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GRAINS-Corn extends losses into fifth session, lingers near 9-month low
August 31, 2017 / 12:55 AM / 24 days ago

GRAINS-Corn extends losses into fifth session, lingers near 9-month low

    SYDNEY, Aug 31 (Reuters) - U.S. corn edged lower as abundant
global supplies pushed prices down for a fifth consecutive
session to sit near a nine-month low.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 fell 0.1 percent to $3.45-1/4 a bushel by 0031 GMT, having
closed down 0.9 percent in the previous session when prices hit
a low of $3.45 a bushel - the lowest since Dec. 2.
    * The most active soybean futures were little changed
at $9.33-1/2 a bushel, having closed down 0.4 percent on
Wednesday.
    * The most active wheat futures were down 0.1 percent
at $4.29-1/4 a bushel, having closed up 0.4 percent on
Wednesday. 
    * Corn was under pressure amid expectations the U.S. 2017
harvest will be large, if not as big as the record 2016 crop.
The global grain pipeline is still absorbing massive South
America harvests.
    * Forecasts called for generally benign Midwest crop
weather, aside from a few dry areas, and a low likelihood of
frost through mid-September, which should benefit maturing
soybean crops.
         
    MARKET NEWS  
    * The U.S. dollar rose broadly on Wednesday on speculation
the European Central Bank could step in to weaken the euro and
after strong U.S. economic data boosted expectations for a solid
U.S. jobs report on Friday.  
    * Gasoline futures surged on Wednesday to a two-year high
while crude oil was down, as flooding and damage from Tropical
Storm Harvey shut nearly a quarter of U.S. refinery capacity,
curbing demand for crude while raising the risk of fuel
shortages.  
    * U.S. stocks rose on Wednesday after stronger-than-expected
U.S. economic growth outweighed concerns about escalating
tensions between the United States and North Korea and
uncertainty in the aftermath of Hurricane Harvey.  
    
    DATA AHEAD (GMT) 
0100  China           Official manufacturing PMI           Aug 
0100  China           Official non-manufacturing PMI       Aug 
0600  Germany         Retail sales                         Jul 
0645  France          Producer prices                      Jul 
0800  Germany         Unemployment rate                    Aug 
0900  Euro zone       Inflation flash                      Aug 
0900  Euro zone       Unemployment rate                    Jul 
1230  U.S.            Personal income                      Jul 
1230  U.S.            Weekly jobless claims 
1345  U.S.            Chicago PMI 
1400  U.S.            Pending home sales                   Jul 
    
 Grains prices at  0031 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   429.25    -0.50   -0.12%       -0.12%  467.60    32
 CBOT corn    345.25    -0.25   -0.07%       -1.00%  371.67    11
 CBOT soy     933.50     0.25   +0.03%       -0.40%  960.92    31
 CBOT rice     12.70   -$0.01   -0.12%       +0.75%  $12.58    60
 WTI crude     45.81   -$0.15   -0.33%       -1.36%  $48.05    34
 Currencies                                                      
 Euro/dlr     $1.189   $0.001   +0.08%       -0.68%              
 USD/AUD      0.7905    0.000   +0.01%       -0.53%              
 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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