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GRAINS-Corn prices edge up, extend 2-wk gains to more than 10%

By Colin Packham SYDNEY, May 24 (Reuters) - U.S. corn futures rose on Friday and were poised to extend two-week gains to more than 10%, boosted by concerns that rains across the U.S. Midwest would prevent farmers there from completing sowing. FUNDAMENTALS * The most active corn futures on the Chicago Board of Trade were up more than 2% for the week, extending two-week gains to more than 10%. * Corn this week hit its highest since June at $3.99 a bushel. * The most active wheat futures were up more than 1% for the week, their second straight weekly gain. * The most active soybean futures were little changed for the week, after closing up 1.5% percent last week. * The Trump administration on Thursday unveiled a $16 billion farm aid package to offset losses from a 10-month trade war with China and said payment rates to farmers would be determined by where they farm and how much they plant rather than what specific crops they grow. * Corn prices have drawn support this week amid concerns that ongoing adverse weather will further delay U.S. plantings of the grain, forcing U.S. farmers to sow soybeans. MARKET NEWS * The U.S. dollar retreated after hitting its highest level in two years as weaker domestic data and the threat of economic fallout from the trade war with China increased expectations for an interest-rate cut this year * Oil markets stabilised on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories. * U.S. stocks slumped on Thursday as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating U.S.-China trade war would stymie global economic growth. DATA/EVENTS (GMT) 0830 UK Retail Sales MM YY April 0830 UK Retail Sales Ex-Fuel MM April 1200 Brazil IPCA-15 Mid-Month CPI May 1230 US Durable Goods April 1300 Russia Unemployment Rate April Grains prices at 0032 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 471.25 1.00 +0.21% -0.32% 449.63 66 CBOT corn 391.50 1.75 +0.45% -0.76% 369.77 73 CBOT soy 822.25 0.75 +0.09% -0.75% 850.02 46 CBOT rice 11.54 -$0.02 -0.13% +1.76% $10.86 91 WTI crude 58.25 $0.34 +0.59% -5.16% $62.78 24 Currencies Euro/dlr $1.118 $0.000 +0.01% +0.26% USD/AUD 0.6901 0.000 +0.03% +0.31% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)

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