October 16, 2019 / 12:36 AM / a month ago

GRAINS-Corn edges lower but USDA harvest report caps losses

    SYDNEY, Oct 16 (Reuters) - U.S. corn futures edged lower on
Wednesday, falling for a second session, although losses were
checked as the U.S. Department of Agriculture (USDA) pegged the
rate of harvest behind market expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.6% at $3.91 a bushel by 0008 GMT, having
closed down 1.1% in the previous session amid uncertainty about
U.S.-China trade.
    * The most active soybean futures were down 0.1%
at$9.32-3/4 a bushel, having closed down 0.7% on Tuesday.
    * The most active wheat futures were down 0.2% at$5.06
a bushel, having closed down 0.7% on Tuesday.
    * In its weekly crop progress report, the USDA said 22% of
the corn crop has been harvested, behind market expectations.

    * It said 26% of soybean crop has been harvested, slightly
ahead of market forecasts.
    * The National Oilseed Processors Association said its
members crushed 152.6 million bushels of soybeans in September,
down 9% from August and below the lowest level in a range of
trade expectations.
    * U.S. President Donald Trump said on Friday that China had
agreed to purchase $40 billion to $50 billion worth of U.S.
agricultural goods in a first phase of an agreement to end the
trade war.
    * But China would make the purchases only if Trump rolls
back levies put in place since the trade war began, Bloomberg
reported on Tuesday, citing people familiar with the matter.

         
    MARKET NEWS  
    * The British pound on Tuesday jumped to its highest level
since mid-May against the dollar following a report that
officials were close to a deal for Britain to exit the European
Union.  
    * Oil prices fell on Tuesday, as investors worried that the
unrelenting U.S.-China trade war would keep squeezing the global
economy, and that swelling U.S. crude inventories would further
pressure prices.  
    * Wall Street advanced on Tuesday as third-quarter reporting
season hit with a spate of upbeat earnings reports that brought
buyers back to the equities market.  
        
 Grains prices at  0008 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   506.00   -1.00    -0.20%       -0.98%  488.58     64
 CBOT corn    391.00   -2.25    -0.57%       -1.70%  377.59     55
 CBOT soy     932.75   -1.25    -0.13%       -0.82%  900.30     69
 CBOT rice     11.88   $0.00    -0.04%       -0.92%  $12.01     48
 WTI crude     53.03   $0.22    +0.42%       -1.04%  $55.54     43
 Currencies                                                       
 Euro/dlr     $1.103  $0.000    +0.00%       +0.03%               
 USD/AUD      0.6750   0.000    -0.03%       -0.35%               
 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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