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GRAINS-Corn eases from 2-week top, U.S. crop concerns limit losses
September 7, 2017 / 2:45 AM / 3 months ago

GRAINS-Corn eases from 2-week top, U.S. crop concerns limit losses

    * Corn falls after 2-day rally, wheat hovers near 3-week top
    * Slow maturity of U.S. corn crop seen delaying harvest

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 7 (Reuters) - Chicago corn futures slid on
Thursday, giving up some of the recent gains that lifted the
market to a two-week high in the last session on concerns over
slow maturity of the U.S. crop.
    Wheat dipped following four sessions of gains, trading not
far from Wednesday's near three-week high.
    The Chicago Board Of Trade most-active corn contract
was down 0.7 percent to $3.58-1/2 a bushel by 0226 GMT after 
climbing in the previous session to $3.62 a bushel, the highest
since Aug. 23.
    Wheat was down 0.2 percent to $4.45 a bushel and
soybeans lost 0.1 percent to $9.70 a bushel.
    "U.S. Midwest weather is providing a sympathetic soundtrack
to analysts cutting their U.S. (corn) yield forecasts," said
Tobin Gorey, director of agricultural strategy, Commonwealth
Bank of Australia. 
    "The forecasts will be tested against the USDA's next crop
report."
    Corn is drawing support from concerns about slow crop
maturity that may delay the start of harvest and leave crops
vulnerable to adverse weather.
    The U.S. Department of Agriculture in a weekly report late
Tuesday said 12 percent of the U.S. corn crop was mature, behind
the five-year average of 18 percent.
    Forecasts called for dry weather across much of the Midwest
for the next 10 days, potentially stressing the maturing U.S.
soybean crop.
    The expected arrival of hurricane Irma in the southeast of
the United States next week could also hit some soybean and corn
crops.
    Brazil is likely to offer stiff competition next year in the
global soybean export market.
    Brazil is expected to export a record 65 million tonnes of
soybeans in 2018 although the country's overall output may fall,
industry group Abiove said on Wednesday in its first forecast
for next season.
    For wheat, a virtually complete survey of France's soft
wheat harvest this year confirmed high quality levels in the
European Union's largest producer and exporter of the grain.

    
 Grains prices at  0226 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  445.00  -0.75   -0.17%                445.00  53
 CBOT corn   358.50  -2.50   -0.69%                358.50  53
 CBOT soy    970.00  -1.00   -0.10%                970.00  67
 CBOT rice   12.69   -$0.04  -0.28%                $12.69  54
 WTI crude   49.10   -$0.06  -0.12%                $49.10  64
 Currencies                                                
 Euro/dlr    $1.192  $1.192                                
 USD/AUD     0.7989  0.799                                 
             

 (Reporting by Naveen Thukral; Editing by Richard Pullin)
  

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