October 31, 2018 / 1:49 AM / 3 months ago

GRAINS-Corn falls as U.S. harvest expected to advance

    SYDNEY, Oct 31 (Reuters) - U.S. corn futures edged lower for
a third consecutive session on Wednesday as favourable weather
is set to allow farmers to advance harvesting.
            
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.1 percent to $3.64-1/4 a bushel by 0051 GMT,
near the session low of $3.64 a bushel - the lowest since Oct
26. Corn closed down 0.5 percent in the previous session.
    * The most active soybean futures were little changed
at  $8.83 a bushel, having firmed 1 percent on Tuesday.
    * The most active wheat futures were down 0.4 percent
at $4.97-3/4 a bushel, having closed down 1.5 percent on
Tuesday. 
    * Largely favourable weather for harvesting in the U.S.
Midwest is keeping open the window for more farmers to finish
gathering bumper corn and soybean crops.
    * U.S. President Donald Trump said on Monday he expected "a
great deal" with China on trade, but warned that billions of
dollars worth of new tariffs were ready to be imposed if a deal
was not possible.
         
    MARKET NEWS  
    * The dollar rose to a 16-month high against a basket of
major currencies on Tuesday, amid growing signs the United
States economy is outperforming its peers.  
    * Oil prices dropped more than 1 percent on Tuesday on signs
of rising supply and concern that global economic growth and
demand for fuel will fall victim to the U.S.-China trade war.
  
    * Major U.S. stock indexes jumped more than 1 percent on
Tuesday, helped by strong gains for chip and transport stocks as
investors took advantage of cheaper prices following a steep
recent pullback for equities.  
    
    DATA AHEAD (GMT)
0100  China         Official manufacturing PMI     Oct
0100  China         Official services PMI          Oct
0700  Germany       Retail sales                   Sep
0745  France        Consumer prices                Oct
1000  Euro zone     Consumer prices                Oct
1000  Euro zone     Unemployment rate              Sep
1215  U.S.          ADP national employment        Oct
1230  U.S.          Employment costs               Q3
1345  U.S.          Chicago PMI                    Oct
        
 Grains prices at  0051 GMT
 Contract        Last   Change   Pct chg   Two-day chg      MA 30
 CBOT wheat    497.75    -2.00    -0.40%        -1.87%     512.94
 CBOT corn     364.25    -0.50    -0.14%        -0.68%     366.22
 CBOT soy      833.00    -0.50    -0.06%        -0.72%     856.66
 CBOT rice      10.44    $0.00    +0.00%        -4.48%     $10.68
 WTI crude      66.41    $0.23    +0.35%        -0.94%     $71.05
 Currencies                                                      
 Euro/dlr      $1.134   $0.000    -0.02%        -0.26%           
 USD/AUD       0.7086   -0.002    -0.27%        +0.44%           
 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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