November 11, 2019 / 2:15 AM / a month ago

GRAINS-Corn falls on stronger dollar, USDA estimate caps losses

SYDNEY, Nov 11 (Reuters) - U.S. corn futures slipped on Monday, as a firmer dollar and weak demand raised concerns about American exports, though losses were capped by a lower-than-expected production forecast from the U.S. Department of Agriculture.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.5% at $3.75-1/4 a bushel by 0116 GMT, having gained 0.5% in the previous session.

* The most active soybean futures were down 0.4% at $9.27-3/4 a bushel, having closed down 0.6% on Friday.

* The most active wheat futures were down 0.5% at$5.07-1/2 a bushel, having closed down 0.4% on Friday.

* The USDA on Friday pegged corn production at 13.661 billion bushels, down from 13.779 billion a month earlier.

* The outlook was based on an average yield of 167.0 bushels per acre (bpa), down from 168.4 previously.

* End-of-season U.S. corn stocks were trimmed to a still-abundant 1.91 billion bushels, while exports were lowered by 50 million bushels.

*The agency pegged the soy crop at 3.550 billion bushels, with yields seen at 46.9 bpa, unchanged from October.

* President Donald Trump on Friday said he has not agreed to rollbacks of U.S. tariffs sought by China, sparking fresh doubts about when the world’s two largest economies may end a 16-month trade war that has slowed global growth.

MARKET NEWS

* The dollar held near multi-week highs on Monday amid optimism that the United States and China would roll back tariffs that have hurt global growth.

* Oil prices edged higher on Friday, after falling more than 1% following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China.

* The three major U.S. stock indexes posted record closing highs and the S&P 500 registered a fifth straight week of gains on Friday as investors brushed aside worries over the progress of U.S.-China trade talks and as Walt Disney shares rose.

Reporting by Colin Packham; Editing by Aditya Soni

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