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GRAINS-Corn edges higher after hitting one-year low
November 15, 2017 / 2:06 AM / a month ago

GRAINS-Corn edges higher after hitting one-year low

    SYDNEY, Nov 15 (Reuters) - U.S. corn futures edged higher on
Wednesday after earlier hitting a one-year low, with favourable
crop weather in South America providing a ceiling to gains.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.1 percent at $3.37-3/4 a bushel by 0139 GMT
after hitting a session low of $3.37 a bushel - the lowest since
Nov. 14, 2016. Corn closed down 1.4 percent in the previous
session.
    * The most active soybean futures were down 0.1
percent at $9.68-3/4 a bushel, having closed down 0.7 percent on
Tuesday.
    * The most active wheat futures were down 0.1 percent
to $4.27-1/2 a bushel, after closing down 0.7 percent in the
previous session.
    * The USDA late Monday said the corn harvest was 83 percent
complete and the soybean harvest was 93 percent complete.

    * Beneficial rains this week in parts of Brazil have
bolstered corn production prospects.
    * Dry conditions were expected next week in Argentina's main
agricultural area, which could delay soybean planting.

         
    MARKET NEWS  
    * The euro remained close to 2-1/2-week highs in early Asian
trading on Wednesday, getting a boost from upbeat German
economic data as investors awaited U.S. consumer inflation data
later in the global session.  
    * Oil prices tumbled on Wednesday, continuing Tuesday's
slide after the International Energy Agency cast doubts over the
past months' narrative of tightening fuel markets.
    * U.S. stock indexes fell on Tuesday as General Electric
shares plunged for a second straight day and a drop in crude oil
prices hit energy stocks.  
    
    DATA (GMT)
0200  China     Industrial Output   Oct
0200  China     Retail Sales        Oct
1000  Euro Zone GDP Flash Estimate  Q3
    
 Grains prices at  0139 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   427.50   -0.50    -0.12%       +0.77%  430.87     47
 CBOT corn    337.75    0.25    +0.07%       -1.31%  347.69     24
 CBOT soy     968.75    1.00    +0.10%       -0.56%  987.47     32
 CBOT rice     11.53   $0.03    +0.30%       +1.50%  $11.91     45
 WTI crude     55.07  -$0.63    -1.13%       -2.98%  $53.38     46
 Currencies                                                       
 Euro/dlr     $1.179  $0.000    -0.02%       +1.11%               
 USD/AUD      0.7583  -0.005    -0.60%       -0.50%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice:USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Gopakumar Warrier)
  

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