September 1, 2017 / 3:56 AM / 7 months ago

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

    * Corn draws support from strong demand for U.S. supplies
    * Soybeans set to finish the week up nearly 0.5 pct
    * Wheat edges higher, little changed for the week

    By Colin Packham
    SYDNEY, Sept 1 (Reuters) - U.S. corn nudged lower on Friday
but was still poised to record its first weekly gain in more
than a month, buoyed by strong Chinese economic data and signs
of robust overseas demand for American supplies.
    The most active corn futures on the Chicago Board Of Trade
 were down 0.2 percent to $3.57 a bushel after jumping 3.6
percent on Thursday. Underpinned by the biggest daily gain
nearly two months, corn is up nearly 1 percent for the week, the
first weekly gain since mid-July.
    The United States Department of Agriculture reported export
sales of U.S. corn in the latest week at 992,500 tonnes (old and
new crop years combined), well beyond trade expectations for a
range of 400,000-900,000 tonnes.
    "We have been waiting for U.S. exports to respond to low
prices. This data unambiguously says they have," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
    Despite the export-led rally, analysts said price gains were
checked by expectations that U.S. production will be stronger
than many had previously anticipated. 
    Commodity brokerage 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.
    In other grains news, the most active wheat futures
were up 0.2 percent to $4.35-1/4 a bushel after closing up 1.1
percent on Thursday. Wheat is little change for the week after
closing down 1.7 percent in the previous week.
    The most active soybean futures rose 0.3 percent to
$9.47-3/4 a bushel after closing up 1.3 percent in the previous
session. Soybeans are up nearly 0.5 percent for the week, the
second straight weekly gain.
    INTL FCStone raised its forecast of the U.S. 2017 soybean
yield to 49.8 bpa from its Aug. 1 figure of 47.7 bpa.
 Grains prices at  0328 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     357.00    -0.75    -0.21%        +3.33%  370.87    44
 CBOT soy      947.75     2.50    +0.26%        +1.55%  958.83    51
 CBOT rice      12.86    $0.03    +0.27%        +1.14%  $12.60    70
 WTI crude      46.97   -$0.26    -0.55%        +2.20%  $48.14    47
 Euro/dlr      $1.191   $0.000    +0.00%        +0.23%              
 USD/AUD       0.7950    0.000    +0.05%        +0.58%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
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