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GRAINS-Corn edges lower ahead of U.S. govt forecasts
April 11, 2017 / 1:21 AM / 5 months ago

GRAINS-Corn edges lower ahead of U.S. govt forecasts

    SYDNEY, April 11 (Reuters) - U.S. corn prices edged down on
Tuesday to retreat from a six-day high touched in the previous
session, with U.S. government forecasts expected to underscore
oversupply in global markets.
    
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 fell 0.1 percent to $3.66-3/4 a bushel. They gained 2.1
percent in the previous session, when prices hit their highest
since April 4 at $3.67.
    * The most active soybean futures were little changed
at $9.42-1/4 a bushel, having closed steady on Monday.
    * The most active wheat contract was unchanged at
$4.28-3/4 a bushel, having ended Monday up 1.1 percent. 
    * The U.S. Department of Agriculture said the corn crop was
3 percent planted, behind an average of trade estimates for 4
percent but in line with the five-year average.
 
    * Wheat was pegged at 52 percent good-to-excellent, matching
analysts expectations.
    * Grain markets are positioning for the U.S. Department of
Agriculture monthly supply/demand report, which is expected to
show a rise in South American corn and soybean crops.

    
    MARKET NEWS  
    * The dollar fell on Monday as U.S. Treasury yields dipped
and traders consolidated Friday's gains on low volume to start
the holiday-shortened U.S. trading week.  
    * U.S. crude oil rose for a sixth consecutive session on
Tuesday to hit its highest level in five weeks, underpinned by
tensions following a U.S. missile strike on Syria and a shutdown
at Libya's largest oilfield.  
    * U.S. stocks ended a choppy session slightly higher on
Monday as gains in energy shares offset losses in financials
ahead of quarterly corporate earnings later this week.  
    
0900  Euro Zone   Industrial Production      Feb 
1000  U.S.        NFIB Business Optimism     Mar 
1400  U.S.        JOLTS Job Openings         Feb 
        
 Grains prices at  0041 GMT
 Contract      Last  Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  428.75    0.00    +0.00%        +1.12%  433.71    55
 CBOT corn   366.75   -0.25    -0.07%        +2.02%  365.34    57
 CBOT soy    942.25    0.50    +0.05%        +0.03%  986.99    20
 CBOT rice    10.25  -$0.02    -0.15%        +0.20%   $9.85    83
 WTI crude    53.22   $0.14    +0.26%        +1.88%  $50.17    80
 Currencies                                                      
 Euro/dlr    $1.060  $0.000    +0.02%        +0.07%              
 USD/AUD     0.7507   0.001    +0.09%        +0.16%              
 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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