September 1, 2017 / 2:06 AM / 3 months ago

GRAINS-Corn edges lower, but set for first weekly gain in 6 weeks

    SYDNEY, Sept 1 (Reuters) - U.S. corn edged lower on Friday, but was poised
to record its first weekly gain in more than a month as strong Chinese economic
data stoked a broad commodities rally.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade were up
nearly 1 percent for the week, the first weekly gain since July 21.
    * The most active soybean futures were up 0.2 percent for the week,
the second straight weekly gain.
    * Commodities rally after growth in China's manufacturing sector
unexpectedly accelerated in August.
    * The most active wheat futures were unchanged for the week after
closing down 1.7 percent in the previous week.
    * The U.S. Department of Agriculture reported export sales of U.S. corn in
the latest week at 992,500 tonnes (old and new crop years combined), above a
range of trade expectations for 400,000 to 900,000 tonnes.

    * INTL FCStone raised its estimate of the U.S. 2017 corn yield to 166.9
bushels per acre (bpa), from 162.8 in its previous monthly report released on
Aug. 1.
    * The firm raised its forecast of the U.S. 2017 soybean yield to 49.8 bpa
from its Aug. 1 figure of 47.7 bpa.
         
    MARKET NEWS  
    * The dollar edged down on Friday after tepid U.S. economic data casts
doubts on whether the Federal Reserve will raise rates again this year, though
investors were cautious ahead of the key monthly U.S. employment data later in
the global session.  
    * U.S. crude futures fell in early Asian trading on Friday, partly reversing
sharp gains from the previous session, amid ongoing turmoil in the oil industry
with a quarter of U.S. refining capacity offline.  
    * U.S. stocks closed higher on Thursday as investors reacted to economic
data and took cautious hope from Washington's latest promises for long-awaited
details of a tax reform plan.  
    
    ATA/EVENT AHEAD (GMT) 
0145  China           Caixin manufacturing PMI final       Aug 
0750  France          Markit manufacturing PMI             Aug 
0755  Germany         Markit/BME manufacturing PMI         Aug 
0800  Euro zone       Markit manufacturing PMI final       Aug      
1230  U.S.            Nonfarm payrolls                     Aug 
1230  U.S.            Unemployment rate                    Aug 
1400  U.S.            ISM manufacturing PMI                Aug 
1400  U.S.            Construction spending                Jul 
1400  Board of Governors of the Federal Reserve conducts open meeting 
        
 Grains prices at  0135 GMT
 Contract        Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    435.25     0.75   +0.17%       +1.28%  464.76    42
 CBOT corn     356.50    -1.25   -0.35%       +3.18%  370.85    44
 CBOT soy      947.00     1.75   +0.19%       +1.47%  958.80    51
 CBOT rice      12.88    $0.05   +0.43%       +1.30%  $12.60    70
 WTI crude      46.96   -$0.27   -0.57%       +2.18%  $48.14    47
 Currencies                                                       
 Euro/dlr      $1.191   $0.000   +0.00%       +0.23%              
 USD/AUD       0.7940   -0.001   -0.08%       +0.46%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  

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