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GRAINS-Corn extends losses into second session on ample global stocks
September 27, 2017 / 1:02 AM / a month ago

GRAINS-Corn extends losses into second session on ample global stocks

    SYDNEY, Sept 27 (Reuters) - U.S. corn fell for a second
consecutive session on Wednesday as ample global supplies,
expected to be confirmed by the U.S. Department of Agriculture
later this week, pressured prices.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.2 percent to $3.51-1/2 a bushel by 0035 GMT,
having closed down 0.4 percent in the previous session.    
    * The most active soybean futures were little changed
at $9.63 a bushel, having closed down 0.8 percent on Tuesday.
    * The most active wheat futures were up 0.2 percent to
$4.54-1/2 a bushel, having closed little changed on Tuesday. 
    * U.S. Department of Agriculture to issue last quarterly
stocks report on Friday. Analysts expect U.S. corn stocks as of
Sept. 1 to be pegged at 2.353 billion bushels, which would be
the largest Sept. 1 stocks since 1988, if realized.
    * Analysts surveyed by Reuters expect the government to
lower its estimate of U.S. 2017 spring wheat and all-wheat
production.
    * U.S. Department of Agriculture report showed the U.S.
soybean harvest was 10 percent complete as of Sunday, while 11
percent of the U.S. corn crop had been harvested.

    * The progress figures fell below average trade estimates in
a Reuters poll, but dry weather was forecast for this week in
most of the U.S. Midwest, which should speed fieldwork.
             
    MARKET NEWS  
    * The U.S. dollar hit five-week highs against the euro on
Tuesday after Federal Reserve Chair Janet Yellen was seen as
striking a slightly hawkish tone on rates, before the greenback
gave back some gains as the move was seen as overdone.  
    * Oil prices ended 1 percent lower on Tuesday after
investors took profits following a rally to 26-month highs
spurred largely by threats from Turkey to cut crude exports from
Iraq’s Kurdistan region.  
    *  The S&P 500 ended flat on Tuesday and the Nasdaq posted
modest gains as technology shares bounced from sharp losses in
the prior session and comments from Fed Chair Janet Yellen
boosted expectations of a December rate hike.  
    
    DATA (GMT)
1100 U.S.   Mortage Market index    weekly 
1230 U.S.   Build Permits           Aug 
1230 U.S.   Durable Goods           Aug 
1400 U.S.   Pending Homes index     Aug 
        
 Grains prices at  0035 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   454.50     0.75    +0.17%       +0.11%  441.05   74
 CBOT corn    351.50    -0.75    -0.21%       -0.64%  355.18   54
 CBOT soy     963.00    -0.50    -0.05%       -0.85%  954.91   48
 CBOT rice     11.97    $0.00    +0.00%       -3.19%  $12.64   26
 WTI crude     52.05    $0.17    +0.33%       -0.33%  $48.72   74
 Currencies                                                      
 Euro/dlr     $1.178  -$0.001    -0.10%       -0.57%             
 USD/AUD      0.7870   -0.002    -0.20%       -0.81%             
 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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