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.
    * 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.

    * 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
    * 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
 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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