14%

-0.94%

700.63 43 CBOT corn

501.50

-1.25 -0.25%

+0.40%

507.37 48 CBOT soy

1485.00

1.25 +0.08%

+1.35%

1475.97 58 CBOT rice

$15.33

$0.00 +0.03%

+0.07%

$15.50 27 WTI crude

$101.88

$0.18 +0.18%

+1.28%

$101.54 65 Currencies

Euro/dlr

$1.370 $0.000 -0.01%

-0.41% USD/AUD

0.937

0.001 +0.13%

+0.13% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)

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