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GRAINS-Corn hits one-year high as hot weather threatens crop losses
July 10, 2017 / 1:02 AM / a month ago

GRAINS-Corn hits one-year high as hot weather threatens crop losses

    * Temperatures across key U.S. corn regions soar
    * Soybeans firm as much as 2 pct
    * Wheat rebounds on adverse weather forecasts

    By Colin Packham
    SYDNEY, July 10 (Reuters) - U.S. corn rose nearly 1.5
percent on Monday to hit a more than one-year high as forecasts
for soaring temperatures raised fears of potential crop losses.
    Soybeans rose as much 2 percent as fears of adverse weather
pushed prices to a four-month high, while wheat rose more than
1.5 percent.
    The most active corn futures on the Chicago Board of Trade
 rose 1.4 percent to $4.10-1/2 a bushel by 0026 GMT, near
the session high of $4.11-1/4 a bushel - the highest since June
2016. Corn closed up 0.5 percent on Friday.
    Sizzling temperatures in the northern U.S. Plains spring
wheat belt will spread next week into parts of the western
Midwest, threatening corn yield prospects as the crop enters its
key pollination phase.
    "Concerns about dryness in the western areas of the U.S.
Corn Belt continue to grain traction," said Hannah Janson, chief
analyst, Profarmer. 
    "This crop is currently at the pollination stage, and this
has heightened concerns about the effects that hot and dry
weather could have on this crop."
    Temperatures from Kansas through the Dakotas are expected to
reach the mid 90s to mid 100s Fahrenheit, or 35 to 41 Celsius,
through next week. 
    Soybean futures rose 1.8 percent to $10.33-1/4 a bushel,
near the session high of $10.37-1/4 a bushel, the highest since
March 7.
    Forecasts call for continued adverse weather for the next
week, stressing crops.
    The most active wheat futures rose 1.5 percent to
$5.43 a bushel after closing down 0.7 percent in the previous
session.
    Forecasts for hot, dry weather continue drive fears of
widespread production losses across key U.S. producing regions,
stocking expectations of cuts to high protein output.
       
 Grains prices at  0026 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   543.00     8.00    +1.50%       +0.74%  479.93    66
 CBOT corn    410.50     5.75    +1.42%       +1.92%  396.51    76
 CBOT soy    1033.25    17.75    +1.75%       +3.40%  945.13    91
 CBOT rice     12.06    $0.06    +0.54%       +1.13%  $11.63    70
 WTI crude     44.59    $0.36    +0.81%       -2.04%  $45.62    46
 Currencies                                                       
 Euro/dlr     $1.140   $0.000    +0.01%       -0.18%              
 USD/AUD      0.7601    0.000    -0.05%       +0.21%              
 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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