November 6, 2019 / 1:45 AM / 14 days ago

GRAINS-Corn firms for first time in five sessions

SYDNEY, Nov 6 (Reuters) - U.S. corn futures rose for the first time in five sessions on Wednesday, rebounding from an over three-week low, though gains were capped by expectations that favourable weather would have allowed North American farmers to rapidly advance harvest.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.3% at $3.83 a bushel by 0013 GMT, having closed down 0.4% in the previous session when prices hit an Oct. 11 low of $3.81 a bushel.

* The most active soybean futures were little changed at $9.34-1/2 a bushel, having closed down 0.4% on Tuesday.

* The most active wheat futures were 0.3% higher at $5.16-3/4 a bushel, having closed up 1.1% on Tuesday.

* The U.S. Department of Agriculture (USDA) will issue its latest supply and demand report on Friday.

* Traders anticipated minimal reductions to corn and soy crop outlooks, despite poor crop weather this year.

* The USDA said 52% of the U.S. corn crop was harvested by Sunday, slightly behind market forecasts of 54%. Soybeans were 75% harvested, on par with expectations.

* Concerns over U.S.-China trade talks remain as Beijing pushes President Donald Trump to remove more tariffs imposed in September as part of a “phase one” trade deal.

MARKET NEWS

* The dollar held the upper hand against rivals on Wednesday, particularly versus traditional safe-haven currencies, on rising hopes for a U.S.-China trade deal and a string of solid U.S. economic data.

* Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.

* The benchmark S&P 500 edged lower on Tuesday, as investors paused in the wake of a rally buoyed by hopes of a trade deal between the United States and China that sent the three main U.S. stock indexes to record highs in the previous session. (Reporting by Colin Packham; Editing by Clarence Fernandez and Aditya Soni)

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