October 16, 2019 / 3:37 AM / a month ago

GRAINS-Corn eases for 2nd day; U.S. harvest behind market expectations

    * Chicago corn futures fall, U.S. harvest lags expectations
    * Soybeans rebound, focus on U.S.-China trade deal, wheat
down

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Oct 16 (Reuters) - Chicago corn futures slid for
a second session on Wednesday, although losses were checked as
the U.S. Department of Agriculture (USDA) pegged the rate of
harvest behind market expectations.
    Soybeans gained ground, rising for three out of four
sessions, on expectations of Chinese purchases of U.S.
agriculture products. 
    The most-active corn contract on the Chicago Board Of Trade
 was down 0.5% at $3.91-1/4 a bushel by 0317 GMT, having
closed down 1.1% in the previous session.
    Soybeans added 0.1% to $9.34-3/4 a bushel and wheat
 lost 0.1% at $5.06-1/2 a bushel.
    In its weekly crop progress report, the USDA said 22% of the
corn crop has been harvested, behind market expectations.

    The agency said 26% of soybean crop has been harvested,
slightly ahead of market forecasts.
    U.S. President Donald Trump said on Friday that China had
agreed to purchase $40 billion to $50 billion worth of U.S.
agricultural goods in a first phase of an agreement to end the
trade war.
    But China would make the purchases only if Trump rolls back
levies put in place since the trade war began, Bloomberg
reported on Tuesday, citing people familiar with the matter.

    China has already bought 20 million tonnes of soybeans from
the United States, along with other products, spokesman Geng
Shuang said at a daily press briefing.
    "The declines are likely to remain modest for U.S soybean
prices," said Tobin Gorey, director of agricultural strategy at
Commonwealth Bank of Australia. "China's potential splurge on
U.S. agricultural produce is waiting in the market's mental
wings."
    The National Oilseed Processors Association said its members
crushed 152.6 million bushels of soybeans in September, down 9%
from August and below the lowest level in a range of trade
expectations.
    
 Grains prices at 0317 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  506.50  -0.50   -0.10%   -0.30%       487.05  64
 CBOT corn   391.25  -2.00   -0.51%   -1.63%       376.44  56
 CBOT soy    934.75  0.75    +0.08%   -0.13%       898.42  72
 CBOT rice   11.88   $0.00   -0.04%   -1.49%       $12.02  48
 WTI crude   52.98   $0.17   +0.32%   -1.14%       $55.54  
 Currencies                                                
 Euro/dlr    $1.103  $0.000  -0.02%   +0.01%               
 USD/AUD     0.6733  -0.002  -0.28%   -0.61%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Shounak Dasgupta)
  
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