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GRAINS-Corn rises, brings gains over three days to nearly 6 pct
October 17, 2016 / 1:07 AM / a year ago

GRAINS-Corn rises, brings gains over three days to nearly 6 pct

SYDNEY, Oct 17 (Reuters) - U.S. corn futures rose on Monday,
extending their gains over three days to nearly 6 percent as
traders continued to square short positions, pushing prices to a
near three-month high.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.71 percent to $3.56-3/4 a bushel by 0044 GMT,
having gained 1.4 percent on Friday when prices hit a peak of
$3.58-3/4 a bushel - the highest in nearly three months.
    * The most active soybean futures rose 0.65 percent to
$9.68-3/4 a bushel, having firmed 0.65 percent on Friday.
    * The most active wheat futures was little changed at
$4.21-1/4 a bushel, after closing up 1.2 percent on Friday. 
    * Soybeans firmed, aided by firm soyoil, while wheat and
corn drew support from short covering.
    * U.S. corn export sales this season were off to the
strongest start in nearly a decade as low prices and limited
export competition have expanded U.S. market share after years
of ceding sales to suppliers like Brazil and Ukraine. Prices of
the grain almost halved over the past three years. 
  
         
    MARKET NEWS  
    * The dollar inched up to a seven-month high against a
basket of currencies on Monday, retaining some of the momentum
from upbeat U.S. data released the previous session that
reinforced expectations for a December interest rate hike by the
Federal Reserve.  
    * Oil prices fell early on Monday, pulled down by a rising
rig count in the United States, record OPEC-output, and slowing
global economic growth which could erode fuel demand.  

     DATA AHEAD (GMT) 
0900  Euro zone         Inflation final                     Sep 
1230  U.S.              New York Fed manufacturing          Oct 
1315  U.S.              Industrial output                   Sep 
    
    
 Grains prices at  0044 GMT
 Contract       Last   Change    Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   421.25     0.25     +0.06%       +3.44%  402.28    69
 CBOT corn    356.75     2.50     +0.71%       +3.26%  337.12    71
 CBOT soy     968.75     6.25     +0.65%       +1.52%  960.14    60
 CBOT rice     10.18    $0.02     +0.20%       -2.07%   $9.83    59
 WTI crude     50.12   -$0.23     -0.46%       -0.12%  $46.90    59
 Currencies                                                        
 Euro/dlr     $1.096  -$0.009     -0.84%       -0.39%              
 USD/AUD      0.7594    0.003     +0.34%       +0.45%              
 Most active contracts
 Wheat, corn and soy US cents/bushel.
 Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Himani Sarkar)

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