GRAINS-Soybeans rise, near seven-week high on tight stocks

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,
	
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
* 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
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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