December 29, 2016 / 1:52 AM / 8 months ago

GRAINS-Corn firms, rebounds from losses of nearly 2 pct

SYDNEY, Dec 29 (Reuters) - U.S. corn futures edged higher on
Thursday, rebounding from losses of nearly 2 percent in the
previous session, as a weaker dollar helped support prices.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.1 percent to $3.48-3/4 a bushel, having closed down
1.9 percent in the previous session.
    * The most active wheat futures rose 0.3 percent to
$4.02-3/4 a bushel, having closed down 2 percent on Wednesday. 
    * The most active soybean futures were unchanged at
$10.16-3/4 a bushel, having firmed 0.2 percent on Wednesday.
    * Grain complex under pressure from technical selling ahead
of the New Year holiday period.
    * Corn and soybeans had drawn support in recent days due in
part to worries about dry conditions stressing corn and soybeans
in portions of Argentina and northern Brazil.
         
    MARKET NEWS  
    * The dollar sagged against the yen early on Thursday as
U.S. yields dropped overnight to two-week lows, but the
greenback managed to hold steady against the euro and pound.
  
    * Oil prices fell in early trade in Asia on Thursday
following a surprise build in U.S. crude stocks shown in data
published by the American Petroleum Institute late on Wednesday.
  
    * U.S. stocks fell in low volume on Wednesday in a broad
decline triggered in part by a sharp drop in home resales. 
    
    DATA/EVENTS (GMT)  
0700 GB       Nationwide House Price          
0900 Eurozone Money M3 Annual Growth          
1330 U.S.     Initial Jobless Claims          
1330 U.S.     Jobless Claims 4 week average  
        
 Grains prices at  0123 GMT
 Contract        Last    Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    402.75      1.25   +0.31%       +2.35%  411.71    52
 CBOT corn     348.75      0.50   +0.14%       +0.87%  354.43    48
 CBOT soy     1016.75      0.25   +0.02%       +2.81%  1022.6    47
                                                            3  
 CBOT rice       9.51     $0.00   +0.00%       +0.64%   $9.84    32
 WTI crude      53.73    -$0.33   -0.61%       -0.32%  $50.32    70
 Currencies                                                        
 Euro/dlr      $1.042   -$0.003   -0.30%       -0.28%              
 USD/AUD       0.7183     0.000   +0.04%       -0.01%              
 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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