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GRAINS-Corn falls, retreats from more than two-week high
September 7, 2017 / 1:20 AM / 3 months ago

GRAINS-Corn falls, retreats from more than two-week high

    SYDNEY, Sept 7 (Reuters) - U.S. corn ticked down on
Thursday, easing from a more than two-week high touched in the
previous session, though fears over the condition of the U.S.
crop provided a floor to losses.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.6 percent to $3.59 a bushel by 0050 GMT after 
closing up 0.7 percent in the previous session when prices hit a
high of $3.62 a bushel - the highest since Aug. 23.
    * The most active soybean futures were little changed
at $9.71-1/4 a bushel, having firmed 0.3 percent on Wednesday.
    * The most active wheat futures were down 0.1 percent
to $4.41-1/4 a bushel, having closed up 0.7 percent on
Wednesday. 
    * Corn draws support from concerns about slow crop maturity
that may slow the start of harvest and leave crops vulnerable to
bad weather.
    * The U.S. Department of Agriculture in a weekly report late
Tuesday said 12 percent of the U.S. corn crop was mature, behind
the five-year average of 18 percent. The slow maturity could
delay the harvest, which normally begins this month in the
Midwest.
    * Forecasts called for dry weather across much of the
Midwest for the next 10 days, potentially stressing the maturing
U.S. soybean crop.
    * The expected arrival of hurricane Irma in the southeast of
the United States next week could also hit some soybean and corn
crops.
             
    MARKET NEWS  
    * The U.S. dollar hit a multi-year low against the Canadian
dollar on Wednesday after the Bank of Canada surprised many by
raising interest rates, while rising against the safe-haven yen
after President Donald Trump said he agreed with lawmakers to
pass an extension of the U.S. debt limit.  
    * Oil prices rose more than 1 percent on Wednesday as strong
global refining margins and the reopening of U.S. Gulf Coast
refineries provided a more bullish outlook after sharp drops due
to Hurricane Harvey.  
    * Wall Street climbed on Wednesday, boosted by energy shares
and helped by news of an agreement to extend the debt limit, as
stocks bounced back from a day-earlier selloff.  
  
    DATA/EVENT AHEAD (GMT) 
      China              Forex reserves                Aug 
0600  Germany           Industrial output              Jul 
0645  France            Current account                Jul 
0645  France            Trade balance                  Jul 
0900  Euro zone         Revised GDP                    Q2 
1145  European Central Bank interest rate decision 
1230  ECB President Mario Draghi holds news conference  
1230  U.S.              Weekly jobless claims 
        
 Grains prices at  0052 GMT
 Contract       Last  Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   445.25   -0.50   -0.11%        +0.51%  458.68    53
 CBOT corn    359.00   -2.00   -0.55%        +0.14%  368.13    53
 CBOT soy     971.25    0.25   +0.03%        +0.28%  955.81    67
 CBOT rice     12.69  -$0.04   -0.28%        -2.01%  $12.62    54
 WTI crude     49.18   $0.02   +0.04%        +1.07%  $48.28    65
 Currencies                                                      
 Euro/dlr     $1.192  $0.001   +0.08%        +0.10%              
 USD/AUD      0.8013   0.001   +0.18%        +0.23%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  

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