October 12, 2016 / 1:22 AM / 10 months ago

GRAINS-Corn edges lower as market prepares for USDA forecast

SYDNEY, Oct 12 (Reuters) - U.S. corn futures fell on
Wednesday despite the U.S. Department of Agriculture pegging the
pace of harvesting behind analyst expectations, with traders
squaring positions ahead of a widely watched report.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 fell 0.14 percent to $3.45 a bushel, having gained 0.66
percent in the previous session.
    * The most active soybean futures rose 0.21 percent to
$9.51-1/4 a bushel, after ending little changed on Tuesday.
    * The most active wheat futures fell 0.5 percent to
$4.05-1/4 a bushel, having closed up on Tuesday. 
    * The USDA said the U.S. corn harvest was 35 percent
complete by Sunday, behind the five-year average of 38 percent,
and the soybean harvest was 44 percent complete, lagging the
five-year average of 47 percent. 
    * The latest figures fell short of analyst expectations for
corn harvest progress to reach 38 percent and soybeans to reach
48 percent. 
    * The USDA's October supply/demand report due on Wednesday.
    * Analysts surveyed by Reuters on average expected the USDA
to lower its estimate of the U.S. 2016 corn yield from 174.4
bushels per acre in September to 173.5, which would still be an
all-time high. 
    * The USDA said export inspections of U.S. soybeans in the
latest week at 1.8 million tonnes, above a range of trade
expectations for 1.0 million to 1.2 million tonnes. 
 
         
    MARKET NEWS  
    * The dollar surged to a seven-month high against a major
currency basket on Tuesday, as investors increased bets the
Federal Reserve would raise interest rates in December following
a round of generally solid U.S. economic data over the last few
weeks.  
    * Crude futures inched up on Wednesday, with investors
waiting for talks between OPEC producers and other oil exporters
on curbing output to end a glut in the global market.  
    * Wall Street sold off on Tuesday as disappointing corporate
reports gave a sour tone to the start of earnings season and
investors digested possible changing dynamics for the upcoming
U.S. elections.  
   
    DATA AHEAD (GMT) 
0600  Germany            Wholesale price index             Sep 
0900  Euro zone          Industrial production             Aug 
1800  Minutes of the Federal Reserve's Sept. 20-21 meeting  

 Grains
 prices at
  0058 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  405.  -2.0  -0.4  +0.3  401.    59
 whea    25     0    9%    7%    47  
 t                                   
 CBOT  345.  -0.5  -0.1  +0.5  336.    64
 corn    00     0    4%    1%    01  
 CBOT  952.  -2.0  -0.2  -0.2  959.    43
 soy     25     0    1%    4%    51  
 CBOT  10.3  -$0.  -0.1  +1.4  $9.8    83
 rice     9    01    0%    7%     1  
 WTI   50.8  $0.0  +0.1  -0.9  $46.    69
 crud     4     5    0%    9%    50  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  -$0.  -0.0  -0.8            
 /dlr    04   001    9%    4%        
 USD/  0.75  0.00  +0.3  -0.6            
 AUD     59     2    2%    2%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
 (Reporting by Colin Packham; Editing by Joseph Radford)

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