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GRAINS-Corn steady after hitting 8-month high in previous session
March 1, 2017 / 2:52 AM / 9 months ago

GRAINS-Corn steady after hitting 8-month high in previous session

    SYDNEY, March 1 (Reuters) - U.S. corn held steady on
Wednesday, though the grain struggled to generate the same kind
of support seen in the previous session when prices hit an
eight-month high on reports that U.S. President Trump was
preparing an executive order to promote ethanol usage.
    * The most active corn futures on the Chicago Board Of Trade
 little changed at $3.73-1/2 a bushel, having gained 1.5
percent in the previous session when prices hit a high of
$3.86-1/4 a bushel - the most since June 30, 2016.
    * The most active soybean futures rose 0.5 percent to
$10.40-3/4 a bushel, having firmed 1.3 percent on Tuesday when
prices hit $10.56-1/4 a bushel, the highest level since Feb. 16.
    * The most active wheat futures fell 0.1 percent to
$4.43-1/4 a bushel, having closed up 1.1 percent on Tuesday. 
    * Corn and soybeans drew support on Tuesday on reports U.S.
President Trump was preparing an executive order on ethanol, a
claim denied by the White House. 
    * The head of the Renewable Fuels Association said that U.S.
President Donald Trump's administration would shift the onus on
combining biofuels with gasoline away from refiners, who had
long requested this change to the nation's biofuel programme.

    * Changes to the programme could include a waiver to allow
greater volumes of ethanol to be blended into gasoline in the
summer, and support for a congressional tax credit for domestic
producers of soy-based biodiesel, a source said.
    * The dollar ticked higher on Wednesday as a handful of
Federal Reserve policymakers boosted expectations for a March
U.S. interest rate increase, just hours ahead of long-awaited
speech by U.S. President Donald Trump.  
    * U.S. crude lost more ground on Wednesday on rising U.S.
oil output, although OPEC production cuts continued to offer

0100  China         Official manufacturing PMI             Feb 
0100  China         Official non-manufacturing PMI         Feb 
0145  China         Caixin manufacturing PMI final         Feb 
0850  France        Markit manufacturing PMI               Feb 
0855  Germany       Markit/BME manufacturing PMI           Feb 
0900  Germany       Unemployment rate                      Feb 
0900  Euro zone     Markit manufacturing PMI final         Feb  
1300  Germany       Consumer prices                        Feb 
1330  U.S.          Personal income                        Jan 
1500  U.S.          Construction spending                  Jan 
1500  U.S.          ISM manufacturing PMI                  Feb
 Grains prices at  0211 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   443.25   -0.50   -0.11%       +1.03%   448.78    38
 CBOT corn    373.50   -0.25   -0.07%       +3.68%   367.74    46
 CBOT soy    1040.75    5.00   +0.48%       +1.83%  1052.82    48
 CBOT rice      9.55  -$0.01   -0.16%       -0.83%    $9.84    28
 WTI crude     54.14   $0.13   +0.24%       +0.17%   $53.20    62
 Euro/dlr     $1.057  $0.000   -0.03%       -0.12%               
 USD/AUD      0.7675   0.002   +0.24%       +0.05%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential

 (Reporting by Colin Packham; Editing by Kenneth Maxwell)

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