December 31, 2013 / 1:42 AM / 4 years ago

GRAINS-Corn hits two-week low, set for annual loss of 40 pct

SYDNEY, Dec 31 (Reuters) - U.S. corn futures fell to a fresh
two-week low on Tuesday as crop-friendly weather in Argentina,
the world's third largest exporter, continued to weigh on
prices.
    
    FUNDAMENTALS  
    * Chicago Board Of Trade front-month corn down nearly
40 percent during 2013, the biggest ever annual decline as
bumper global production weighs.
    * March corn hits a session low of $4.22-1/4 a bushel,
the lowest since Dec. 17.
    * Spot soybeans down more than 6 percent for the year,
having firmed nearly 20 percent in 2012.
    * Spot wheat down almost 23 percent for the year, the
biggest fall in five years.
    * Crop-friendly rain fell over much of Argentina's corn and
soybean growing region over the weekend and more rain is
expected in the northern two-thirds of the country.
 
         
    MARKET NEWS  
    * The euro rose broadly on Monday, as euro zone banks
repatriated foreign-held assets before year-end and after the
European Central Bank chief said there was no urgent need to cut
interest rates.  
    * Crude oil futures tumbled on both sides of the Atlantic on
Monday on early signals that oil output in Libya may be starting
to recover and concerns over a buildup in local government debt
in China, the world's second-largest oil consumer.  
    * U.S. stocks closed mostly flat on Monday, with the Dow
edging up to another record closing high and the S&P 500 index's
advance stalling in response to light trading volume and and
weaker-than-forecast housing data.  
    
    DATA/EVENTS (GMT)
1245  U.S.    ICSC chain stores yy      Weekly     
1400  U.S.    CaseShiller 20 mm nsa     Dec         
1400  U.S.    CaseShiller 20 yy         Dec        
1445  U.S.    Chicago PMI               Dec        
1500  U.S.    Consumer confidence       Dec        
2130  U.S.    API weekly crude stocks   Weekly     
2130  U.S.    API weekly dist. stocks   Weekly     
2130  U.S.    API weekly gasoline stk   Weekly     
        
  Grains prices at  0123 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     600.50     0.00  +0.00%    -0.91%     638.92   22
  CBOT corn      422.75    -0.75  -0.18%    -0.82%     429.56   38
  CBOT soy      1309.50     0.75  +0.06%    +0.33%    1308.19   52
  CBOT rice      $15.32    $0.02  +0.13%    -0.16%     $15.51   45
  WTI crude      $99.32    $0.03  +0.03%    -1.00%     $96.65   60
  Currencies                                                
  Euro/dlr       $1.381   $0.007  +0.49%    +0.85%
  USD/AUD         0.891    0.005  +0.51%    +0.26%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Anupama Dwivedi)

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