SYDNEY, May 15 (Reuters) - U.S. soybeans rose on Wednesday,
heading back towards a seven-week high touched the previous
session on tight stocks before the oilseed succumbed to pressure
from technical selling at the expiration of the May contract.
                 
    FUNDAMENTALS  
    * Chicago Board Of Trade July soybeans rose 0.23
percent to $14.18 a bushel. Soybeans hit a session high of
$14.26 a bushel on Tuesday, the highest since March 28, before
closing down 0.32 percent.
    * The oilseed fell after the expiration of the May contract
 as traders took profits on July/November soybean spreads.
    * July corn was little changed at $6.52 a bushel,
	

		

			
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having closed down 0.46 percent in the previous session.
    * July wheat was little changed at $7.11 a bushel,
having closed up 0.22 percent on Tuesday. 
    * Uncertainty about the impact of planting delays in the
U.S. Corn Belt continued to underpin the market. 
    * The U.S. Department of Agriculture late Monday said U.S.
farmers had seeded only 28 percent of their corn, the slowest
pace on record, amid wet and cool weather.
    * Soybean planting was 6 percent complete, a 29-year low.
The five-year average pace is 24 percent for soybeans and 65
percent for corn. 
    * Drier weather early this week in the U.S. Midwest should
boost fieldwork before more showers develop late on Wednesday
and continue into the weekend, with the heaviest rain in the
northern Midwest. 
    * A growing concern is dry weather in Russia and Ukraine,
where analysts and forecasters say grain yields will suffer if
rain does not return in the next few days. 
    * USDA forecast a bigger-than-expected recovery in U.S. corn
stocks on the back of a record harvest. 
    * In its weekly crop progress report, USDA said 32 percent
of the U.S. winter wheat crop was rated in good to excellent
condition, unchanged from the previous week. 
             
    MARKET NEWS  
	

		

			
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    * The dollar edged lower in early Asian trade on Wednesday
but stayed close to its highest point against the yen in four
and a half years on signs of an improving U.S. economy and
rising Treasury yields.  
    * Brent crude oil prices fell on Tuesday after a global
energy watchdog described world supplies as "comfortable" and
analysts forecast a continued build in the U.S. crude inventory,
while gasoline rose 1 percent on expected inventory draws ahead
of the summer driving season.  
    * U.S. stocks rallied to fresh highs on Tuesday as investors
picked up large-cap companies' shares on the expectation that
central bank stimulus will help propel the rally further.  
    
    DATA/EVENTS (GMT) 
0500  Japan      Consumer confidence index      
0530  France     Q1 GDP                         
0600  Germany    Q1 GDP                         
0800  Italy      Q1 GDP                         
0900  Euro zone  Q1 GDP                         
1230  U.S.       Producer prices                
1230  U.S.       New York Fed Empire survey     
1315  U.S.       Industrial output               
1400  U.S.       NAHB housing market index       
1430  U.S.       EIA weekly crude stocks        
    
    
  Grains prices at  0044 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     711.00     0.25  +0.04%    +0.18%     708.25   49
  CBOT corn      652.00    -0.50  -0.08%    -0.53%     634.87   64
  CBOT soy      1418.00     3.25  +0.23%    -0.09%    1371.00   80
  CBOT rice      $15.32   -$0.05  -0.33%    -0.75%     $15.49   55
  WTI crude      $94.26    $0.05  +0.05%    -0.96%     $92.73   46
  Currencies                                                
  Euro/dlr       $1.293   $0.002  +0.12%    -0.32%
  USD/AUD         0.991    0.002  +0.19%    -0.44%
  Most active contracts
	

		

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