April 15, 2019 / 1:34 AM / 2 months ago

GRAINS-Corn extends gains into second session on weather woes

    SYDNEY, April 15 (Reuters) - U.S. corn futures extended gains into a second straight session on Monday, as traders were worried that adverse weather conditions across the Midwest would reduce production.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade  were up 0.2 percent at $3.61-3/4, as of 0112 GMT, having gained 0.3 percent in the previous session.
    * The most active soybean futures were up 0.1 percent at $8.96-1/4 a bushel, having closed unchanged on Friday.
    * The most active wheat futures slipped 0.5 percent to $4.52 a bushel, having closed 0.9 percent higher on Friday. 
    * Wheat and corn draw support from concerns over planting delays after a blizzard across the Midwest.
    * The Buenos Aires Grains Exchange on Thursday raised its forecast for Argentina's soybean harvest to 55 million tonnes, a day after the Rosario exchange increased its estimate for the crop.
             
    MARKET NEWS  
    * The yen hovered near its lowest level this year on Monday as more signs of stabilisation in the Chinese economy and an upbeat start to the U.S. earnings season prompted investors to abandon the safe-haven
currency to seek higher returns elsewhere  
    * Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies provided a floor to losses.  
    
    DATA/EVENTS (GMT)
0200     Indonesia    Trade Balance        March
0630     India        WPI Inflation YY     March
1000     EU           Reserve Assets Total March
    
 Grains prices at  0112 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  462.00   -2.50    -0.54%       +0.33%  459.38     49
 CBOT corn   361.75    0.75    +0.21%       +0.49%  367.46     43
 CBOT soy    896.25    1.00    +0.11%       +0.11%  899.81     48
 CBOT rice    10.49   $0.02    +0.24%       +1.94%  $10.75     44
 WTI crude    63.46  -$0.43    -0.67%       -0.19%  $60.16     61
 Currencies                                                      
 Euro/dlr    $1.130  $0.000    +0.02%       +0.46%               
 USD/AUD     0.7166   0.000    -0.07%       +0.60%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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