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GRAINS-Corn firms, USDA forecast keeps prices near 9-day low
October 13, 2016 / 1:47 AM / in a year

GRAINS-Corn firms, USDA forecast keeps prices near 9-day low

SYDNEY, Oct 13 (Reuters) - U.S. corn rose on Thursday,
rebounding from a nine-day low touched in the previous session,
although forecasts for a record U.S. crop provided a lid to
gains.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.4 percent to $3.38-1/4 a bushel, having closed down
2.5 percent in the previous session when prices fell to a low of
$3.36-1/2 a bushel - the lowest since Oct. 3.
    * The most active soybean futures rose 0.4 percent to
$9.49-1/4 a bushel, having closed down 0.9 percent on Wednesday.
    * The most active wheat futures rose 0.4 percent to
$3.98-1/4 a bushel, having closed down 2.6 percent on Wednesday.
    * The U.S. Department of Agriculture lowered its estimate of
the U.S. 2016 corn yield to 173.4 bushels per acre, from 174.4
in September, but still the highest on record, if realized.
 
    * The USDA raised its U.S. yield estimate to a record-high,
roughly in line with analyst expectations.
    * The USDA raised its forecast of U.S. wheat ending stocks
to 1.138 billion bushels, the most since 1987-88 marketing year,
if realized.
         
    MARKET NEWS  
    * The dollar hovered near a seven-month high early on
Thursday on reinforced prospects for a near-term U.S. interest
rate hike, while the euro struggled near 2-1/2-month lows versus
the greenback.  
    * Oil prices fell on Thursday after OPEC said that its
production had risen to its highest level in at least eight
years and following reports of an increase in U.S. crude
stockpiles.  
    * The S&P 500 and the Dow Jones industrial average indexes
ended Wednesday's session with small gains as expectations for
timing on a rate hike were largely unchanged after U.S. Federal
Reserve minutes and investors waited on earnings reports.  
    
    DATA AHEAD (GMT) 
      China               Trade data                         Sep
1230  U.S.                Import prices                      Sep
1230  U.S.                Export prices                      Sep
1230  U.S.                Weekly jobless claims 

    
 Grains
 prices at
  0125 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  398.  1.50  +0.3  -1.3  401.    50
 whea    25          8%    6%    23  
 t                                   
 CBOT  338.  1.25  +0.3  -1.4  335.    49
 corn    25          7%    6%    78  
 CBOT  949.  3.75  +0.4  -0.5  959.    43
 soy     25          0%    5%    41  
 CBOT  10.1  -$0.  -0.5  -1.1  $9.8    56
 rice     2    06    9%    2%     1  
 WTI   49.7  -$0.  -0.8  -2.0  $46.    58
 crud     7    41    2%    1%    65  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  -$0.  -0.4  -1.2            
 /dlr    00   005    6%    1%        
 USD/  0.75  -0.0  -0.1  -1.0            
 AUD     25    01    3%    6%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
 (Reporting by Colin Packham)

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