July 31, 2019 / 1:34 AM / 23 days ago

GRAINS-Chicago corn futures tick up, U.S. crop condition caps gains

    SINGAPORE, July 31 (Reuters) - Chicago corn futures edged
higher on Wednesday with bargain-buying supporting prices,
although gains were limited by improved condition of the U.S.
crop. 
    Soybeans remained under pressure after closing lower on
Tuesday on renewed concerns over U.S.-China trade war.
    
    FUNDAMENTALS
    * The U.S. Department of Agriculture in its weekly crop
progress report said 58% of U.S. corn was in good to excellent
condition, up one percentage point from last week. Analysts had
on average expected 57%.
    * The market is on edge about the crop's size and condition
after heavy rains caused unprecedented planting delays this
spring. It is waiting for the USDA to issue updates on how much
corn and soybeans were planted in a report next month.
    * Traders are also watching the new round of U.S.-China
talks this week to settle the trade war that has slashed U.S.
soybean exports to China. But dealers were wary about chances of
a breakthrough.
    * U.S. President Donald Trump on Tuesday warned China
against waiting out his first term to finalise any trade deal,
saying if he wins re-election in the November 2020 presidential
contest, the outcome could be no agreement or a worse one. 
    * Trump said China appeared to be backing off on a pledge to
buy U.S. agricultural products, which U.S. officials have said
could be a goodwill gesture and part of any final pact.
    * The USDA is expected to report that 4.782 million short
tons, or 159.4 million bushels, of soybeans were crushed at U.S.
processing plants in June, according to the average forecast of
eight analysts surveyed by Reuters ahead of monthly data.

    * A heatwave in the European Union's main wheat producers
last week helped farmers to make rapid progress with harvesting,
with some crop forecasts being raised, experts said on Tuesday.

    * Record high temperatures in France, Germany and Britain
created ideal conditions for wheat harvesting, with the dry,
warm weather allowing mechanical combine harvesters to operate
at full capacity.
    
    MARKET NEWS
    * Asian shares weakened in early trade on Wednesday, rattled
by fresh trade war concerns following threats from Trump to
Beijing, while increasing worries about a no-deal Brexit kept
the pound under pressure.
    
    DATA/EVENTS (GMT)
0100   China     NBS Manufacturing PMI            July 
0130   Australia CPI QQ YY                        Q2
0130   Australia RBA Weighted Medn CPI   QQ YY    Q2
0130   Australia RBA Trimmed Mean CPI    QQ YY    Q2
0600   UK        Nationwide House Price  MM YY    July
0645   French    CPI (EU Norm) Prelim    YY       July
0755   Germany   Unemployment Chg, Rate SA        July
0900   EU        HICP Flash              YY       July
0900   EU        HICP-X F&E Flash        YY       July
0900   EU        GDP Flash Prelim        YY QQ    Q2
0900   EU        Unemployment Rate                June
1800   US        U.S. Federal Reserve's Federal Open Market 
Committee (FOMC) announces its decision on interest rates
followed by a statement
1830   US         Federal Reserve Chairman Jerome Powell holds
news conference    
    
 Grains prices at  0116 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  498.50  1.25    +0.25%   +0.50%       514.03  43
 CBOT corn   421.50  0.50    +0.12%   -0.71%       439.74  29
 CBOT soy    896.75  0.00    +0.00%   -0.47%       912.48  35
 CBOT rice   12.09   -$0.01  -0.04%   -0.86%       $11.77  60
 WTI crude   58.33   $0.28   +0.48%   +2.57%       $57.55  
 Currencies                                                
 Euro/dlr    $1.115  $0.002  +0.21%   +0.03%               
 USD/AUD     0.6863  -0.004  -0.65%   -1.25%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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