November 5, 2018 / 2:07 AM / in 15 days

GRAINS-Corn firms up, hovers near highest level in more than 2 weeks

    SYDNEY, Nov 5 (Reuters) - U.S. corn futures edged higher on
Monday to linger near a more than two-week high as traders
positioned for lower North American production after recent
adverse weather.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.2 percent to $3.72 a bushel by 0148 GMT, having
gained 1.2 percent in the previous session when prices hit a
high of $3.73 a bushel - the highest since Oct 18.
    * The most active soybean futures were little changed
at $8.88 a bushel, having firmed 0.7 percent on Friday when
prices hit a high of 9.00-3/4 - the highest since Aug 20.
    * The most active wheat futures were up 0.5 percent
at$5.11-1/4 a bushel, having closed up 0.1 percent on Friday. 
    * Market anxiously awaits news on trade deal between the
United States and China.
    * Market eyes U.S. Department of Agriculture
supply-and-demand report on Thursday, expects government will
lower yield estimates for corn and soybeans after poor Midwest
harvest weather.
         
    MARKET NEWS  
    * The dollar lost ground against most of its major peers on
Monday, as growing expectations of an orderly Brexit bolstered
the pound, euro and broader global investor sentiment.  
    * Oil prices dipped on Monday as the start to U.S. sanctions
against Iran's fuel exports was softened by waivers that will
allow some countries to still import Iranian crude, at least
temporarily.  
    * U.S. stocks snapped a three-day rally on Friday as Apple
shares dropped following a disappointing forecast and the White
House dampened optimism over U.S.-China trade talks.  
     
 Grains prices at  0148 GMT
 Contract         Last   Change   Pct chg   Two-day chg     MA 30
 CBOT wheat     511.25     2.50    +0.49%        +0.64%    511.54
 CBOT corn      372.00     0.75    +0.20%        +1.43%    367.51
 CBOT soy       888.00     0.25    +0.03%        +0.68%    872.53
 CBOT rice       10.83    $0.08    +0.79%        +1.59%    $10.77
 WTI crude       62.65   -$0.49    -0.78%        -1.63%    $70.20
 Currencies                                                      
 Euro/dlr       $1.138   $0.000    -0.02%        -0.21%          
 USD/AUD        0.7184   -0.001    -0.18%        -0.29%          
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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