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GRAINS-Corn falls to one-week low as U.S. harvest begins
October 4, 2017 / 1:36 AM / 2 months ago

GRAINS-Corn falls to one-week low as U.S. harvest begins

    SYDNEY, Oct 4 (Reuters) - U.S. corn fell for a third
consecutive session to hit a one-week low on Wednesday as ample
North American supplies began to hit the market.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 0.2 percent to $3.48-3/4 a bushel by 0053 GMT,
near the session low of $3.48-1/2 a bushel - the lowest since
September 27. Corn closed down 0.6 percent in the previous
session.
    * The most active soybean futures were up 0.1 percent
to $9.56-1/4 a bushel, having closed down 0.2 percent on
Tuesday.
    * The most active wheat futures were up 0.2 percent to
$4.49 a bushel, having closed up 0.9 percent on Tuesday. 
    * The U.S. Department of Agriculture on Monday said the corn
harvest was 17 percent complete, and it rated 63 percent of the
crop as good-to-excellent, an improvement from 61 percent a week
earlier.
    * Commodity brokerage INTL FCStone late on Monday raised its
forecast of the U.S. corn yield to 169.2 bushels per acre, from
166.9 a month earlier. The firm also raised its forecast of the
U.S. soybean yield to 49.9 bpa, from 49.8 previously.

    * Egypt's state grain buyer, the General Authority for
Supply Commodities, bought 180,000 tonnes of Russian wheat in an
international wheat tender.
         
    MARKET NEWS  
    * The dollar stepped back from a 1 1/2-month high against a
basket of currencies on Wednesday, as the rally triggered by
strong U.S. data fizzled on speculation U.S. President Donald
Trump's choice for the next Fed Chair may be a less hawkish
candidate than previously thought.
    * Oil prices eased on Wednesday over caution that a price
rally that lasted for most of the third quarter would not extend
through the last three months of the year.  
    * The three major U.S. stock indexes and the Russell 2000
posted record high closes for the second straight day on
Tuesday, helped by gains in airlines and as carmakers rose after
strong September vehicle sales.  
    
    DATA AHEAD (GMT) 
0750  France            Markit services PMI               Sep 
0755  Germany           Markit services PMI               Sep 
0800  Euro zone         Markit services PMI final         Sep 
0900  Euro zone         Retail sales                      Aug 
1215  U.S.              ADP national employment           Sep 
1400  U.S.              ISM non-manufacturing PMI         Sep 
1915  Federal Reserve Chair Janet Yellen gives brief welcome    
           remarks at banking event in St. Louis 
     
 Grains prices at  0053 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   449.00    1.00    +0.22%       +0.96%  442.96    55
 CBOT corn    348.75   -0.75    -0.21%       -0.78%  353.19    43
 CBOT soy     956.25    1.00    +0.10%       -0.10%  959.22    42
 CBOT rice     12.02   $0.00    +0.00%       +0.17%  $12.56    33
 WTI crude     50.07  -$0.35    -0.69%       -1.01%  $49.28    42
 Currencies                                                      
 Euro/dlr     $1.177  $0.003    +0.26%       +0.37%              
 USD/AUD      0.7850   0.002    +0.20%       +0.32%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Sonali Paul)
  

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