SYDNEY, May 11 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.
* 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
* 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
* The USDA's forecasts of domestic corn ending stocks for
both 2016/17 and 2017/18 also came in below the average trade
* 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.
* 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
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)