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GRAINS-Corn lingers near 1-yr high on hot, dry weather forecasts
June 8, 2017 / 1:33 AM / 5 months ago

GRAINS-Corn lingers near 1-yr high on hot, dry weather forecasts

    SYDNEY, June 8 (Reuters) - U.S. corn futures edged higher on Thursday, lingering near a one-year high, as forecasts
for hot, dry weather across key producing regions stoked concerns of widespread production losses.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade rose 0.4 percent to $3.86-1/4 a bushel, having
gained 2 percent in the previous session when prices hit a high of $3.87 a bushel - the highest since June 2016.
    * The most active soybean futures rose 0.24 percent to $9.33 a bushel, having firmed 0.8 percent on Wednesday.
    * The most active wheat futures rose 0.6 percent to$4.47-1/4 a bushel, having closed up 2 percent on Wednesday
when prices hit a high of $4.48-3/4 a bushel - the highest since May 4.
    * Hot and dry weather in the northern U.S. Plains and northern Midwest is expected over the weekend, potentially
damaging crops.
    * The U.S. corn crop is still a few weeks from its key pollination phase, which usually occurs in July. 
    * The U.S. Department of Agriculture on Monday rated 68 percent of the corn crop in good to excellent condition, up
from 65 percent a week earlier, but the figure was down from 75 percent a year ago.
         
    MARKET NEWS  
    * The euro held steady on Thursday ahead of the European Central Bank's policy announcement, while sterling was
supported by expectations that Prime Minister Theresa May's party will win a majority in Britain's election.  
    * Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after
official data showed that U.S. inventories rose for the first time in 10 weeks, reawakening concerns over a glut. 
    * U.S. stocks rose on Wednesday despite a sharp decline in energy shares after written testimony from former FBI
director James Comey did not add major revelations about an investigation into Russian meddling with last year's U.S.
presidential election.  
    
    DATA AHEAD (GMT) DATA AHEAD (GMT) 
       China                Trade data                     May 
0600   Germany              Industrial output              Apr 
0645   France               Current account                Apr 
0645   France               Trade data                     Apr 
0900   Euro zone            Revised GDP                    Q1 
1145   European Central Bank announces outcome of policy 
           meeting; followed by ECB President Draghi briefing 
1230   U.S.                 Weekly jobless claims 
        
 Grains prices at  0112 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   447.25     2.50   +0.56%       +2.64%  434.80    75
 CBOT corn    386.25     1.50   +0.39%       +2.39%  371.74    74
 CBOT soy     933.00     2.25   +0.24%       +1.03%  950.63    54
 CBOT rice     11.20   -$0.03   -0.27%       +0.95%  $10.56    68
 WTI crude     46.00    $0.28   +0.61%       -4.54%  $48.32    30
 Currencies                                                      
 Euro/dlr     $1.125  -$0.001   -0.07%       -0.25%              
 USD/AUD      0.7536   -0.001   -0.13%       +0.40%              
 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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