October 31, 2019 / 1:34 AM / 22 days ago

GRAINS-Corn falls from more than 1-week high, but harvesting delay fears cap losses

    SYDNEY, Oct 31 (Reuters) - U.S. corn futures edged lower on
Thursday, retreating from a more than one-week high touched in
the previous session, though losses were checked by concerns
over potential further delays in harvesting North American
crops. 
    
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.1% at $3.90-1/2 a bushel, as of 0048 GMT, having
gained 1% in the previous session when prices matched a Oct. 22
high of $3.91-1/4 a bushel.
    * The most active soybean futures were unchanged at
$9.18-1/2 a bushel, having closed down 0.3% on Wednesday.
    * The most active wheat futures were up 0.2% at
$5.10-1/2 a bushel, having closed down 0.4% previous session
when prices hit a Oct. 16 low of $5.07 a bushel.
    * Snow and rain are expected in parts of the U.S. Corn Belt,
followed by chilly temperatures. The weather could further delay
autumn harvests, after rains and historic flooding stalled
plantings in the spring.
    * The U.S. Department of Agriculture on Monday reported the
U.S. corn harvest was 41% complete, well behind the average pace
of 61%. Farmers had harvested 62% of their soybeans, also
significantly below the average pace of 78% for this time of the
year.
    * U.S. Treasury Secretary Steven Mnuchin said it will take
time for Chinese purchases of U.S. agricultural goods to "scale
up" to the $40 billion to $50 billion annual level touted by
President Donald Trump if the two sides can seal a 'Phase One'
trade deal.
         
    MARKET NEWS  
    * The dollar fell against a basket of major currencies on
Wednesday, reversing initial gains, after the Federal Reserve
cut interest rates for the third time this year but signalled
its rate-cut cycle might be at a pause, as was broadly expected.
  
    * Oil prices fell on Wednesday after a steep U.S. crude
inventory build added to worries about a possible delay in
resolving the U.S.-China trade war, which has hurt global oil
demand.  
    * U.S. stocks advanced on Wednesday, with the S&P 500
closing at a record for the second time in three sessions, after
a policy statement by the U.S. Federal Reserve that cut interest
rates by a quarter of a percentage point.  
        
 Grains prices at  0048 GMT
 Contract        Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat    510.50    1.25   +0.25%       -0.20%  502.64     45
 CBOT corn     390.50   -0.25   -0.06%       +1.10%  386.34     55
 CBOT soy      933.00    2.50   +0.27%       +1.61%  917.57     38
 CBOT rice      12.00   $0.00   +0.00%       +0.63%  $12.13     42
 WTI crude      54.94  -$0.12   -0.22%       -1.08%  $54.66     45
 Currencies                                                       
 Euro/dlr      $1.116  $0.001   +0.06%       +0.41%               
 USD/AUD       0.6911   0.001   +0.13%       +0.68%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Kenneth Maxwell)
  
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