May 11, 2017 / 1:47 AM / 3 months ago

GRAINS-Corn retreats from 6-day high, USDA forecasts caps losses

    SYDNEY, May 11 (Reuters) - U.S. corn edged lower on
Thursday, retreating from a near one-week high touched in the
previous session, although losses were checked by forecasts from
the U.S. Department of Agriculture (USDA) for
smaller-than-expected global supplies.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 fell 0.3 percent to $3.72-3/4 a bushel, having gained 2
percent in the previous session when prices hit a high of $3.74
a bushel - the highest since May 4.
    * The most active soybean futures fell 0.1 percent to
$9.69-1/2 a bushel, having closed down 0.4 percent on Wednesday.
    * The most active wheat futures fell 0.1 percent to
$4.31-1/4 a bushel, having closed up 0.5 percent on Wednesday
after earlier hitting a low of $4.26 a bushel - the lowest since
April 27.
    * The USDA pegged world corn ending stocks at 195.27 million
tonnes. The figure was down from 223.90 million expected at the
end of 2016/17 and below an average of analyst estimates for
209.72 million.
    * The USDA's forecasts of domestic corn ending stocks for
both 2016/17 and 2017/18 also came in below the average trade
expectations.
    * The USDA projected U.S. 2017/18 soy ending stocks at 480
million bushels, well below the average pre-report trade
estimate of 563 million. 
    * The USDA raised its forecast of 2016/17 soy ending stocks
to 90.1 million tonnes, topping even the highest figure in a
range of trade estimates.
    * The USDA projected global wheat ending stocks in 2017/18
at 258.29 million tonnes, above a range of trade expectations.
         
    MARKET NEWS  
    * The dollar edged up to eight week highs against the yen on
Thursday in early Asian trading, as investors' focus turned back
to the strength of the economy and away from U.S. politics.
  
    * Oil prices rose on Thursday, and Brent was firmly back
over $50 per barrel, as a fall in U.S. crude inventories and a
more severe than expected cut in Saudi supplies to Asia
tightened the market.  
    * U.S. stocks were mixed on Wednesday as investors digested
President Donald Trump's abrupt dismissal of his FBI chief as
well as corporate earnings from Walt Disney and Nvidia.  
  
    DATA/EVENT AHEAD (GMT) 
     0600  Germany           Wholesale price index          Apr 
     0830  Britain           Industrial output              Mar 
     1100  Bank of England interest rate decision 
     1230  U.S.              Weekly jobless claims 
        
 Grains prices at  0121 GMT
 Contract       Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   431.25    -0.50    -0.12%        +0.41%  438.41    51
 CBOT corn    372.75    -1.00    -0.27%        +1.71%  369.88    54
 CBOT soy     969.50    -0.75    -0.08%        -0.46%  961.97    58
 CBOT rice     10.31    $0.03    +0.24%        +4.46%  $10.10    75
 WTI crude     47.46    $0.13    +0.27%        +3.44%  $49.84    47
 Currencies                                                        
 Euro/dlr     $1.088   $0.001    +0.08%        +0.03%              
 USD/AUD      0.7353   -0.001    -0.14%        +0.12%              
 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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