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GRAINS-Corn falls, losses checked by concerns over maturity of U.S. crop
September 12, 2017 / 1:29 AM / 11 days ago

GRAINS-Corn falls, losses checked by concerns over maturity of U.S. crop

    SYDNEY, Sept 12 (Reuters) - U.S. corn fell for the first
time in three sessions on Tuesday, although losses were checked
by data pegging the maturity of the crop in several key states
behind average pace, leaving them vulnerable to adverse weather.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.1 percent to $3.57 a bushel by 0102 GMT,
having gained 0.2 percent in the previous session.
    * The most active soybean futures were little changed
at $9.59-3/4 a bushel after closing down 0.2 percent on Monday.
    * The most active wheat futures were down 0.1 percent
to $4.34-1/4 a bushel, having closed down 0.7 percent on Monday
when prices hit a low of $4.31-1/2 a bushel - the lowest since
Aug. 31. 
    * The USDA in a weekly report said the U.S. corn harvest was
5 percent harvested, near the five-year average of 6 percent and
ahead of the average trade estimate of 4 percent. But crop
maturity lagged in key states.
    * In Iowa, the top U.S. corn producer, USDA said 15 percent
of the crop was mature, below the five-year average of 28
percent. The corn crop in the No. 2 producer, Illinois, was 26
percent mature, compared to the five-year average of 41 percent.

    * The Australian government lowered its estimate of the
country's 2017/18 wheat crop to 21.64 million tonnes, an
eight-year low, from a March forecast of 23.98 million.

         
    MARKET NEWS  
    * The dollar held to large gains on Tuesday following a
sharp rebound against the yen and euro, lifted by improving
investor risk sentiment as worries over North Korea and
Hurricane Irma receded.  
    * Oil prices rose on Monday as key U.S. refineries began
restarts following Hurricane Harvey, which may help revive crude
oil processing, while fuel prices fell as Hurricane Irma is
likely to clip demand for gasoline and diesel.  
    * The S&P 500 surged over 1 percent to a record high close
on Monday as tropical storm Irma caused less damage than
expected in Florida, and after North Korea did not test-fire
missiles over the weekend, which some had feared  
    
    DATA AHEAD (GMT) 
0830  Britain               Consumer prices               Aug 
1000  U.S.                  NFIB business optimism        Aug 
        
 Grains prices at  0102 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  434.25    -0.50    -0.12%       -0.80%  451.48    44
 CBOT corn   357.00    -0.50    -0.14%       +0.07%  365.03    54
 CBOT soy    959.75    -0.25    -0.03%       -0.23%  950.86    55
 CBOT rice    12.65   -$0.01    -0.04%       -0.55%  $12.63    47
 WTI crude    48.04   -$0.03    -0.06%       +1.18%  $48.10    51
 Currencies                                                      
 Euro/dlr    $1.195   $0.000    -0.03%       -0.71%              
 USD/AUD     0.8013   -0.001    -0.19%       -0.56%              
 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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