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GRAINS-Corn prices edge down, but U.S. crop report curbs losses
June 1, 2017 / 1:49 AM / 6 months ago

GRAINS-Corn prices edge down, but U.S. crop report curbs losses

    SYDNEY, June 1 (Reuters) - U.S. corn prices edged down on
Thursday but stayed near an eight-day high touched the day
before, with losses curbed by a U.S. government report that
pegged the condition of crops below market expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 fell 0.13 percent to $3.71-1/2 a bushel. They gained 1.4
percent in the previous session, when prices hit their strongest
since May 22 at $3.76-1/2 a bushel.
    * The most active wheat futures rose 0.3 percent to
$4.30-1/2 a bushel, having closed the last session little
changed.
    * The most active soybean futures were unchanged at
$9.16 a bushel, after closing up 0.36 percent on Wednesday.
    * Corn was supported after the U.S. Department of
Agriculture's first weekly corn condition ratings for 2017,
which showed 65 percent of the crop was in good to excellent
condition.
    * The figure fell below an average of analyst expectations
for 68 percent and was down from 72 percent a year ago. It
raised concerns that the crop might not be able to meet the
government's initial yield projection of 170.7 bushels per acre,
based on historical trends.
    * The USDA rated 50 percent of the U.S. winter wheat crop in
good to excellent condition, down from 52 percent the previous
week.
    * Egypt's state grain buyer GASC bought 180,000 tonnes of
wheat in an international purchase tender, including 120,000
tonnes of Russian and 60,000 tonnes of Romanian origin. GASC
passed on offers of U.S. hard red winter wheat.
         
    MARKET NEWS  
    * The dollar languished near a recent 6-1/2 month low
against a basket of major currencies on Thursday, while sterling
slipped after a poll showed a slimmer lead for Prime Minister
Theresa May's ruling party before next week's election.  
    * Oil futures rose on Thursday after slumping to a
three-week low the previous session, buoyed by an industry
report that showed U.S. crude stockpiles had fallen more than
expected.  
    * U.S. stocks were little changed on Wednesday as financials
dropped after JPMorgan and Bank of America warned of revenue
weakness, offsetting gains in defensive plays.  
    
    DATA AHEAD (GMT) 
0145  China           Caixin manufacturing PMI final         May
0600  Britain         Nationwide house prices                May
0750  France          Markit manufacturing PMI               May
0755  Germany         Markit/BME manufacturing PMI           May
0800  Euro zone       Markit manufacturing PMI final         May
1215  U.S.            ADP national employment                May
1230  U.S.            Weekly jobless claims 
1400  U.S.            ISM manufacturing PMI                  May
1400  U.S.            Construction spending                  Apr
        
 Grains prices at  0108 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   430.50     1.25    +0.29%       +0.23%  432.54    53
 CBOT corn    371.50    -0.50    -0.13%       +1.23%  369.68    54
 CBOT soy     916.00     0.00    +0.00%       +0.36%  956.80    26
 CBOT rice     11.13   -$0.01    -0.04%       -0.54%  $10.34    65
 WTI crude     48.75    $0.43    +0.89%       -1.83%  $48.77    43
 Currencies                                                       
 Euro/dlr     $1.124   $0.000    -0.04%       +0.47%              
 USD/AUD      0.7422   -0.001    -0.09%       -0.56%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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