GRAINS-Soybeans edge up from five-week low
SYDNEY, May 14 (Reuters) - U.S. soybean futures edged higher on Monday after earlier hitting a more than five-week low amid uncertainty about the impact of trade disputes on demand for North American supplies despite forecasts for record breaking sales. FUNDAMENTALS * The most active soybean futures on the Chicago Board Of Trade rose 0.6 percent to $10.09 a bushel by 0109 GMT after earlier hitting $10.01-3/4 a bushel - the lowest since April 4. Soybeans closed down 1.8 percent on Friday. * The most active corn futures were down 0.3 percent to $3.95-1/4 a bushel, near the session low of $3.94-1/4 a bushel - the lowest since April 27. Corn fell 1.4 percent in the previous session. * The most active wheat futures were down 0.4 percent to $4.96-3/4 a bushel, near the session low of $4.96 a bushel - the lowest since April 27. Wheat fell 1.5 percent on Friday. * The USDA on Thursday forecast that U.S. soybean exports will break a record in the upcoming marketing year. * However, just a month ago, Beijing proposed slapping tariffs of 25 percent on all U.S. shipments of the oilseed. * The USDA on Thursday projected 2018/19 U.S. corn ending stocks at 1.682 billion bushels, above the average trade estimate of 1.628 billion. MARKET NEWS * The dollar held steady on Monday, its recent rally running out of steam on the back of sagging U.S. yields as investors wound back expectations that the Federal Reserve will launch a series of quick rate hikes. * Oil prices edged lower on Monday as a relentless rise in U.S. drilling activity points to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran. Grains prices at 0109 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 496.75 -2.00 -0.40% -1.92% 497.62 39 CBOT corn 395.25 -1.25 -0.32% -1.68% 397.24 42 CBOT soy 1009.00 5.75 +0.57% -1.20% 1041.73 33 CBOT rice 12.68 $0.02 +0.20% +1.24% $13.00 40 WTI crude 70.61 -$0.09 -0.13% -1.05% $67.56 62 Currencies Euro/dlr $1.196 $0.002 +0.15% +0.39% USD/AUD 0.7559 0.002 +0.23% +0.36% 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)
