September 11, 2019 / 1:29 AM / 2 months ago

GRAINS-Corn prices hit 8-day high on lower U.S. crop condition

    SYDNEY, Sept 11 (Reuters) - U.S. corn futures rose on Wednesday after the U.S.
Department of Agriculture (USDA) said the North American crop's condition unexpectedly
declined 58% over the past week, pushing prices to an eight-day high.
         
    FUNDAMENTALS  
    The most active corn futures on the Chicago Board Of Trade were up 0.3% at
$3.62-1/2 a bushel, as of 0040 GMT, having earlier hit a Sept. 3 high of $3.64 a
bushel. Corn closed up 2% in the previous session.
    * The most active soybean futures were unchanged at $8.72 a bushel, having
closed 1.7% firmer on Tuesday.
    * The most active wheat futures were down 0.4% at $4.80-1/4 a bushel. In the
previous session, it closed up 1.6% at $4.83-1/2 a bushel, its highest since Aug. 12. 
    * U.S. Department of Agriculture to issue monthly crop supply and demand report,
due to be issued by the USDA on Thursday. 
    * The agency is expected to lower its corn and soybean crop outlooks following
higher-than-anticipated production forecasts last month.
    * USDA crop condition report showed that 55% of the U.S. corn crop was in
good-to-excellent shape, down from 58% last week and below market forecasts also for
58%.
    * The USDA also said 55% of the U.S. soybean crop was in good-to-excellent
condition, matching analysts' forecasts and unchanged from last week.
    * Australia on Tuesday trimmed its wheat production forecast for the 2019/20
season by nearly 10% as prolonged dry weather across the country's east coast wilts
production.
    
    MARKET NEWS  
    * The U.S. dollar was steady against the euro on Tuesday, holding in its recent
tight range, before the European Central Bank on Thursday is expected to cut interest
rates deeper into negative territory and possibly restart asset purchases.  
    * Oil prices edged lower on Tuesday after U.S. President Donald Trump fired
national security adviser John Bolton, who took a strident stance against Iran,
raising speculation of a return of Iranian crude exports to the market.  
    * The S&P 500 ended little changed on Tuesday, with a rally in energy and
industrial shares countering a drop in the technology and real estate sectors as
investors favored value over growth.  
    
    DATA/EVENTS (GMT)
1200   Brazil  Retail Sales YY            July
1230   US      PPI Final Demand YY, MM    Aug
1230   US      PPI exFood/Energy YY, MM   Aug
1400   US      Wholesale Invt YR MM       July
        
 Grains prices at 0055 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   480.25   -2.00    -0.41%       +1.21%   478.90   66
 CBOT corn    362.50    1.00    +0.28%       +2.33%   380.04   39
 CBOT soy     872.00    0.00    +0.00%       +1.66%   870.53   57
 CBOT rice     12.02   $0.00    +0.00%       +0.54%   $11.74   72
 WTI crude     57.86   $0.46    +0.80%       +0.02%   $55.38   64
 Currencies                                                      
 Euro/dlr     $1.105  $0.001    +0.05%       +0.03%              
 USD/AUD      0.6849  -0.001    -0.15%       -0.17%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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