October 31, 2019 / 2:49 AM / 13 days ago

GRAINS-Corn falls from one-week high, harvest delays caps losses

    * Corn hit Oct. 22 high on Wednesday
    * Soybeans firm, recoup losses from previous session
    * Wheat edges higher

    By Colin Packham
    SYDNEY, Oct 31 (Reuters) - U.S. corn futures edged lower on Thursday, falling from a one-week high touched in the
previous session, though concerns about further harvest delays provided a floor to losses.
    Soybeans ticked higher, recouping all the losses from the previous session, while wheat also edged higher.
    The most active corn futures on the Chicago Board of Trade were down 0.1% at $3.90-1/2 a bushel, as of 0210 GMT,
having gained 1% in the previous session when prices matched a Oct. 22 high of $3.91-1/4 a bushel.
    Analysts said the slow pace of harvesting U.S. crops continued to support prices, though it was likely to be limited
unless delays begun to seriously threaten yields.
    "There is  some concern about the harvest progress but it is hard to see how this changes the fundamentals. There is
ample global supply," said Phin Ziebell, agribusiness economist, National Australia Bank.
    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 (USDA) 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. 
    The most active wheat futures were up 0.1% at $5.09-3/4 a bushel, having closed down 0.4% previous session when
prices hit a Oct. 16 low of $5.07 a bushel.
    The most active soybean futures were up 0.3% at $9.33-1/4 a bushel, having closed down 0.3% on Wednesday.
    The market drew support from signs of progress in the U.S.-China trade talks.
    However, 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.
 Grains prices at  0210 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  509.75    0.50    +0.10%       -0.34%  502.62     44
 CBOT corn   390.50   -0.25    -0.06%       +1.10%  386.34     55
 CBOT soy    933.25    2.75    +0.30%       +1.63%  917.58     38
 CBOT rice    11.99  -$0.01    -0.08%       +0.55%  $12.13     42
 WTI crude    55.16   $0.10    +0.18%       -0.68%  $54.67     48
 Euro/dlr    $1.117  $0.002    +0.16%       +0.50%               
 USD/AUD     0.6921   0.002    +0.28%       +0.83%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; editing by Uttaresh.V)
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