GRAINS-Soybeans extend gains into second session…

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SYDNEY, Sept 26 – U.S. soybean futures edged higher for a second session as low prices attracted buying despite the negative impact of a trade war between Washington and Beijing. FUNDAMENTALS * The most active soybean futures on the Chicago Board Of Trade were up 0.3 percent at $8.48-1/4 a bushel by 0048 GMT, having firmed 0.6 percent on Tuesday when prices hit $8.58 a bushel – the highest since Aug. 24. * The most active corn futures eased 0.1 percent to $3.63-1/4 a bushel, having gained 0.9 percent in the previous session when prices hit the highest since Sept. 12 at $3.64-1/4 a bushel. * The most active wheat futures were up 0.6 percent at$5.23-3/4 a bushel, having closed down 1 percent on Tuesday. * Soybeans have come under pressure as the trade war between the United States and China escalates. * Oilseeds are the biggest U.S. agricultural export to China. Shipments have nearly dried up since Beijing applied an additional tariff on U.S. soybeans in July. * China is starting to buy more Argentine soybeans because of the trade battle, while Argentina will in turn purchase more U.S. soybeans to meet its own needs, oilseeds analysts Oil World said on Tuesday. * The U.S. soybean crop was 14 percent harvested as of Sunday and corn was 16 percent harvested, according to U.S. Department of Agriculture (USDA) data issued on Monday. MARKET NEWS * The dollar was slightly weaker on Tuesday ahead of a Federal Reserve meeting that is widely expected to end with an interest rate hike, as investors already have priced in two more rate increases this year and some in 2019, leaving little room for further currency gains. * Oil prices rose Tuesday on global supply concerns following U.S. sanctions on Iran’s oil exports, with benchmark Brent surging to a four-year high, then retraced gains to settle just slightly higher after U.S. President Donald Trump called again on OPEC to boost crude output. * The S&P 500 fell on Tuesday as chipmakers were dented by ratings downgrades and utilities declined ahead of an expected Federal Reserve interest rate hike, offsetting a boost from the energy sector. DATA/EVENT AHEAD (GMT) 0645 France Consumer confidence Sep 1400 U.S. New home sales Aug 1800 U.S. Federal Reserve releases policy statement 1830 Fed Chairman Jerome Powell holds news conference Grains prices at 0048 GMT Contract Last Change Pct chg Two-day chg MA 30 CBOT wheat 523.75 3.00 +0.58% -0.62% 529.75 CBOT corn 363.25 -0.50 -0.14% +0.76% 362.04 CBOT soy 848.25 2.50 +0.30% +0.86% 848.54 CBOT rice 9.88 $0.00 +0.00% -0.05% $10.51 WTI crude 71.89 -$0.39 -0.54% -0.26% $68.94 Currencies Euro/dlr $1.176 -$0.001 -0.07% +0.14% USD/AUD 0.7253 0.000 +0.04% +0.01% 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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