October 11, 2019 / 1:31 AM / 4 days ago

GRAINS-Corn edges higher, set for first weekly loss in more than a month

    SYDNEY, Oct 11 (Reuters) - U.S. corn futures edged higher on
Friday, though the oilseed was poised to record its first weekly
loss in more than a month after the U.S. Department of
Agriculture pegged North American production above market
estimates. 
             
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of
Trade were down nearly 1% for the week.
    * Corn fell to a Sep. 30 low of $3.78-1/4 a bushel on
Thursday.
    * The most active soybean futures were up 1% for the
week, the second straight weekly gain.
    * Soybeans hit a high of $9.34 a bushel - the highest since
July 12.
    * The most active wheat futures up nearly 0.5% for the
week, the sixth straight weekly rally.
    * The USDA, in its monthly supply and demand report, pegged
the U.S. corn yield at 168.4 bushels per acre, compared with
168.2 bushels in September. Analysts were expecting a cut to
167.5 bushels.
    * The agency reduced its soybean yield estimate to 46.9
bushels per acre from 47.9 bushels last month. Analysts were
expecting 47.3 bushels.
    * The USDA lowered its estimate for U.S. soybean ending
stocks to 460 million bushels from 640 million last month. 
    * The USDA, in a separate daily report for export sales,
said China bought 398,000 tonnes of U.S. soybeans.
         
    MARKET NEWS  
    * The dollar slid to two-week lows on Thursday, with
safe-haven demand for the currency waning as investors grew
optimistic about progress toward a U.S.-China trade deal and
agreement on Britain's exit from the European Union.  
    * Oil prices rose on Thursday, buoyed by comments by the
head of OPEC that the organization could take action to balance
oil markets and will decide in December on supply for next year.
  
    * Meanwhile, U.S. stocks rose on Thursday on hopes that
top-level U.S.-China trade talks would yield at least a partial
deal, while a jump in Apple's shares also boosted the market.
  
        
 Grains prices at  0052 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  492.25   -0.75    -0.15%       -1.60%  483.14     55
 CBOT corn   381.50    1.25    +0.33%       -3.23%  373.96     48
 CBOT soy    926.25    2.75    +0.30%       +0.27%  893.50     75
 CBOT rice    12.04   $0.00    +0.00%       +0.29%  $12.02     60
 WTI crude    53.78   $0.23    +0.43%       +2.26%  $55.71     48
 Currencies                                                      
 Euro/dlr    $1.101  $0.001    +0.05%       +0.37%               
 USD/AUD     0.6764   0.000    +0.04%       +0.61%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; editing by Uttaresh.V)
  
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