July 20, 2017 / 1:38 AM / a month ago

GRAINS-Corn edges higher, extends weather gains

    SYDNEY, July 20 (Reuters) - U.S. corn edged higher for a
third consecutive session on Thursday as forecasts for dry
weather fuelled fears of further crop damage.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.1 percent to $3.96-3/4 a bushel, having gained
1.4 percent in the previous session.
    * The most active soybean futures were unchanged at 
$10.12-1/2 a bushel, having firmed 1.1 percent on Wednesday.
    * The most active wheat futures were down 0.4 percent
to $5.01-1/4 a bushel, having closed down 0.1 percent on
Wednesday. Wheat is on track to fall for a seventh straight
session after rising sharply several weeks ago on weather fears.
    * Corn crop condition ratings declined earlier this week in
top-producing states of Iowa, Illinois and Nebraska, and
extended outlooks for limited rainfall were seen as threatening
to corn plants during their yield-setting pollination phase.
    * The U.S. Department of Agriculture on Thursday will
release weekly U.S. grain and soy export sales that will show
whether global importers bought U.S. supplies during a volatile
week of futures trading last week.     
    
    MARKET NEWS  
    * The U.S. dollar rose against the euro on Wednesday a day
after touching a more than one-year low, but it hit a more than
three-week low against the yen as traders awaited meetings of
the European Central Bank and the Bank of Japan.  
    * Oil prices jumped almost 2 percent to a six-week high on
Wednesday after a U.S. report showed a bigger weekly draw than
forecast in crude and gasoline stocks along with a surprise drop
in distillate inventories.  
    * The major U.S. stock indexes closed at record highs on
Wednesday helped partly by technology stocks, which surpassed a
long-standing mark, despite gains on the Dow being capped by a
sharp drop in IBM shares.  
    
    DATA AHEAD (GMT)  
      Japan    BOJ rate decision 
0600  Germany  Producer prices            Monthly 
0600  Germany  Producer prices            Yearly 
0830  U.K.     Retail sales               Monthly 
1230  U.S.     Initial Jobless Claims     Weekly 
1230  U.S.     Jobless claims 4-wk avg     
1400  U.S.     Leading Index chg          Monthly 
        
 Grains prices at  0105 GMT
 Contract        Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    501.25    -1.75    -0.35%       -0.50%  498.07    48
 CBOT corn     396.75     0.50    +0.13%       +1.54%  396.11    58
 CBOT soy     1012.50     0.00    +0.00%       +1.07%  967.04    61
 CBOT rice      11.76   -$0.11    -0.88%       -0.88%  $11.74    56
 WTI crude      47.17    $0.05    +0.11%       +1.66%  $45.11    66
 Currencies                                                        
 Euro/dlr      $1.153   $0.001    +0.10%       -0.23%              
 USD/AUD       0.7956    0.001    +0.09%       +0.52%              
 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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