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GRAINS-Corn edges lower as ample U.S. supplies set to hit market
September 20, 2017 / 1:38 AM / 3 months ago

GRAINS-Corn edges lower as ample U.S. supplies set to hit market

    SYDNEY, Sept 20 (Reuters) - U.S. corn fell for a third
consecutive session on Wednesday as expectations that ample
supplies will soon reach the market kept prices near a one-week
low.
         
    FUNDAMENTALS  
    * The active corn futures on the Chicago Board Of Trade  
 were down 0.1 percent to $3.47-3/4 a bushel by 0057 GMT,
having closed down 0.9 percent in the previous session when
prices hit a low of $3.46-1/2 a bushel - the lowest since Sept.
12.
    * The active soybean futures were up 0.1 percent to
$9.66-3/4 a bushel, having closed down 0.2 percent on Wednesday.
    * The active wheat futures were up 0.1 percent to
$4.43-1/2 a bushel, having closed little changed in the previous
session. 
    * The U.S. corn crop was 7 percent harvested by Sunday, the
U.S. Department of Agriculture said in a weekly report.

    * The USDA said 34 percent of the corn crop was mature, well
behind the five-year average of 47 percent. But forecasts showed
no major weather problems that could threaten late-maturing
fields.
    * Egypt's state grain buyer purchased 175,000 tonnes of
Russian wheat in a tender. No U.S. wheat was offered
         
    MARKET NEWS  
    * The dollar edged up against a basket of currencies on
Wednesday as investors awaited the outcome of the Federal
Reserve's meeting at which it was expected to announce plans to
trim its $4.2 trillion in bond holdings.  
    * Oil prices rose on Wednesday after Iraq's oil minister
said OPEC and other crude producers were considering extending
or even deepening a supply cut to curb a global glut, while a
report showed a smaller-than-expected increase in U.S.
inventories.  
    * The three major U.S. stock indexes edged higher on
Tuesday, logging closing records, with financial stocks
providing the biggest boost a day ahead of the Federal Reserve's
concluding statement from its two-day policy meeting.  
    
     DATA/EVENT AHEAD (GMT) 
0600  Germany              Producer prices                Aug 
0830  Britain              Retail sales                   Aug 
1400  U.S.                 Existing home sales            Aug 
1800  U.S. Federal Reserve releases policy statement 
1830  Fed Chair Janet Yellen holds news briefing 
        
 Grains prices at  0057 GMT
 Contract      Last   Change  Pct chg   Two-day chg    MA 30  RSI
 CBOT wheat  443.50     0.50   +0.11%        +0.00%   443.44   68
 CBOT corn   347.75    -0.50   -0.14%        -1.07%   358.95   53
 CBOT soy    966.75     1.25   +0.13%        -0.10%   950.41   65
 CBOT rice    12.79    $0.01   +0.08%        -0.74%   $12.69   62
 WTI crude    49.82    $0.34   +0.69%        -0.18%   $48.19   64
 Currencies                                                      
 Euro/dlr    $1.199   $0.000   +0.00%        +0.33%              
 USD/AUD     0.8004    0.000   -0.06%        +0.55%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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