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GRAINS-Soybeans snap 4-day rally as South American crop crunch woes ease

Colin Packham

* Soybeans fall for first time in five sessions

* Corn edges lower

* Wheat falls for second consecutive session

SYDNEY, Feb 7 (Reuters) - U.S. soybean futures edged lower on Thursday, retreating for the first time in five sessions, as concerns about lower yields of South American crops eased on good rain forecast. Corn fell while wheat slid nearly 0.5 percent to extend losses into a second consecutive session. The most active soybean futures on the Chicago Board of Trade were down 0.2 percent at $9.20-1/4 a bushel by 0227 GMT, having firmed 0.2 percent on Wednesday. "Some South American soybean regions remain on the dry side. Weather forecasters are expecting enough rain to fall in those regions to forestall greater worries about a decline in yields," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The harvest in Brazil's second-largest producing state of Parana is well ahead of last season, with limited damage to the fields from drought, state agricultural research body Deral said on Tuesday. However, losses were checked as traders drew comfort from confirmation of more export sales to China, following a vow by Beijing last week to purchase 5 million tonnes, stoking hopes for a trade deal between Washington and Beijing. The most active corn futures were down 0.1 percent at $3.79-1/4 a bushel, having gained 0.4 percent in the previous session. The most active wheat futures were down 0.4 percent at $5.24 a bushel, after closing down 0.2 percent on Wednesday. Wheat fell despite U.S. export prospects rising. Russian grain exports are expected to slow in the short-term as high domestic prices make it harder for exporters to offer competitive prices abroad, the agriculture ministry said on Wednesday.

Grains prices at 0227 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 523.75 -2.25 -0.43% -0.38% 516.84 55CBOT corn 379.50 -0.50 -0.13% +0.07% 378.21 50CBOT soy 920.25 -1.50 -0.16% +0.19% 910.48 60CBOT rice 10.49 -$0.09 -0.80% -1.78% $10.58 38WTI crude 53.82 -$0.19 -0.35% +0.30% $51.18 57


Euro/dlr $1.136 $0.000 -0.01% -0.46%USD/AUD 0.7104 0.000 +0.01% -1.80%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Rashmi Aich)