Reuters logo
GRAINS-Corn falls for first time in 6 sessions ahead of USDA report
March 9, 2016 / 1:41 AM / 2 years ago

GRAINS-Corn falls for first time in 6 sessions ahead of USDA report

SYDNEY, March 9 (Reuters) - U.S. corn fell for the first
time in six sessions on Wednesday as traders squared positions
ahead of a widely watched U.S. government report that is
expected to show an increase in global supplies.
         
    FUNDAMENTALS  
    *  The most active wheat futures contract on the Chicago
Board of Trade fell 0.27 percent to $4.64 a bushel, having
closed up 0.54 percent on Tuesday. 
    * The most active corn futures fell 0.42 percent to
$3.59 a bushel, having gained 0.42 percent in the previous
session.
    * The most active soybeans contact fell 0.37 percent
to $8.81-1/4 a bushel, having firmed 0.32 percent on Tuesday.
    * U.S. Department of Agriculture to report latest supply and
demand report on Wednesday.
    * Traders and analysts expect the USDA to further increase
its estimates for global corn and soybean inventories from
February.  
    * Heavy rains are forecast this week for the Mississippi
River Delta soft red winter (SRW) wheat area, while dryness
should build in portions of the U.S. Plains hard red winter
(HRW) wheat belt. 
    * The USDA on Tuesday said private exporters struck deals to
sell 110,000 metric tons of U.S. soybeans to top importer China
for delivery during the 2016/17 marketing year, which began on
September 1. Exporters also reported sales of 140,000 metric
tons of U.S. soybeans for delivery to unknown destinations.
 
         
    MARKET NEWS  
    * The yen was broadly firmer early on Wednesday as demand
for the safe-haven currency picked up after disappointing
Chinese trade data took the wind out of a global risk rally.
  
    * Oil prices fell 3 percent on Tuesday, ending six days of
gains for benchmark Brent crude, as Goldman Sachs suggested the
rally was unsustainable and industry data showed U.S. stockpiles
reached record highs again last week.  
    * U.S. stocks ended near the lows of the day on Tuesday as
energy shares tumbled alongside the price of oil and soft
Chinese trade data rekindled fears that the global economy is
weaker than anticipated.  
    
    DATA AHEAD (GMT) 
0930  Britain              Industrial output            Jan 
1500  U.S.                 Wholesale inventories        Jan 
1700  World Agricultural Supply and Demand Estimates    Mar 
        
  Grains prices at  0114 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     464.00    -1.25  -0.27%    +0.27%     467.84   63
  CBOT corn      359.00    -1.50  -0.42%    +0.00%     366.37   47
  CBOT soy       881.25    -3.25  -0.37%    -0.06%     877.34   66
  CBOT rice      $10.54    $0.00  +0.00%    -1.54%     $11.05   37
  WTI crude      $36.56    $0.06  +0.16%    -3.54%     $32.07   66
  Currencies                                                
  Euro/dlr       $1.099  -$0.002  -0.17%    -0.20%
  USD/AUD         0.743   -0.001  -0.13%    -0.51%
  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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below