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GRAINS-Corn firms, edges up from near 5-month low
August 24, 2017 / 4:09 AM / 3 months ago

GRAINS-Corn firms, edges up from near 5-month low

    * Corn firms for first time in four sessions
    * Crop tour pegs Illinois corn yields below USDA f'cast
    * Wheat edges higher, soybeans firm

    By Colin Packham
    SYDNEY, Aug 24 (Reuters) - U.S. corn rose for the first time
in four sessions on Thursday, edging up from a near five-month
low touched earlier in the session, after a widely watched crop
tour reported lower yield estimates in a key producing region.
    Soybeans edged higher for a third consecutive session, while
wheat also nudged higher.
    The most active corn futures on the Chicago Board Of Trade
 were trading up 0.2 percent at $3.56-1/2 a bushel by 0345
GMT, having earlier hit a low of $3.55-1/4 a bushel - the lowest
since March 31. Corn closed down 1.2 percent on Wednesday and
has slid more than 7 percent this month.
    The uptick in support came as the Farm Journal Midwest Crop
Tour said Illinois corn yields are projected to fall about 6.6
percent from last year's near-record crop after surveying 205
fields across the No. 2 corn-producing state.
    The tour estimated yields in Illinois at 180.72 bushels per
acre (bpa), below the U.S. Department of Agriculture's latest
forecast this month of 188 bpa.
    "The surveys from this region needed to be poor for the
market to retain its collective scepticism," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of
Australia.
    The most active wheat futures were up 0.1 percent
at$4.30-1/2 a bushel after closing up 0.2 percent on Wednesday.
    The most active soybean futures were up 0.3 percent at
$9.41-1/2 a bushel, having closed little changed in the previous
session.
    Soybeans were supported as Argentine biodiesel exports are
expected to be priced out of the U.S. market after Washington
decided on Tuesday to impose steep duties on imports that it
said were unfairly subsidised.
    Gains were capped after the U.S. Department of Agriculture
said private exporters cancelled sales of 640,970 tonnes of U.S.
soybeans sold to China for delivery in the 2016/17 marketing
year.
    
 Grains prices at  0345 GMT
 Contract        Last    Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    430.50      0.50    +0.12%       +0.35%  484.46    14
 CBOT corn     356.50      0.75    +0.21%       -0.97%  379.18    23
 CBOT soy      941.00      3.00    +0.32%       +0.37%  972.42    47
 CBOT rice      12.60    -$0.01    -0.04%       +0.76%  $12.48    59
 WTI crude      48.37    -$0.04    -0.08%       +1.53%  $48.09    55
 Currencies                                                         
 Euro/dlr      $1.180   -$0.001    -0.05%       +0.33%              
 USD/AUD       0.7895    -0.001    -0.09%       -0.15%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Jacqueline Wong)
  

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