SYDNEY, Sept 9 U.S. corn futures edged lower for
the first time in six sessions on Friday, but recent short
covering ahead of a widely watched U.S. government report next
week helped push the grain towards weekly gains of nearly 3
* The most active corn futures on the Chicago Board Of Trade
added 0.2 percent on Friday and as on track for its second
consecutive weekly gain.
* Corn hit more than a two-week high of $3.38-3/4 a bushel
* The most active soybeans futures were up nearly 2.5
percent for the week, the first weekly gain in three weeks.
* The most active wheat futures were up about 1.5
percent for the week, also the first weekly gain in three weeks.
* USDA in its September supply and demand outlook is likely
to reduce the average corn yield to 173.4 bushels per acre, down
from 175.1 bpa on Aug. 12 but still a record high, according to
a Reuters analyst poll.
* Analysts predicted USDA would boost U.S. soybean yields to
a record of 49.2 bpa, up from 48.9 bpa in August.
* U.S. Energy Information Administration data released at
mid-morning on Wednesday showing sharply lower production of
corn-based ethanol and decreased stocks of the biofuel was seen
as bullish for ethanol prices but slightly bearish for corn.
* The dollar rose against the yen on Thursday, spurred by a
jump in oil prices that put upward pressure on U.S. inflation
expectations and pushed traders to increase their outlook on a
rate hike from the Federal Reserve.
* Oil prices surged over 4 percent on Thursday, with Brent
briefly touching $50 a barrel for the first time in two weeks,
after a surprisingly huge drawdown in U.S. crude stocks as Gulf
Coast imports slumped to a record low.
* U.S. stocks dipped on Thursday, pulled lower by Apple
after its latest iPhone failed to impress Wall Street, but gains
in energy shares limited the decline.
DATA AHEAD (GMT)
0130 China Consumer prices Aug
0130 China Producer prices Aug
0600 Germany Trade data Jul
0645 France Industrial output Jul
1400 U.S. Wholesale sales Jul
Cont Last Chan Pct Two- MA RSI
ract ge chg day 30
CBOT 406. 0.00 +0.0 +0.8 422. 41
whea 00 0% 1% 98
CBOT 338. -0.5 -0.1 +1.4 333. 62
corn 00 0 5% 3% 05
CBOT 976. -0.7 -0.0 +0.0 979. 53
soy 00 5 8% 5% 88
CBOT 9.54 $0.0 +0.0 -0.2 $9.7 37
rice 0 0% 1% 8
WTI 47.2 -$0. -0.7 +3.8 $44. 61
crud 7 35 3% 9% 83
Euro $1.1 $0.0 +0.0 +0.2
/dlr 27 01 6% 5%
USD/ 0.76 0.00 +0.0 -0.3
AUD 47 1 9% 3%
(Reporting by Colin Packham; Editing by Richard Pullin)