October 30, 2019 / 1:07 AM / 22 days ago

GRAINS-Corn extends gains on sluggish U.S. harvest pace

    SYDNEY, Oct 30 (Reuters) - U.S. corn futures edged higher for a second consecutive session on Wednesday as concerns about the
pace of North American crops' harvest supported prices.
    * The most active corn futures on the Chicago Board Of Trade  were up 0.2% at $3.87 a bushel, as of 0038 GMT, having gained
0.6% in the previous session.
    * The most active soybean futures were unchanged at $9.18-1/2 a bushel, having closed little changed on Tuesday after
prices had earlier hit an Oct. 8 low of $9.16 a bushel.
    * The most active wheat futures were up 0.2% at $5.12-1/4 a bushel, having closed little changed in the previous session.
    * U.S. farmers have harvested 62% of their soybean crop, up from 46% a week earlier although below the average pace of 78% at
this time of the year, the U.S. Department of Agriculture said after the market closed on Monday.
    * The U.S. corn harvest was 41% complete, up from 30% a week earlier and lower than the average pace of 61%, the agency said. The
corn harvest progress was below the average trade estimate of 43%.
    * Forecasts of snow across a wide swath of the U.S. Midwest - from Missouri to Wisconsin, according to the Commodity Weather
Group - are poised to further slow the harvest and have raised questions about weather impacts on the U.S. corn crop.
    * An interim trade agreement between the United States and China might not be completed in time for signing in Chile next month
as expected but that does not mean the accord is falling apart, a U.S. administration official said on Tuesday.
    * The dollar dipped against the euro on Tuesday, a day before the U.S. Federal Reserve was expected to cut interest rates, while
sterling dipped as Britain looked likely to go to election in December.  
    * Oil prices were mixed on Tuesday, paring earlier steep losses as investors focused on signs that U.S.-China trade tensions
could ease next month and expectations that U.S. refined product stockpiles declined last week.  
    * The S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled
with a flood of earnings and the latest update on a potential trade deal between the U.S. and China.  
 Grains prices at 0038 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  512.25    0.75   +0.15%       +0.10%   501.99     50
 CBOT corn   387.00    0.75   +0.19%       +0.78%   385.63     52
 CBOT soy    918.25    0.00   +0.00%       -0.27%   916.31     38
 CBOT rice    11.93   $0.00   +0.00%       -1.04%   $12.17     35
 WTI crude    55.43  -$0.11   -0.20%       -0.68%   $54.78     53
 Euro/dlr    $1.111  $0.000   -0.02%       +0.09%                
 USD/AUD     0.6865   0.000   +0.01%       +0.39%                
 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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