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GRAINS-Corn hits one-week high, upcoming USDA forecast to drive market
April 11, 2017 / 4:01 AM / 8 months ago

GRAINS-Corn hits one-week high, upcoming USDA forecast to drive market

    * Corn hits one-week high amid U.S. planting delays
    * Wheat hits highest since April 6
    * USDA report expected to show S.American corn, soybean
gains

    By Colin Packham
    SYDNEY, April 11 (Reuters) - U.S. corn edged up on Tuesday
to a one-week high as delays in plantings provided some support,
though a widely watched U.S. forecast was likely to drive the
market's direction.
    Soybeans rose 0.2 percent, while wheat advanced to a
five-day high.
    The most active corn futures contract on the Chicago Board
of Trade rose 0.1 percent to $3.67-1/4 a bushel, holding
near $3.67-1/2 a bushel - its highest since April 4. Corn gained
2.1 percent in the previous session.
    Analysts noted some support from U.S. planting delays,
though the market remained cautious ahead of a U.S. Department
of Agriculture (USDA) supply and demand report due out later in
the session.
    "While we have seen some upward moves today, the market is
waiting for the USDA report to really determine market
sentiment," said Phin Ziebell, agribusiness economist, National
Australia Bank.
    The USDA said on Monday the corn crop was 3 percent planted,
behind an average of trade estimates for 4 percent but in line
with the five-year average.
    Still, the USDA supply and demand outlook is expected to
show a rise in South American corn and soybean crops, adding to
already ample global supplies.
    The most active soybean futures rose 0.21 percent to
$9.43-3/4 a bushel, having closed steady on Monday. 
    Argentina's 2016/17 soybean harvest accelerated in the past
week though heavy rains over the weekend will likely have
delayed further progress. 
    The most active wheat contract rose 0.12 percent to
$4.29-1/4 a bushel, having earlier hit a high of $4.29-3/4 a
bushel, its highest since April 6. Wheat ended Monday up 1.1
percent. 
    USDA pegged the condition of wheat at 52 percent
good-to-excellent, matching analysts expectations.
        
 Grains prices at  0319 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  429.25     0.50   +0.12%       +1.24%  433.73    57
 CBOT corn   367.25     0.25   +0.07%       +2.16%  365.36    60
 CBOT soy    943.75     2.00   +0.21%       +0.19%  987.04    23
 CBOT rice    10.26   -$0.01   -0.05%       +0.29%   $9.85    85
 WTI crude    53.11    $0.03   +0.06%       +1.67%  $50.17    80
 Currencies                                                     
 Euro/dlr    $1.059  -$0.001   -0.06%       -0.01%              
 USD/AUD     0.7499    0.000   -0.01%       +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 Tom Hogue)
  

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