March 17, 2017 / 12:52 AM / 5 months ago

GRAINS-Corn edges higher, set to finish the week in positive territory

    SYDNEY, March 17 (Reuters) - U.S. corn edged higher on
Friday, extending gains into a fourth consecutive session on the
back of stronger than expected exports, and was on track for a
small weekly rise.
                 
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up more than 0.5 percent for the week, recovering
from a 4.3 percent decline last week.
    * The most active soybean futures were down nearly 0.5
percent for the week, the second straight weekly loss.
    * The most active wheat futures were down 1 percent
for the week, also the second straight weekly loss.
    * The U.S. Department of Agriculture reported weekly export
sales of old-crop U.S. corn at 1.255 million tonnes, above a
range of trade expectations and the most in seven weeks.

    * The USDA said private exporters sold 120,000 tonnes of
U.S. hard red winter wheat to Algeria for 2016/17 delivery.

             
    MARKET NEWS  
    * The dollar dropped to a five-week low against a basket of
currencies on Thursday, still reeling from the previous session,
when a statement from the U.S. Federal Reserve failed to signal
a much faster pace of monetary policy tightening.  
    * Oil prices slipped on Thursday, as support from a weaker
dollar was offset by U.S. crude inventories near record high
levels that again raised concerns whether OPEC-led output cuts
were starting to drain a global glut.  
    * U.S. stocks slipped on Thursday pressured by healthcare
shares as traders cashed in gains from one of the best
performing sectors so far this year.  

    DATA/EVENT AHEAD (GMT) 
1000  Euro zone    Eurostat trade                       Jan 
1315  U.S.         Industrial production                Feb 
1400  U.S.         Leading index                        Feb 
1400  U.S.         Univ of Michigan sentiment index     Mar 
      G20 Finance Ministers and Central Bank Presidents meet    

 Grains prices at  0015 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   436.25     0.25   +0.06%       +2.35%   412.46    61
 CBOT corn    366.75     0.75   +0.20%       +2.37%   355.89    56
 CBOT soy    1002.50     1.00   +0.10%       -3.63%  1024.95    44
 CBOT rice      9.80   -$0.03   -0.31%       -1.80%    $9.79    74
 WTI crude     48.84    $0.09   +0.18%       -7.87%   $52.23    32
 Currencies                                                       
 Euro/dlr     $1.077   $0.017   +1.58%       +1.18%               
 USD/AUD      0.7668    0.019   +2.58%       +2.25%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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