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Soybeans rebound, crop-friendly U.S. weather cap gains

Chicago soybean futures edged higher on Thursday, after dropping earlier in the session to their lowest in more than a week on pressure from forecasts for cooler
crop-friendly weather across the U.S. Midwest. 
    
Wheat slid for a fourth consecutive session as freshly harvested grain weighed on markets
across the northern hemisphere. 
    
The most-active soybean contract on the Chicago Board Of Trade was up 0.2% at $9.02-1/2 a
bushel, as of 0310 GMT. Earlier in the session, it dropped to its lowest since July 9 at $8.96-1/2
a bushel.
    
Corn shed 0.2% to $4.40-3/4 a bushel, while wheat slid 0.1% to $5.05 a bushel.
    
Last week, grain markets were underpinned by fears that U.S. crops could suffer from prolonged
hot and dry weather condition.
    
Corn prices climbed for the last two weeks and hit a five-year high of $4.64-3/4 a bushel on
Monday amid concerns over hot weather shortly after rain-plagued planting delays.
    
Updated weather models call for temperatures to exceed 90 degrees Fahrenheit (32°C) in much of
the Midwest for a few days before easing.
    
The market is awaiting the U.S. Department of Agriculture (USDA) report next month for a price
direction.
    
"Crops that are well behind normal development schedules can be vulnerable to only slightly
abnormal weather," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of
Australia.
    
"The USDA will publish new survey data in August. Those survey data carry the potential to
substantially alter our understanding of the impact of late planting. The potential means the
market will be putting its collective mind to guessing the outcome."
    
Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 60,000
tonnes of Russian wheat in a tender on Wednesday. 
    
As in recent Egyptian tenders, wheat from Black Sea suppliers Ukraine, Russia and Romania
dominated the bidding, with no U.S. or western European wheat offered. 
    
Commodity funds were net sellers of CBOT wheat, corn, soybean, soymeal and soyoil contracts on
Wednesday, traders said.
    
 Grains prices at 0310 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  505.00  -0.50   -0.10%   -0.49%       522.53  39
 CBOT corn   440.75  -0.75   -0.17%   -0.11%       443.38  50
 CBOT soy    902.50  2.00    +0.22%   -0.39%       911.38  47
 CBOT rice   11.76   -$0.05  -0.47%   -0.21%       $11.76  63
 WTI crude   56.79   $0.01   +0.02%   -1.44%       $56.43  
 Currencies                                                
 Euro/dlr    $1.124  $0.001  +0.12%   +0.25%               
 USD/AUD     0.7031  0.002   +0.31%   +0.27%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
Source: Reuters (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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