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GRAINS-Soybeans edge higher, USDA forecast caps gains

SYDNEY, Sept 14 (Reuters) - U.S. soybeans edged higher on
Thursday, although gains were checked by the U.S. Department of
Agriculture's forecast for record large North American
production.

FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of
Trade were up 0.4 percent to $9.64-1/2 a bushel by 0114
GMT, having firmed 1.1 percent on Wednesday.
* The most active corn futures were up 0.6 percent to
$3.53-1/2 a bushel, having closed unchanged in the previous
session.
* The most active wheat were up 0.4 percent to $4.45 a
bushel, having closed up 0.3 percent on Wednesday.
* The USDA said private exporters sold 167,370 tonnes of
U.S. soybeans to Mexico for delivery in the 2017/18 marketing
year that began Sept. 1.
* Soybeans were under pressure from USDA's forecast on
Tuesday for a record-large U.S. 2017 soybean harvest totalling
4.431 billion bushels, with an average yield of 49.9 bushels per
acre (bpa).
* The USDA pegged the U.S. corn yield at 169.9 bpa. The
government's yield estimates for both crops were above most
analyst estimates.
* Dry conditions could slow seeding in parts of Brazil,
while excessive rains are threatening seedings in parts of
Argentina.

MARKET NEWS
* The dollar held steady near a four-week high against the
yen on Thursday, with traders looking to U.S. consumer inflation
data later in the day for clues on the possible timing of the
Federal Reserve's next rate rise.
* Oil prices on Thursday held most of their gains of around
2 percent from the previous session, buoyed after the
International Energy Agency raised its forecast for growth in
global oil demand.
* Wall Street edged up to a record high on Wednesday as
gains in consumer discretionary and energy stocks offset losses
in technology heavyweight Apple Inc.

DATA/EVENT AHEAD (GMT)
0200 China Industrial output Aug
0200 China Retail sales Aug
0200 China Urban investment Aug
1100 Bank of England announces interest rate decision
1230 U.S. Consumer prices Aug
1230 U.S. Weekly jobless claims

Grains prices at 0114 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 445.00 1.75 +0.39% +0.68% 448.84 53
CBOT corn 353.50 2.00 +0.57% +0.57% 363.16 40
CBOT soy 964.50 4.00 +0.42% +1.47% 949.74 54
CBOT rice 12.85 -$0.06 -0.46% -0.77% $12.65 62
WTI crude 49.23 -$0.07 -0.14% +2.07% $48.10 61
Currencies
Euro/dlr $1.188 -$0.001 -0.07% -0.74%
USD/AUD 0.7977 -0.001 -0.09% -0.51%
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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