August 28, 2017 / 1:09 AM / 3 months ago

GRAINS-Corn edges up from more than 7-month low

    SYDNEY, Aug 28 (Reuters) - U.S. corn ticked higher on
Monday, edging up from a more than seven-month low touched in
the previous session, although gains were checked as fears of
widespread crop losses eased.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were 0.1 percent higher at $3.54 a bushel by 0043 GMT,
having closed down 0.8 percent in the previous session when
prices hit a low of $3.52-1/2 a bushel - the lowest since Jan.
11.
    * The most active soybean futures were little changed
at $9.44-3/4 a bushel, having closed down 0.2 percent on Friday.
    * The most active wheat futures were down 0.1 percent
to $8.81-3/4 a bushel, having closed up 0.2 percent on Friday. 
    * Pro Farmer, a division of Farm Journal Media, projected a
record-large 2017 U.S. soybean crop of 4.331 billion bushels,
based in part on the crop tour, but said U.S. soybean production
could still fall short of government forecasts.
    * Pro Farmer predicted the U.S. corn harvest at 13.953
billion bushels. Pro Farmer's corn and soy forecasts were both
below U.S. Department of Agriculture's outlooks from Aug. 10.
    * Weekly U.S. Commodity Futures Trading Commission data
released after the close of trading on Friday stated that
speculative investors increased their net short or bearish
positions in corn, soy and wheat in the trading week that ended
on Tuesday.
         
    MARKET NEWS  
    * The euro extended its gains early on Monday and rose to a
2-1/2-year high against the dollar after the European Central
Bank president did not try to talk down currency the strong
while markets assessed the impact of Hurricane Harvey on the
U.S. economy.  
    * U.S. gasoline prices soared more than 6 percent to the
highest level in more than two years and margins jumped 16
percent when markets opened on Sunday as Tropical Storm Harvey
caused widespread flooding in Houston and shut down refineries.
  

    DATA (GMT)
1230  U.S.  Adv Good Trade Balance   Jul 
1430  U.S.  Dalls Fed Mfg Bus Idx    Aug 
   
 Grains prices at  0043 GMT
 Contract       Last    Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   434.75     -0.50    -0.11%       +0.06%  477.93    25
 CBOT corn    354.00      0.50    +0.14%       -0.63%  376.84    20
 CBOT soy     944.75      0.25    +0.03%       -0.18%  968.94    45
 CBOT rice     12.71     $0.00    +0.00%       +0.87%  $12.51    68
 WTI crude     47.65    -$0.22    -0.46%       +0.46%  $48.16    48
 Currencies                                                        
 Euro/dlr     $1.192    $0.000    +0.00%       +1.08%              
 USD/AUD      0.7933     0.000    +0.00%       +0.42%              
 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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