August 29, 2017 / 4:33 AM / a month ago

GRAINS-Corn falls to 8-month low on ample global supplies

    * USDA pegs condition of corn crop below f'casts
    * Wheat extends two-day losses to nearly 2 percent
    * Condition of soybean crop improves - USDA

    By Colin Packham
    SYDNEY, Aug 29 (Reuters) - U.S. corn eased on Tuesday to hit
an eight-month low as fears of U.S. production losses eased,
despite the U.S. Department of Agriculture (USDA) pegging the
condition of the crop below forecasts.
    Wheat fell, extending two-day losses to nearly 2 percent,
while soybeans edged lower.
    The most active corn futures on the Chicago Board Of Trade
 were down 0.3 percent to $3.50 a bushel by 0410 GMT, the
lowest since Dec. 30, 2016. Corn closed down 0.7 percent in the
previous session.
    "A month or so ago, some people were convinced current
production was going to fall below USDA estimates but those
fears have subsided," said Angus Thornton, a commodity analyst
at advisory service Profarmer.
    Corn shrugged off the USDA's latest condition report, which
came in below forecasts.
    The USDA said 62 percent of the crop was in
good-to-excellent condition, unchanged from last week. Analysts
had expected a slight increase.
    The most active soybean futures were down 0.2 percent
to $9.39-1/2 a bushel, having closed down 0.3 percent on Monday.
    Profarmer last week predicted bumper U.S. soy and corn
harvests that will begin hitting markets in the next several
weeks.
    The USDA said 61 percent of the soybean crop was in
good-to-excellent condition, up 1 percent on last week. Analysts
surveyed by Reuters had expected soy ratings to stay steady.

    The most active wheat futures were down 0.2 percent
$4.27-1/4 a bushel, having closed down 1.7 percent on Monday.
    Analysts said global wheat remain under pressure amid ample
global supplies, with Russian production due to hit the market
soon.
        
 Grains prices at  0410 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   427.25    -0.75   -0.18%       -1.84%  474.28    19
 CBOT corn    350.00    -1.00   -0.28%       -0.99%  375.38    14
 CBOT soy     939.50    -1.75   -0.19%       -0.53%  966.75    41
 CBOT rice     12.63   -$0.02   -0.16%       -0.63%  $12.54    53
 WTI crude     46.78    $0.21   +0.45%       -2.28%  $48.14    41
 Currencies                                                      
 Euro/dlr     $1.197  -$0.001   -0.07%       +0.38%              
 USD/AUD      0.7923   -0.004   -0.49%       -0.13%              
 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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