November 9, 2017 / 1:46 AM / 2 months ago

GRAINS-Corn dips, lingers near one-week low ahead of USDA report

    SYDNEY, Nov 9 (Reuters) - U.S. corn edged lower on Thursday
as expectations that the U.S. Department of Agriculture will
raise its forecast for North American production kept prices
near a one-week low.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.2 percent to $3.47-1/2. Corn closed up 0.1
percent on Wednesday after earlier hitting a low of 3.45-3/4 a
bushel - the lowest since Nov. 1. 
    * The most active soybean futures were unchanged at
$9.98-1/2 a bushel, having firmed 0.2 percent on Wednesday.
    * The most active wheat futures were up 0.2 percent to
$4.27-1/2 a bushel, having closed down 0.1 percent on Wednesday.
    * Market focused on USDA report, which is expected to show
higher U.S. corn yields, lower soybean yields and still-ample
global supplies of grains and oilseeds.
    * Egypt's GASC, the world's top state buyer of wheat, said
it bought 120,000 tonnes of Russian wheat in a snap tender.
    * China imported 5.86 million tonnes of soybeans in October,
down 28 percent from the previous month and well below market
expectations, customs data showed on Wednesday, after some
shipments were delayed.
         
    MARKET NEWS  
    * The dollar slipped to a more than one-week low against the
yen on Wednesday, pressured by worries over possible delays to
President Donald Trump's tax reform plans.  
    * Oil prices settled slightly lower on Wednesday after U.S.
government data showed rising domestic crude production, a
surprise build in U.S. stockpiles and a decline in monthly
Chinese crude imports, a triple blow that was offset somewhat by
rising tensions in the Middle East.  
    * Wall Street closed at a record high on Wednesday as
videogame makers rallied and Apple's market value climbed above
$900 billion.  

    DATA AHEAD (GMT)
0130  China           Consumer prices                Oct
0130  China           Producer prices                Oct
0700  Germany         Trade data                     Sep
1330  U.S.            Weekly jobless claims
1500  U.S.            Wholesale sales                Sep
        
 Grains prices at  0116 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   427.50    0.75    +0.18%       +0.29%  412.17     47
 CBOT corn    347.50   -0.75    -0.22%       -3.00%  355.25     43
 CBOT soy     998.50    0.00    +0.00%       -4.01%  1024.8     61
                                                          2  
 CBOT rice     11.41   $0.00    +0.00%      +14.33%   $9.84     25
 WTI crude     56.88   $0.07    +0.12%       +7.30%  $52.50     79
 Currencies                                                       
 Euro/dlr     $1.159  $0.099    +9.32%       +8.90%               
 USD/AUD      0.7666   0.019    +2.56%       +2.23%               
 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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