August 7, 2019 / 2:10 AM / a month ago

GRAINS-Corn edges higher, weather outlook and trade war cap gains

    SYDNEY, Aug 7 (Reuters) - U.S. corn futures edged higher on
Wednesday, though gains were checked by forecast of ideal
weather across a key North American growing region and worries
about the global economy stoked by an escalating trade war
between Washington and Beijing.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.2% at $4.13-1/2 a bushel, having closed down
0.5% in the previous session.
    * The most active soybean futures were little changed
at $8.66-1/4 a bushel, having closed down 0.3% on Tuesday.
    * The most active wheat futures were up 0.4% at
$4.85-3/4 a bushel, having closed down 2% on Tuesday. 
    * Fears of a prolonged U.S.-China trade war hung over grain
markets a day after the U.S. Treasury Department branded China a
currency manipulator.
    * U.S. President Donald Trump on Tuesday dismissed concerns
over a protracted trade war with China, despite a warning by
Beijing of financial market chaos.
    * More rain is expected in the 11- to 15-day forecast, with
near-normal temperatures over the next two weeks, Commodity
Weather Group said on Tuesday.
    * The U.S. Department of Agriculture pegged 57% of U.S. corn
crop in good-to-excellent condition, down 1 percentage point
from a week earlier, while soybean conditions were unchanged at
54%. Conditions for both are below average following an overly
wet spring planting season.
         
    MARKET NEWS  
    * The dollar fell against the yen as Japanese stocks opened
lower on Wednesday in a sign markets remain nervous about
U.S.-China trade frictions following major foreign exchange
volatility in the previous session.  
    * Oil fell on Wednesday as the intensifying Sino-U.S. trade
dispute stoked worries over demand, although a drop in U.S.
crude inventories offered some support to prices.  
    * U.S. stocks jumped more than 1% on Tuesday, bouncing back
from a sharp sell-off the previous day as China stepped in to
stabilize the yuan, easing concerns that currencies would be the
next weapon in the U.S.-China trade war.  
     
 Grains prices at  0142 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  485.75     1.75   +0.36%       -1.77%  504.36     41
 CBOT corn   413.50     1.00   +0.24%       -0.30%  430.98     41
 CBOT soy    866.25     0.50   +0.06%       -0.29%  900.17     27
 CBOT rice    11.34    $0.00   +0.00%       -3.12%  $11.77     25
 WTI crude    53.71    $0.08   +0.15%       -1.79%  $57.16     36
 Currencies                                                      
 Euro/dlr    $1.121   $0.002   +0.13%       +0.10%               
 USD/AUD     0.6778    0.002   +0.27%       +0.33%               
 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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