October 30, 2019 / 2:02 AM / 4 months ago

GRAINS-Corn firms on concerns over U.S. harvest pace

    * Corn up for second straight session
    * USDA pegs U.S. harvest pace below expectations
    * Soybeans rebounds from over 3-week low, wheat edges higher

    By Colin Packham
    SYDNEY, Oct 30 (Reuters) - U.S. corn futures edged higher on
Wednesday, extending gains into a second consecutive session,
underpinned by slow progress in harvesting North American crops.
    Soybeans firmed, rebounding from a two-week low touched in
the previous session, while wheat also edged higher.
    The most active corn futures on the Chicago Board Of Trade
 were up 0.2% at $3.87 a bushel, as of 0132 GMT, having
gained 0.6% in the previous session.
    Analysts said the ongoing concerns about the pace of
harvesting in the United States were supporting prices, though
gains were checked by favourable weather forecasts for South
America.
    "Weather forecasters are now expecting some relief for dry
conditions in Argentina's summer crop regions. This will allay
some modest worries," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
    The U.S. Department of Agriculture on Monday said the U.S.
corn harvest was 41% complete, up from 30% a week earlier but
lower than the average pace of 61%. The corn harvest progress
was below the average trade estimate of 43%.
    However, weather forecasts predict snow across a wide swath
of the U.S. Midwest - from Missouri to Wisconsin, which could
further slow the harvest.
    The most active wheat futures were up 0.2% at
$5.12-1/2 a bushel, having closed little changed in the previous
session.
    The most active soybean futures were up 0.1% at
$9.19-1/4 a bushel, having closed little changed on Tuesday
after prices hit an over three-week low of $9.16 a bushel
earlier in the session. 
    U.S. farmers have harvested 62% of their soybean crop, up
from 46% a week earlier although below the average pace of 78%
at this time of the year, the USDA said.
    Soybeans were under pressure as a key trade deal between
Washington and Beijing remains elusive, analysts said. 
     An interim trade agreement between the United States and
China might not be completed in time for signing in Chile next
month as expected but that does not mean the accord is falling
apart, a U.S. administration official said on Tuesday.

    
 Grains prices at  0132 GMT
 Contract      Last  Change  Pct chg  Two-day chg   MA 30    RSI 
 CBOT wheat  512.50    1.00   +0.20%       +0.15%  502.00      50
 CBOT corn   387.00    0.75   +0.19%       +0.78%  385.63      52
 CBOT soy    919.25    1.00   +0.11%       -0.16%  916.34      40
 CBOT rice    11.93   $0.00   +0.00%       -1.04%  $12.17      35
 WTI crude    55.31  -$0.23   -0.41%       -0.90%  $54.77      52
 Currencies                                                      
 Euro/dlr    $1.111  $0.000   +0.01%       +0.12%                
 USD/AUD     0.6868   0.000   +0.06%       +0.44%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Aditya Soni)
  
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