April 3, 2017 / 1:35 AM / 8 months ago

GRAINS-Corn firms 1 percent, hits two-week high on USDA forecast

    SYDNEY, April 3 (Reuters) - U.S. corn futures rose nearly 1
percent on Monday to hit a two-week high as forecasts from the
U.S. Department of Agriculture for smaller than expected
plantings underpinned gains.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 was up 0.9 percent at $3.67-1/2 a bushel at 0120 GMT, near
the session high of $3.67-3/4 a bushel, the highest since March
20. Corn rose 1.9 percent in the previous session.
    * The most active soybean futures rose 0.1 percent to
$9.46-3/4 a bushel after slumping 1.8 percent on Friday when
prices hit a low of 9.44-1/4 a bushel, the lowest since October
13, 2016.
    * The most active wheat futures rose 1.1 percent to
$4.31-1/4 a bushel, having closed up 1.3 percent on Friday. 
    * The U.S. Department of Agriculture (USDA) raised its
soybean plantings estimate by 7 percent from last year to 89.5
million acres, ahead of market expectations.
    * Corn plantings were reduced by 4 percent to 90 million
acres, slightly below market expectations. 
    * Corn stocks as of March 1 were a record 8.616 billion
bushels, topping the 8.248 billion bushels reported in March
1987. 
    * USDA said users burned through a record 3.770 billion
bushels of corn from Dec. 1 to March 1. 
    * Wheat stocks stood at 1.655 billion bushels, the biggest
since 1988.
         
    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) 
0750  France            Markit manufacturing PMI         Mar 
0755  Germany           Markit/BME manufacturing PMI     Mar 
0800  Euro zone         Markit manufacturing PMI final   Mar 
0900  Euro zone         Producer prices                  Feb 
0900  Euro zone         Unemployment rate                Feb 
1400  U.S.              Construction spending            Feb 
1400  U.S.              ISM manufacturing PMI            Mar 
        
 Grains prices at  0105 GMT
 Contract      Last  Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  431.25    4.75    +1.11%       +2.43%   438.18    59
 CBOT corn   367.50    3.25    +0.89%       +2.80%   367.08    67
 CBOT soy    946.75    0.75    +0.08%       -1.69%  1004.82    12
 CBOT rice     9.92   $0.03    +0.25%       +0.76%    $9.74    67
 WTI crude    50.60   $0.00    +0.00%       +0.50%   $50.58    69
 Currencies                                                      
 Euro/dlr    $1.067  $0.002    +0.23%       -0.01%               
 USD/AUD     0.7635   0.001    +0.09%       -0.07%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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