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GRAINS-Corn extends losses to linger near 6-day low
March 8, 2017 / 1:59 AM / 9 months ago

GRAINS-Corn extends losses to linger near 6-day low

    SYDNEY, March 8 (Reuters) - U.S. corn edged lower on Wednesday as expectations for bumper South American production pushed prices towards a
near one-week low.
    * The most active corn futures on the Chicago Board Of Trade fell 0.13 percent to $3.75-1/2 a bushel, having gained 0.66 percent in
the previous session when prices hit a six-day low of $3.73-1/4 a bushel.
    * The most active soybean futures was little changed at $10.24-3/4 a bushel, having closed down 1.2 percent on Tuesday when prices
hit a low of $10.22-1/4 a bushel - the lowest since Feb. 27.
    * The most active wheat futures fell 0.5 percent to$4.54-1/4 a bushel, having closed down 0.4 percent on Tuesday. 
    * Broker and analyst INTL FCStone on Tuesday pegged the 2016/17 Brazil soybean crop at 109.07 million tonnes, up from its previous forecast
of 104.09 million. The harvest has already started in Brazil, the world's top soy exporter.
    * The corn crop was pegged at 93.3 million tonnes, 1.8 million tonnes higher than its February outlook.
    * The U.S. Agriculture Department will issue its latest outlook for South American crops in its monthly supply and demand report on
Thursday. Analysts on average were expecting the report to peg Brazil soy production at 105.95 million tonnes and corn production at 87.78
million tonnes.
    * Dry weather has improved conditions on a key Amazon road between soy fields and northern ports, ending an immense backlog of trucks
carrying the beans, the Army said Monday.
    * The dollar stood little changed early on Wednesday, its modest advance from the previous day bogging down as investors started to take a
wait-and-see attitude ahead of Friday's U.S. jobs report.  
    *  Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds,
renewing concerns about an oversupply of oil despite output curbs by OPEC and non-OPEC members.  
    * U.S. stock prices closed lower on Tuesday as weakness in drug and financial shares sent the S&P 500 and the Dow Jones Industrial Average
to their first consecutive sessions of declines in more than a month.  
0200  China              Trade data                    Feb 
0745  France             Trade data                    Jan 
0800  Germany            Industrial output             Jan 
1315  U.S.               ADP national employment       Feb 
1500  U.S.               Wholesale sales               Jan 

 Grains prices at  0143 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   454.25   -2.25   -0.49%       -0.93%   451.08    51
 CBOT corn    375.50   -0.50   -0.13%       -0.79%   374.91    49
 CBOT soy    1024.75   -0.50   -0.05%       -1.21%  1045.78    36
 CBOT rice      9.52  -$0.01   -0.10%       -0.63%    $9.74    32
 WTI crude     52.79  -$0.35   -0.66%       -0.77%   $53.33    39
 Euro/dlr     $1.057  $0.000   +0.03%       -0.09%               
 USD/AUD      0.7596   0.001   +0.16%       +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 Biju Dwarakanath)

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