July 24, 2019 / 12:58 AM / 2 months ago

GRAINS-Corn edges lower as weather forecasts ease fears of crop losses

    SYDNEY, July 24 (Reuters) - U.S. corn futures eased on
Wednesday as a forecast for milder weather tempered fears about
widespread yield losses following recent adverse conditions.
             
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.1% at $4.31 a bushel by 0016 GMT. Corn rose
1.1% in the previous session, but prices dipped during the
session to $4.24 a bushel - the lowest since July 2.
    * The most active soybean futures were down 0.1% at
$9.02-3/4 a bushel, having closed down 0.2% on Tuesday.
    * The most active wheat futures were up 0.3% at
$4.88-1/2 a bushel, having closed unchanged on Tuesday. 
    * Weather forecasts see slightly cooler temperatures for the
U.S. Midwest this week, easing the threat to crops in the
region.
    * The U.S. Department of Agriculture reported that 57% of
U.S. corn was in good to excellent condition, down from 58% last
week and below analyst expectations that it would stay at 58%.
Soybeans held steady at 54%.
    * U.S. Agriculture Secretary Sonny Perdue announced that the
U.S. government will pay farmers hurt by President Donald
Trump's trade war with China a minimum of $15 per acre under an
aid package to be unveiled before the end of this week.

         
    MARKET NEWS  
    * The dollar rose on Tuesday to near a five-week high
against a basket of currencies after President Donald Trump and
U.S. lawmakers reached a two-year deal lifting government
borrowing limits to cover spending.  
    * Oil rose to almost $64 on Tuesday, jumping late in the
session after the head of U.S. Central Command said the United
States may have taken down a second Iranian drone over the
Strait of Hormuz last week.  
    * The S&P 500 and Nasdaq approached record highs on Tuesday,
lifted by upbeat quarterly reports from Coca-Cola and United
Technologies and on optimism the United States would resolve its
trade conflict with China.  
        
 Grains prices at  0016 GMT
 Contract      Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat  488.50    1.25   +0.26%        +0.26%  519.06     32
 CBOT corn   431.00   -0.50   -0.12%        +1.00%  443.46     40
 CBOT soy    902.75   -1.00   -0.11%        -0.33%  914.49     47
 CBOT rice    11.97   $0.00   +0.00%        +0.21%  $11.75     73
 WTI crude    57.07   $0.30   +0.53%        +1.51%  $56.80     51
 Currencies                                                      
 Euro/dlr    $1.115  $0.000   -0.04%        -0.54%               
 USD/AUD     0.6989  -0.001   -0.21%        -0.64%               
 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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