July 19, 2019 / 1:34 AM / a month ago

GRAINS-Corn faces biggest weekly drop in 2 years on cooler U.S. weather

    SINGAPORE, July 19 (Reuters) - Chicago corn futures slid for
a second straight session on Friday, with the market set for its
biggest weekly drop since June 2017, as cooler weather across
the U.S. Midwest boosted crop prospects.
    Wheat edged higher on bargain-buying after finishing lower
for the last four sessions, although gains were capped by
harvest pressure around the northern hemisphere. 
    
    FUNDAMENTALS  
    * The most-active corn contract on the Chicago Board Of
Trade has declined by 6.5% this week, the most since the
week ended June 23, 2017. 
    * Soybeans are down 3.5% for the week, giving up much
of last week's gains, while wheat has lost 5.4%, the most
since early March. 
    * Last week, grain markets were underpinned by fears that
U.S. crops could suffer from prolonged hot and dry weather, but
Midwest rains brought some relief on Thursday.
    * The USDA export data also showed Russia and Mexico
cancelled 171,000 and 32,000 tonnes of soybeans, respectively,
adding pressure on prices.
    * Investors in the grains market are awaiting the U.S.
Department of Agriculture's (USDA) acreage report on Aug. 12 for
price direction.
    * Russian agriculture consultancy IKAR has lowered its
forecast for the Russian grain harvest to 121.4 million tonnes,
Interfax news agency reported.
    * On July 3, IKAR forecast that the grain harvest would be
123.4 million tonnes.
    
    MARKET NEWS
    * A gauge of global stocks advanced on Thursday, erasing
declines on a late rally after comments from a U.S. Federal
Reserve policymaker heightened expectations for a rate cut,
while oil prices dropped on forecasts of rising output.
    
    DATA/EVENTS (GMT)
0600    Germany    Producer Prices MM YY    June
1400    US         U Mich Sentiment Prelim  July

 Grains prices at 0112 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  494.25  0.75    +0.15%   -2.61%       522.17  34
 CBOT corn   429.50  -0.25   -0.06%   -2.66%       443.01  41
 CBOT soy    897.75  -1.25   -0.14%   -0.91%       911.23  43
 CBOT rice   11.81   -$0.09  -0.71%   +0.17%       $11.76  61
 WTI crude   55.92   $0.62   +1.12%   -1.51%       $56.50  
 Currencies                                                
 Euro/dlr    $1.126  $0.004  +0.33%   +0.45%               
 USD/AUD     0.7073  0.006   +0.91%   +0.87%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below