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GRAINS-Corn edges up from near five-month low on crop tour findings
August 24, 2017 / 1:43 AM / a month ago

GRAINS-Corn edges up from near five-month low on crop tour findings

    SYDNEY, Aug 24 (Reuters) - U.S. corn nudged higher on
Thursday, edging up from a near five-month low touched earlier
in the session after a widely watched crop tour pegged lower
yields in a key producing region.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were trading up 0.1 percent at $3.56 a bushel by 0114 GMT,
having earlier hit a low of $3.55-1/4 a bushel - the lowest
since March 31. Corn closed down 1.2 percent on Wednesday and
has slid over 7 percent this month.
    * The most active soybean futures were down 0.2
percent at $9.36 a bushel, having closed little changed in the
previous session
    * The most active wheat futures were up 0.1 percent to
$4.30-1/2 a bushel after closing up 0.2 percent on Wednesday. 
    * Illinois corn yields are projected to fall about 6.6
percent from last year's near-record crop, scouts on an annual
tour said on Wednesday after surveying 205 fields across the No.
2 corn producing state.
    * Soybeans were supported as Argentine biodiesel exports are
expected to priced out of the U.S. market after Washington
decided on Tuesday to impose steep duties on imports that it
said were unfairly subsidized.
    * However, gains were capped after the U.S. Department of
Agriculture said private exporters cancelled sales of 640,970
tonnes of U.S. soybeans sold to China for delivery in the
2016/17 marketing year.
         
    MARKET NEWS  
    * The dollar fell on Wednesday in a generally risk-averse
market after U.S. President Donald Trump suggested a shutdown of
the government was possible and threatened to terminate the
North American Free Trade Agreement.  
    * Oil prices rose on Wednesday after U.S. crude inventories
declined for the eighth straight week and as a storm approached
the Gulf Coast with the potential to disrupt oil and refined
products output.  
    * U.S. stocks closed lower on Wednesday as investors
grappled with a threat from President Donald Trump to shut down
the government if Congress fails to fund a Mexico border wall.
  
    
     DATA AHEAD (GMT) 
0645  France              Business climate               Aug 
0830  Britain             GDP 2nd release                Q2 
1230  U.S.                Weekly jobless claims 
1400  U.S.                Existing home sales            Jul
          
 Grains prices at  0114 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   430.50     0.50    +0.12%       +0.35%  484.46    16
 CBOT corn    356.00     0.25    +0.07%       -1.11%  379.17    23
 CBOT soy     936.00    -2.00    -0.21%       -0.16%  972.25    41
 CBOT rice     12.60   -$0.01    -0.04%       +0.76%  $12.48    59
 WTI crude     48.33   -$0.08    -0.17%       +1.45%  $48.09    54
 Currencies                                                       
 Euro/dlr     $1.181   $0.000    +0.02%       +0.40%              
 USD/AUD      0.7900    0.000    -0.03%       -0.09%              
 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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