GRAINS-Corn firms, rebounds from losses on crop tour findings

Wed Aug 21, 2013 6:23am IST

SYDNEY, Aug 21 (Reuters) - U.S. corn futures edged higher on
Wednesday, rebounding from losses in the previous session when
results from a widely watched crop tour stoked expectations for
a bumper crop.
         
    FUNDAMENTALS  
    * Chicago Board of Trade December corn rose 0.11
percent to $4.76 a bushel, having slid 2 percent the session
before.
    * November soybeans were little changed at $12.89-3/4
a bushel, after closing down 0.98 percent on Tuesday.
    * December wheat gained 0.19 percent to $6.47-1/4 a
bushel, having closed up 1.15 percent on Tuesday. 
    * The Pro Farmer tour of the Midwest corn and soybean
growing region is confirming prospects for a bumper crop.
    * Corn yield prospects in South Dakota were above average
and up sharply from last year's drought-scorched crop.
 
    * Ohio's corn crop is on track for a near-record yield,
scouts on the annual U.S. crop tour found on
Monday. 
    * Warmer and drier weather over the next couple of weeks
pose a threat to trim corn and soybean yields in the U.S.
Midwest, an agricultural meteorologist said on Tuesday.
 
             
    MARKET NEWS  
    * The dollar took back some lost ground against the yen
though remained near a half-year low against the euro in early
Asian trade on Wednesday, as investors awaited minutes of the
U.S. Federal Reserve's latest meeting for clues on its policy
outlook.  
    * The S&P 500 bounced on Tuesday to end a four-day losing
skid, as earnings from Best Buy and TJX Cos helped buoy
retailers and consumer discretionary stocks.  
    
    DATA/EVENTS (GMT) 
1400  U.S. existing home sales               
1800  FOMC releases minutes of July 30-31 meeting
       
  Grains prices at  0017 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     647.25     1.25  +0.19%    +0.58%     666.36   40
  CBOT corn      476.00     0.50  +0.11%    +2.70%     480.31   44
  CBOT soy      1289.75    -0.75  -0.06%    +2.42%    1238.66   38
  CBOT rice      $15.74   -$0.04  -0.29%    +1.12%     $15.51   66
  WTI crude     $105.10   -$0.01  -0.01%    -1.87%    $106.01   39
  Currencies                                                
  Euro/dlr       $1.342   $0.008  +0.63%    +0.66%
  USD/AUD         0.904   -0.006  -0.71%    -1.48%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
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