March 9, 2017 / 2:01 AM / 4 months ago

GRAINS-Corn rebounds from 9-day low

4 Min Read

    SYDNEY, March 9 (Reuters) - U.S. corn edged higher on
Thursday, rebounding from a nine-day low, though gains were
checked by plentiful South American production.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.3 percent to $3.73-1/4, having closed down 1
percent in the previous session when prices hit a low of
$3.71-3/4 a bushel - the lowest since February 28.
    * The most active soybean futures were little changed
at $10.21-1/4 a bushel, having closed down 0.34 percent on
Wednesday when prices hit a low of $10.16-3/4 a bushel - the
lowest since February 23.
    * The most active wheat futures rose 0.5 percent to
$4.49-1/4 a bushel, having closed down 2.1 percent on Wednesday.
    * Argentina's Rosario Exchange raised its forecasts for the
2016/17 soy and corn crops on Wednesday, citing better than
expected yields and improving weather in late February.

    * The soybean crop is now seen at 56 million tonnes, up from
54.5 million tonnes previously while the Exchange's report
raised the corn crop outlook to 38 million tonnes from 36.5
million tonnes previously.
    * Farming agency FranceAgriMer increased its forecast for
French soft wheat stocks this season for the second month in a
row as increased imports and reduced export prospects within the
European Union outweighed improving exports elsewhere.

         
    MARKET NEWS  
    * The dollar held gains on Thursday as a
stronger-than-expected U.S. private-sector jobs figures in
February sealed expectations that the Federal Reserve will raise
interest rates next week.  
    * U.S. oil prices rose in Asian trade on Thursday as high
compliance with OPEC's production cuts lent support, although
U.S. record crude inventories weigh on market sentiment.  
    * The S&P 500 and the Dow Jones Industrial Average dipped on
Wednesday as energy stocks suffered their worst drop in nearly
six months.  
    
    DATA/EVENT AHEAD (GMT) 
0130  China                  Consumer prices                 Feb
0130  China                  Producer prices                 Feb
1245  European Central Bank  interest rate announcement 
1330  European Central Bank  press conference 
1330  U.S.                   Import prices                   Feb
1330  U.S.                   Export prices                   Feb
1330  U.S.                   Weekly jobless claims 
        
 Grains prices at  0146 GMT
 Contract        Last  Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    449.25    2.25    +0.50%       -1.59%   451.15    42
 CBOT corn     373.25    1.00    +0.27%       -0.73%   374.83    43
 CBOT soy     1021.25   -0.50    -0.05%       -0.39%  1044.18    36
 CBOT rice       9.62  -$0.01    -0.16%       +1.00%    $9.73    50
 WTI crude      50.71   $0.43    +0.86%       -4.57%   $53.18    28
 Currencies                                                        
 Euro/dlr      $1.054  $0.000    +0.02%       -0.23%               
 USD/AUD       0.7525   0.000    -0.01%       -0.78%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)
  

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