August 21, 2017 / 1:05 AM / in 3 months

GRAINS-Corn edges lower, hovers close to 7-week low

    SYDNEY, Aug 21 (Reuters) - U.S. corn edged lower on Monday
to linger near a seven-week low as weather forecasts called for
rain across key producing regions, easing fears of potential
production losses due to dry weather.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.5 percent at $3.64 a bushel by 0047 GMT,
having gained 0.4 percent in the previous session.
    * Corn last week hit a low of $3.63-1/4 a bushel - the
lowest since June 27.
    * The most active soybean futures were down 0.3
percent to $9.34-3/4 a bushel, having firmed 0.5 percent on
Friday.
    * The most active wheat futures edged up 0.3 percent
to $4.44 a bushel, having closed up 0.4 percent on Friday. 
    * Weather forecasts looked relatively favourable for Midwest
corn and soybean crops, although there was still uncertainty as
to whether showers would reach all of the areas affected by very
dry conditions earlier this summer.
    * Wheat was pressured as rain is expected to recharge soil
moisture in winter wheat areas ahead of planting this fall.
         
    MARKET NEWS  
    * The dollar fell against a basket of major currencies on
Friday as continued uncertainty over the economic agenda of U.S.
President Donald Trump pushed investors out of the greenback.
  
    * Oil prices rose sharply on Friday, as the dollar fell and
U.S. drillers cut rigs, feeding a rally that boosted global
benchmark Brent crude to a weekly gain while U.S. crude was
virtually flat on the week.  
    
    DATA AHEAD (GMT) 
1230  U.S.            National activity index              Jul 
    
 Grains prices at  0047 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   444.00     1.50    +0.34%       +0.79%  497.75    19
 CBOT corn    364.00    -1.75    -0.48%       -0.07%  383.34    33
 CBOT soy     934.75    -3.00    -0.32%       +0.19%  980.64    42
 CBOT rice     12.34   -$0.10    -0.80%       +1.27%  $12.16    46
 WTI crude     48.50   -$0.01    -0.02%       +2.99%  $47.87    55
 Currencies                                                       
 Euro/dlr     $1.176   $0.000    -0.04%       +0.27%              
 USD/AUD      0.7923    0.000    -0.05%       +0.49%              
 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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