August 21, 2017 / 4:40 AM / a year ago

GRAINS-Corn falls to 7-week low as dry weather fears ease

    * Rains forecast for Midwest corn and soybean crops
    * Soybeans fall for first time in four sessions
    * Wheat edges higher as threat to spring crop lingers

    By Colin Packham
    SYDNEY, Aug 21 (Reuters) - U.S. corn fell nearly 1 percent
on Monday as forecasts for rain eased fears of widespread
production losses due to recent dry weather, pushing prices to
around a seven-week low.
    Soybeans fell for the first time in four sessions, while
wheat edged higher for a second straight session. 
    The most active corn futures on the Chicago Board Of Trade
 were down 0.7 percent at $3.63-1/4 a bushel by 0341 GMT,
having gained 0.4 percent in the previous session. 
    The fall matched last week's low, which was the lowest since
June 27.
    "Climatic conditions have improved and whatever threat there
is to some crops has already been priced in," said Phin Ziebell,
agribusiness economist, National Australia Bank.
    Weather forecasts call for favourable rains for Midwest corn
and soybean crops, analysts said, although there was still
uncertainty as to whether showers would reach all of the areas
affected by very dry conditions earlier this summer.

    The recent stretch of good weather in major production
states such as Iowa and Illinois has led to improved ratings for
the soybean crop, reinforcing the bearish tone on prices.
    The most active soybean futures were down 0.4 percent
to $9.34-1/2 a bushel, having firmed 0.5 percent on Friday.
    The most active wheat futures edged up 0.1 percent to
$4.43 a bushel, having closed up 0.4 percent on Friday.
    Analysts said wheat continues to gain some support from
fears of U.S. production losses, though forecasts for rain
across some regions provided a cap to gains.
 Grains prices at  0341 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   443.00     0.50   +0.11%       +0.57%  497.72    17
 CBOT corn    363.25    -2.50   -0.68%       -0.27%  383.32    32
 CBOT soy     934.50    -3.25   -0.35%       +0.16%  980.63    41
 CBOT rice     12.50    $0.06   +0.48%       +2.59%  $12.16    51
 WTI crude     48.53    $0.02   +0.04%       +3.06%  $47.87    55
 Euro/dlr     $1.175  -$0.001   -0.07%       +0.25%              
 USD/AUD      0.7927    0.000   +0.00%       +0.55%              
 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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