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Soybeans edge higher ahead of USDA report

SYDNEY June 30 (Reuters) - U.S. soybeans edged higher on Tuesday as traders squared positions ahead of a widely watched report, although gains were checked by expectations of ample global supplies.


* The most-active soybean futures on the Chicago Board of Trade were up 0.3% at $8.69 a bushel by 0101 GMT, having firmed 0.6% on Monday.

* Corn futures were down 0.2% at $3.25-1/4 a bushel, having gained 0.3% in the previous session.

* Wheat futures were down 0.5% at $4.84 a bushel, having closed up 2.3% on Monday.

* The USDA said 71% of the U.S. soybean crop is in good to excellent, up from 70% the previous week. Analysts had expected no change.

* The USDA rated 73% of the U.S. corn crop in good-to-excellent condition in a weekly progress report, matching the average of estimates in a Reuters poll.

* The USDA will on Tuesday issue its latest supply and demand reports. Analysts expect the USDA to show a modest shift in U.S. plantings from corn to soybeans.


* Safe-haven currencies were on the back foot as hopes of an economic turnaround boosted stock prices while sterling was under pressure after British Prime Minister Boris Johnson promised a "Rooseveltian" boost to public spending.

* Oil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease.

* Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow.

(Reporting by Colin Packham; Editing by Uttaresh.V)

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