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Wheat up for 3rd session on U.S. export prospects

U.S. wheat futures edged up on Friday, trading near last session's one-week top on expectations of strong demand for U.S. cargoes.     
    
Soybeans were little changed after two sessions of gains driven by concerns over adverse weather in Brazil and Argentina.
            
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board Of Trade was up 0.2 percent at $5.14-3/4 a bushel by 0137 GMT, adding to Thursday's gain of 1.4 percent. Wheat was on track to rise about 0.5 percent for the week.
* Soybeans steadied at $9.12-1/2 a bushal after gains in the previous two sessions, but was on track to rise nearly 2 percent for the week. 
* Corn rose 0.2 percent to $3.80-1/2 a bushel after gaining over 1 percent in the last session and was set for a weekly rise of about 1.3 percent.
* U.S. farmers, already battered by the U.S.-China trade war, are facing increasing anxiety as the partial government shutdown nears the two-week mark, leaving crucial aid and loan payments in limbo. The shutdown has blocked assistance for many
farmers, who at this time of year begin budgeting for next season's planting.
* Rain and hail storms have slowed soybean planting in Argentina over the last week, washing out some fields and raising concerns that continued wet weather could put the 2018/19 crop at risk, the Buenos Aires Grains Exchange said in a report on Thursday.
* Erratic rains in Brazil, which have already been hurting the soybean crop, are also beginning to stress sugarcane fields, which this season are more susceptible due to plant aging, experts told Reuters.
            
MARKET NEWS
* Global markets were on edge on Friday as dire U.S. economic data slammed Wall Street and pushed investors to bet the Federal Reserve could reverse its policy tightening before the end of this year
* The yen rose against the dollar and euro on Thursday as investors sought the perceived safety of the Japanese currency after a surprise revenue warning from Apple Inc exacerbated concerns about a Chinese and global economic slowdown.
* U.S. oil prices fell on Friday after the United States showed signs of following Asia into an economic slowdown, although crude supply withdrawals by producer club OPEC prevented prices from dropping even further.
* Wall Street plunged on Thursday after slowing U.S. factory activity on the heels of a dire revenue warning from Apple Inc fuelled fears of a global economic slowdown.
Grains prices at 0137 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  514.75  1.00     +0.19%   +2.29%       517.55  50
 CBOT corn   380.50  0.75     +0.20%   +1.47%       378.38  64
 CBOT soy    912.50  -0.25    -0.03%   +1.96%       907.57  59
 CBOT rice   10.43   -$0.02   -0.14%   +0.63%       $10.69  35
 WTI crude   46.77   -$0.32   -0.68%   +0.49%       $49.37  
 Currencies                                                 
 Euro/dlr    $1.141  -$0.003  -0.25%   -0.19%               
 USD/AUD     0.7008  -0.003   -0.47%   -0.36%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponentia
Source: Reuters (Reporting by Emily Chow; editing by Richard Pullin)

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