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GRAINS-Soybeans snap four-day rally, slip from over 6-year high

SYDNEY, Dec 23 (Reuters) - U.S. soybean futures snapped a four-day rally on Wednesday, slipping from a more than six-year high hit in the previous session as traders booked profits.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.4% to $12.45 a bushel by 0156 GMT, after closing at their highest level since June 2014 of $12.56 on Tuesday.

* The most active corn futures were down 0.4% to $4.41-3/4 a bushel, after ending up 0.8% in the previous session.

* The most active wheat futures were down 0.9% at$6.11-3/4 a bushel, having closed up 0.9% on Tuesday.

* Aprosoja, an association representing Brazilian grain growers, has cut its forecast for the country’s 2020/2021 soybean crop, citing an expectation of falling yields due to dryness in key producing states.

* China is expected to import more than 100 million tonnes of soybeans in 2020, a record high, according to state-owned grain trader COFCO.

* More than 100 cargo ships were kept from loading agricultural goods in Argentina on Monday, as a wage strike by grains inspectors and oilseed workers stretched into its second week, paralyzing exports from one of the world’s bread baskets.

MARKET NEWS

* The dollar rose on Tuesday in thin trading, as concerns about a coronavirus variant raging in Britain that has caused lockdowns and travel restrictions have dampened optimism about a U.S. stimulus bill that Congress passed overnight.

* Asian shares were set for choppy trade, as the investor focus swung between concerns about a new faster-spreading variant of the coronavirus and hopes that more U.S. fiscal aid would propel an economic recovery.

Reporting by Colin Packham; Editing by Rashmi Aich

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