Much like rs485 signal transmission, modbus rtu uses a differential signal which rejects common mode noise. It operates at very low baud rates (9,600-19,200) and is very robust. I do building automation for schneider electric and we do a lot of data center work where this protocol is used regularly. We use rs485 low capacitance (typically <14 pF/ft) tinned 24 awg twisted pair with shield) cable but I could run modbus on a pair of coat hangars if I wanted to.
We never use terminating resistors as it just adds more load. The reflected signal only becomes an issue with distances greater than 3,000 ft at 19,200 and 6,000 ft at 9,600. We exclusively use 9,600 as the data density is very low so running at higher baud rates isn't necessary.
As far as using the shield as a ground, you can use it if you have equipment that requires a zero volt reference but I have never come across that with modbus. I do see that with bacnet ms/tp and we do use the shield for this purpose. The reason you can do this goes back to the way differential signaling functions. There is lots of info available online that spells this out how the differential signal rejects common mode noise.
The traditional method is to terminate the shield at the origin (where the RTU daisy chain originates) and twist the shield wires together at each controller then tape it back rather than terminate it at the field controller. With that said, many field controllers do have a terminal for the shield termination. It is not connected to anything internally and is just for the purpose of landing the two shield wires. This is how I have my techs terminate the shield, I would still check your product literature to confirm this is the case for you.
As far as the A- and B+, I have seen it labeled both ways but A- is more common. In every case I have seen, the minus is nearer to the common or shield termination on the field controller. Always use the white wire as the plus (+) and the black as the minus (-). We have had installers use white as the minus because electricians think of white as a neutral. It will work but it can cause confusion in the future.
One last thing, always use a daisy chain, never use a star topology. When people T-tap a daisy chain it can create terrible signal reflections. You might get away with a short stub T-tap that is less than 50 feet. The problem with this is you may not know when you pass the threshold of operability. It might work initially then fail a week or even a couple years later as the transceivers age. I have a saying for this, you can sin a little and you might be forgiven but if you sin a lot you will go to hell. The moral is don't sin, follow the standards. This way you won't have to worry about the cabling if you have issues getting things online.
I hope you find this to be helpful. I know I went a little long on this, but I am getting old and I need validation now and then.
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