August 10, 2017 / 1:43 AM / 7 days ago

GRAINS-Corn edges lower as market eyes USDA report

    SYDNEY, Aug 10 (Reuters) - U.S. corn futures edged lower on
Thursday as traders squared positions ahead of a widely watched
report from the U.S. Department of Agriculture that is expected
to show lower corn production due to unfavourable weather.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 fell 0.2 percent to $3.85-1/2 a bushel by 0117 GMT, having
gained 0.7 percent in the previous session.
    * The most active soybean futures were up 0.1 percent
to $9.74-1/2 a bushel, having closed little changed on
Wednesday.
    * The most active wheat futures were down 0.2 percent
to $4.58-1/2 a bushel, having closed up 0.5 percent on
Wednesday. 
    * USDA will on Thursday issue its first assessments of the
2017 U.S. corn and soybean crops based on field surveys, and
analysts expect the government to lower its yield forecasts for
both crops.
    * Analysts expect the USDA to lower its estimate for U.S.
corn production to 166 bushels per acre (bpa), down from 170.7
bpa. 
    * For soybeans, the average analyst estimate of the U.S.
yield was 47.5 bpa, compared with the USDA's trend-based
forecast of 48.0 bpa.
    * USDA said private exporters cancelled a sale of 130,000
tonnes of U.S. old-crop soybeans to unknown destinations
         
    MARKET NEWS  
    * The Swiss franc eased versus the dollar on Thursday, but
still held on to the bulk of hefty gains made the previous day
as heightened tensions between the United States and North Korea
sent investors looking for havens.  
    * Oil futures rose in early Asian trading on Thursday,
adding to gains from the previous session after official figures
showed U.S. crude inventories fell more than expected.  
    * U.S. stocks clawed back losses late on Wednesday as
investors appeared to brush off geopolitical concerns after
falling in the wake of U.S. President Donald Trump's "fire and
fury" warning to North Korea.  
    
    DATA AHEAD (GMT) 
0645  France                Industrial output               Jun 
0830  Britain               Industrial output               Jun 
1230  U.S.                  Weekly jobless claims 
        
 Grains prices at  0117 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  458.50    -1.00   -0.22%       +0.33%   498.00    35
 CBOT corn   385.50    -0.75   -0.19%       +0.46%   391.26    51
 CBOT soy    974.50     1.25   +0.13%       +0.13%   994.13    45
 CBOT rice    12.23   -$0.09   -0.69%       +0.66%   $12.08    51
 WTI crude    49.59    $0.03   +0.06%       +0.85%   $47.32    62
 Currencies                                                      
 Euro/dlr    $1.176   $0.000   +0.02%       +0.09%               
 USD/AUD     0.7906    0.002   +0.25%       -0.08%               
 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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