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GRAINS-Corn near six-week high on forecasts for dry weather
August 27, 2013 / 12:57 AM / 4 years ago

GRAINS-Corn near six-week high on forecasts for dry weather

SYDNEY, Aug 27 (Reuters) - U.S. corn futures rose on
Tuesday, extending gains from the previous session when the
grain surged more than 6 percent, as forecasts for dry weather
across key growing states stoked fears of potential shortfalls
in U.S. production.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade December corn rose 0.25
percent to $5.01-3/4 a bushel. Corn rose 6.5 percent in the
previous session, the biggest daily gain in nearly four months,
hitting a high of $5.08-1/4 a bushel, the highest since July 17.
    * November soybeans were little changed at $13.88-1/2
a bushel, having firmed 4.6 percent on Monday when the oilseed
hit a 11-month high.
    * December wheat rose 0.11 percent to $6.61-1/2 a
bushel, having closed up 3.2 percent on Monday. 
    * Hot temperatures this week and dry conditions over much of
the U.S. Midwest for the next two weeks are likely to stress
developing corn and soybean crops, MDA Weather Services said on
Monday.
    * U.S. Department of Agriculture on Monday rated 58 percent
of the U.S. soybean crop as good to excellent, down 4 percentage
points from a week ago. 
    * Corn ratings fell by 2 points, with 59 percent of the crop
good to excellent.
    * Grain traders had expected corn and soybean conditions to
fall as much as 4 points. 
         
    MARKET NEWS  
    * The dollar was marking time against the majors on Tuesday
after disappointing U.S. data dragged Treasury yields lower but
failed to budge bets the Federal Reserve will start tapering
stimulus next month.  
    * Brent crude oil prices hit a five-month high above $111 a
barrel on Monday as the United States signalled it was edging
toward a possible military response to last week's suspected
chemical attack in Syria, but prices settled slighty lower in
choppy trade as weak U.S. economic data weighed.  
    * U.S. stocks fell in light volume on Monday after U.S.
Secretary of State John Kerry called Syria's use of chemical
weapons "undeniable."  
    
    DATA/EVENTS (GMT) 
0800  Germany  Ifo business climate             
1145  U.S.     ICSC weekly chain store sales    
1230  U.S.     Chicago Fed manufacturing index    
1300  U.S.     CaseShiller home price index     
1400  U.S.     Consumer confidence              
1400  U.S.     Richmond Fed manufacturing index 
2030  U.S.     API weekly crude stocks          
        
  Grains prices at  0024 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     667.50     0.75  +0.11%    +3.33%     660.25   63
  CBOT corn      501.75     1.25  +0.25%    +6.76%     475.23   67
  CBOT soy      1388.50    -1.00  -0.07%    +4.56%    1249.15   69
  CBOT rice      $15.90    $0.00  +0.03%    +3.05%     $15.27   76
  WTI crude     $106.44    $0.52  +0.49%    +0.02%    $105.99   54
  Currencies                                                
  Euro/dlr       $1.339   $0.002  +0.13%    +0.03%
  USD/AUD         0.898   -0.005  -0.60%    -0.48%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Editing by Ed Davies)

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