August 20, 2019 / 1:11 AM / a month ago

GRAINS-Corn firms on USDA crop condition report

    SYDNEY, Aug 20 (Reuters) - U.S. corn futures edged higher on Tuesday as the U.S. Department of Agriculture said the
condition of North American crops has deteriorated, though gains were checked amid ample global supplies.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade were up 0.6% at $3.76-3/4 a bushel by 0043 GMT,
having closed down 1.6% in the previous session.
    * The most active soybean futures were up 0.4% at $8.70-1/4 a bushel, having closed down 1.5% on Monday.
    * The most active wheat futures were up 0.1% at $4.73-1/4 a bushel, having closed down 1% on Monday. 
    * U.S. Department of Agriculture in a weekly crop progress report rated 56% of the U.S. corn crop and 53% of U.S.
soybeans in good to excellent condition, down from 57% and 54%, respectively, a week earlier.
    * Analysts surveyed by Reuters on average had expected no change for ratings of either crop.
    * Scouts travelling one route in northwestern Ohio on Monday found corn yield potential was below average after a wet
spring delayed plantings.
         
    MARKET NEWS  
    * The safe-haven yen and Swiss franc retreated against the dollar on Monday, as risk sentiment improved after a week
of turmoil on hopes major central banks would launch fresh stimulus measures to lift their sluggish economies.  
    * Oil prices gained roughly 2% on Monday after a weekend attack on a Saudi oil facility by Yemen's Houthi forces
threatened crude supplies and as traders looked for signs that top economies would take measures to counteract a global
slowdown.  
    * U.S. stocks climbed on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe downturn
in the global economy that were stoked last week as bond yields fell.  
    
    DATA/EVENTS (GMT)
0600   Germany    Producer Prices MM, YY  July
1000   UK         CBI Trends - Orders     Aug
        
 Grains prices at  0043 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  473.25    0.75    +0.16%       -0.94%  498.40     33
 CBOT corn   376.75    2.25    +0.60%       -1.05%  415.76     32
 CBOT soy    870.25    3.75    +0.43%       -1.08%  891.68     45
 CBOT rice    11.04   $0.01    +0.05%       -1.47%  $11.71     24
 WTI crude    56.10  -$0.11    -0.20%       +2.24%  $56.18     53
 Currencies                                                      
 Euro/dlr    $1.108  $0.001    +0.06%       -0.05%               
 USD/AUD     0.6757   0.000    -0.07%       -0.34%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Uttaresh.V)
  
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