Reuters logo
GRAINS-Corn edges lower, lingers near more than 2-month high
October 4, 2016 / 12:47 AM / a year ago

GRAINS-Corn edges lower, lingers near more than 2-month high

SYDNEY, Oct 4 (Reuters) - U.S. corn futures edged lower on
Tuesday, though prices lingered near more than a two-month high
touched in the previous session, as harvest delays underpinned
prices, already supported by lower-than-expected U.S.
inventories.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 fell 0.1 percent to $3.45-3/4 a bushel, having gained 2.75
percent in the previous session when prices hit a high of
$3.47-3/4 a bushel - the highest since July 21. 
    * The most active soybean futures fell 0.21 percent to
$9.71-1/4 a bushel, having firmed 2 percent on Monday when
prices hit a 10-day high.
    * The most active wheat futures was little changed at
$3.95-3/4 a bushel, having closed down 1.4 percent on Monday. 
    * USDA pegged the corn and soybean harvest at 24 percent and
26 percent complete respectively as of Sunday, slightly below
analysts' expectations.  
    * The USDA last week pegged U.S. wheat stocks as of Sept. 1
at their highest since 1987, while corn supplies were smaller
than expected. 
    * On Monday, the USDA reported increases in export
inspections for corn and soybeans from the previous week, with a
drop for wheat. 
    * The European Commission on Monday slashed its estimate of
this year's European Union maize harvest for the second month in
a row. 
         
    MARKET NEWS  
    * The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.  
    * Oil edged lower in volatile trading on Friday, posting a
second consecutive weekly loss as caution about Europe's debt
crisis and year-end positioning continued to spark selling into
rallies.  
    * A rally in U.S. stocks fizzled, leaving major indexes with
modest gains on Friday, as Wall Street was torn between hope
that U.S. economic data signals better times ahead and fear
Europe's debt crisis will engulf world economies.  
    
    DATA AHEAD (GMT) 
0900  Euro zone          Producer prices                Aug 
1345  U.S.               ISM-New York index             Sep 

    
 Grains
 prices at
  0028 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  395.  0.25  +0.0  -1.5  403.    44
 whea    75          6%    5%    56  
 t                                   
 CBOT  345.  -0.2  -0.0  +2.6  332.    70
 corn    75     5    7%    7%    77  
 CBOT  971.  -1.7  -0.1  +1.8  964.    54
 soy     25     5    8%    1%    55  
 CBOT  10.0  $0.0  +0.0  +3.0  $9.7    70
 rice     7     0    0%    2%     7  
 WTI   48.6  -$0.  -0.3  +0.8  $45.    67
 crud     3    18    7%    1%    84  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  $0.0  -0.0  -0.3            
 /dlr    20    00    4%    0%        
 USD/  0.76  0.00  +0.0  +0.2            
 AUD     74     0    5%    6%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
 (Reporting by Colin Packham; Editing by Michael Perry)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below