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4 months ago
GRAINS-Corn extends losses into third session on ample global supplies
April 10, 2017 / 1:35 AM / 4 months ago

GRAINS-Corn extends losses into third session on ample global supplies

    SYDNEY, April 10 (Reuters) - U.S. corn edged lower on
Monday, extending losses into a third consecutive session, as
ample global supplies weighed on the grain, pressuring prices
towards a near one-week low.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 fell 0.1 percent to $3.59 a bushel, having slipped 0.4
percent in the previous session when prices hit a low of $3.57 a
bushel - the lowest since March 31.
    * The most active soybean futures rose 0.1 percent to
$9.42-3/4 a bushel, having closed little changed on Friday.
    * The most active wheat futures was little changed at
$4.24-1/4 a bushel, having closed up 0.2 percent on Friday. 
    * The U.S. Department of Agriculture is scheduled to release
its monthly supply/demand report on Tuesday, and analysts
surveyed by Reuters expect the government to raise its estimates
of corn and soybean crops in the Southern Hemisphere.

    * Argentina's 2016/17 soy harvest accelerated in the past
week despite heavy rains and floods in the western portion of
the country's growing area, the Buenos Aires Grains Exchange
said on Thursday.
             
    MARKET NEWS  
    * The dollar started the week at three-week highs against a
currency basket on Monday, after a key U.S. Federal Reserve
official reinforced the central bank's commitment to interest
rate hikes.  
    * Oil prices were firm on Monday, supported by strong demand
and political uncertainty in Syria, although another rise in
U.S. drilling activity kept a lid on gains.  
    
     DATA AHEAD (GMT) 
0830  Euro zone            Sentix index                 Apr     
      
1400  U.S.                 Employment trends            Mar 
        
 Grains prices at  0119 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   424.25     0.25   +0.06%       +0.24%  434.06    45
 CBOT corn    359.00    -0.50   -0.14%       -0.49%  365.28    41
 CBOT soy     942.75     0.75   +0.08%       +0.13%  990.14    21
 CBOT rice     10.22   -$0.02   -0.15%       +0.34%   $9.82    82
 WTI crude     52.44    $0.20   +0.38%       +1.43%  $50.18    76
 Currencies                                                      
 Euro/dlr     $1.058  -$0.001   -0.09%       -0.60%              
 USD/AUD      0.7503    0.001   +0.11%       -0.56%              
 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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