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GRAINS-Corn prices fall from 7-mth high, export demand curbs losses
February 16, 2017 / 2:09 AM / in 8 months

GRAINS-Corn prices fall from 7-mth high, export demand curbs losses

    SYDNEY, Feb 16 (Reuters) - U.S. corn futures edged lower on
Thursday, retreating from their highest in more than seven
months touched the session before, but buying from funds and
strong export demand curbed losses.
             
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 eased 0.4 percent to $3.77-1/4 a bushel. They gained 1.2
percent in the previous session, when prices hit their strongest
since July 14 at $3.79 a bushel.
    * The most active soybean futures were little changed
at $10.60-3/4 a bushel, having firmed 1.6 percent on Wednesday.
    * The most active wheat futures fell 0.33 percent to
$4.53-1/4 a bushel, having closed the last session up 1.2
percent.
    * U.S. soybean processors ramped up their pace of crushing
above market forecasts last month, notching the third busiest
January on record, the National Oilseed Processors Association
said on Wednesday.
    * Soybean markets have also been pressured by expectations
of bumper South American production.
    * Australian grain exports likely surged to an all-time
monthly high of more than 4 million tonnes last month, smashing
the previous record by a third on strong demand from Saudi
Arabia, China and India and lower prices amid a bumper crop.

         
    MARKET NEWS  
    * The dollar took a breather on Thursday after climbing to a
one-month high as a run of upbeat U.S. economic data rekindled
expectations of an early rate hike by the Federal Reserve.
  
    * Oil prices eased slightly on Wednesday in choppy trade as
record high U.S. crude and gasoline inventories fed concerns
about a global glut.  
    * Wall Street pushed further into record-high territory on
Wednesday, with the S&P 500 notching a seven-session winning
streak, helped by a round of robust economic data and ongoing
optimism that President Donald Trump will cut corporate taxes.
  
    
    DATA AHEAD (GMT) 
1330  U.S.                 Building permits                 Jan 
1330  U.S.                 Housing starts                   Jan 
1330  U.S.                 Weekly jobless claims  
1330  U.S.                 Philly Fed business index        Feb
        
 Grains prices at  0134 GMT
 Contract        Last  Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    453.25   -1.50    -0.33%       +0.83%   431.47    70
 CBOT corn     377.25   -1.50    -0.40%       +0.80%   365.82    69
 CBOT soy     1060.75   -0.50    -0.05%       +1.51%  1043.10    63
 CBOT rice       9.39  -$0.01    -0.05%       -0.53%    $9.67    37
 WTI crude      53.06  -$0.05    -0.09%       -0.26%   $52.82    49
 Currencies                                                        
 Euro/dlr      $1.061  $0.002    +0.15%       +0.35%               
 USD/AUD       0.7712   0.000    +0.05%       +0.68%               
 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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