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GRAINS-Corn soars to one-year high as hot weather grips U.S. Plains
July 10, 2017 / 4:57 AM / 4 months ago

GRAINS-Corn soars to one-year high as hot weather grips U.S. Plains

    * Corn soars more than 1.5 pct
    * Soybeans soar 2 pct on adverse weather
    * Wheat firms for first time in three sessions

    By Colin Packham
    SYDNEY, July 10 (Reuters) - U.S. corn futures rose more than
1.5 percent on Monday to hit a one-year high as forecasts for
soaring temperatures raised fears of potential crop losses.
    Soybeans rose as much 2 percent as fears of adverse weather
pushed prices to a four-month high, while wheat rose more than 2
percent, rebounding from two straight daily losses.
    The most active corn futures on the Chicago Board of Trade
 rose 1.7 percent to $4.10-1/2 a bushel by 0438 GMT, near
the session high of $4.11-3/4 a bushel - the highest since June
2016. Corn closed up 0.5 percent on Friday.
    Sizzling temperatures in the northern U.S. Plains spring
wheat belt will spread next week into parts of the western
Midwest, threatening corn yield prospects as the crop enters its
key pollination phase.
    "Concerns about dryness in the western areas of the U.S.
Corn Belt continue to grain traction," said Hannah Janson, chief
analyst, Profarmer.
    "This crop is currently at the pollination stage, and this
has heightened concerns about the effects that hot and dry
weather could have on this crop."
    Temperatures from Kansas through the Dakotas are expected to
reach the mid-90s to mid-100s Fahrenheit, or 35 to 41 degrees
Celsius, through next week.
    Soybean futures rose 1.9 percent to $10.34-1/4 a bushel,
near the session high of $10.37-1/4 a bushel, the highest since
March 7.
    Forecasts call for continued adverse weather for the next
week, stressing crops.
    The most active wheat futures rose 2.3 percent to
$5.47-1/2 a bushel after closing down 0.7 percent in the
previous session.
    Forecasts for hot, dry weather continue drive fears of
widespread production losses across key U.S. producing regions,
stocking expectations of cuts to high protein wheat output.

 Grains prices at  0438 GMT
 Contract       Last   Change    Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   547.50    12.50     +2.34%        +1.58%  480.08    66
 CBOT corn    411.75     7.00     +1.73%        +2.23%  396.55    77
 CBOT soy    1034.25    18.75     +1.85%        +3.50%  945.16    91
 CBOT rice     12.08    $0.08     +0.67%        +1.26%  $11.63    70
 WTI crude     44.56    $0.33     +0.75%        -2.11%  $45.62    45
 Euro/dlr     $1.140   $0.000     +0.00%        -0.19%              
 USD/AUD      0.7608    0.000     +0.04%        +0.30%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Christian Schmollinger)

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