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GRAINS-Corn prices move away from 6-wk low, but set to finish week down 2 pct
August 11, 2017 / 1:51 AM / a month ago

GRAINS-Corn prices move away from 6-wk low, but set to finish week down 2 pct

    SYDNEY, Aug 11 (Reuters) - U.S. corn prices on Friday edged
away from a six-week low touched in the previous session, though
the grain was poised for weekly losses of 2 percent after the
U.S. government forecast a bigger-than-expected crop.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were up 0.7 percent at $3.73-1/2 at 0132 GMT, but were set
for their third weekly slide in a row.
    * Corn on Thursday hit its lowest since June 30 at $3.70-1/4
a bushel.
    * The most active soybean futures are down nearly 1.5
percent for the week, extending losses into a third consecutive
week.
    * The most active wheat futures are down 2.5 percent
for the week, their fifth straight weekly loss.
    * The U.S. Department of Agriculture on Thursday projected
the U.S. corn yield at 169.5 bushels per acre (bpa), below its
previous forecast of 170.7 but above an average of trade
estimates for 166.2 bpa.
    * The USDA pegged soybeans yields at 49.4 bpa, above its
previous forecast of 48.0, surprising analysts who expected a
reduction.
    * Both figures implied larger harvests than most analysts
expected, given planting delays and dry conditions in parts of
the Midwest.
    * The USDA estimated U.S. production of spring wheat other
than durum at 402 million bushels, down from 423 million in July
but well above the average trade estimate of 393 million.
         
    MARKET NEWS  
    * The dollar set an eight-week low against the yen on Friday
as escalating tensions between the United States and North Korea
triggered yet more investor flight to safety.  
    * Oil prices were little changed in early Asian trading on
Friday after retreating in the previous session, weighed down by
ongoing global glut concerns despite a bigger-than-expected draw
in U.S. crude inventories.  
    * The S&P 500 index had its biggest one-day drop in almost
three months on Thursday as investors fled riskier assets, with
technology stocks leading the charge, in response to an
increasingly aggressive exchange of threats between the United
States and North Korea.  
    
    DATA AHEAD (GMT) 
0600  Germany            Consumer prices final            Jul 
1230  U.S.               Consumer prices                  Jul 
1500  U.S.               Cleveland Fed CPI                Jul 
        
 Grains prices at  0121 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   442.75     2.25   +0.51%       -3.65%  495.63    25
 CBOT corn    373.50     2.50   +0.67%       -3.30%  390.48    37
 CBOT soy     944.25     4.00   +0.43%       -2.98%  993.63    28
 CBOT rice     12.29    $0.04   +0.33%       -0.16%  $12.09    55
 WTI crude     48.51   -$0.08   -0.16%       -2.12%  $47.40    46
 Currencies                                                      
 Euro/dlr     $1.177   $0.000   -0.04%       +0.07%              
 USD/AUD      0.7854   -0.002   -0.25%       -0.41%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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