July 24, 2019 / 3:28 AM / 3 months ago

GRAINS-Corn futures little changed as U.S. weather supports

    * Corn unmoved after firming as weather concerns support
    * Wheat up after closing unchanged, harvest pressure caps gains

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, July 24 (Reuters) - Chicago corn futures were largely unchanged on Wednesday after
closing higher, with fears about widespread yield losses due to recent adverse U.S. weather
conditions underpinning the market.
    Wheat firmed, although harvest pressure in key exporting countries across the northern
hemisphere kept a lid on prices.
    The most-active corn contract on the Chicago Board Of Trade  was flat at $4.31-1/2 a
bushel, as of 0257 GMT, having climbed 1.1% in the previous session.
    Wheat was up 0.3% at $4.88-1/2 a bushel, having closed unchanged on Tuesday, and soybeans
 were up 0.1% at $9.04-1/2 a bushel after closing down for the last two days.
    "The corn market is finding a floor with concerns over dry weather following planting delays,"
said Phin Ziebell, agribusiness economist, National Australia Bank. 
    "The late wet planting and dry weather could result in yield losses."
    The U.S. Department of Agriculture (USDA) reported that 57% of U.S. corn was in
good-to-excellent condition, down from 58% last week and below analysts' expectations that it would
stay at 58%. Soybeans held steady at 54%.
    The wheat market is being weighed down by harvest of a bumper crop in the Black Sea region and
North America.
    U.S. Agriculture Secretary Sonny Perdue announced that the U.S. government will pay farmers hurt
by President Donald Trump's trade war with China a minimum of $15 per acre under an aid package to
be unveiled before the end of this week. 
    Commodity funds were net sellers of CBOT wheat, soybean and soymeal contracts on Tuesday,
traders said, and net buyers of corn and soyoil contracts.              

 Grains prices at 0257 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  488.50  1.25     +0.26%   +0.26%       519.06  32
 CBOT corn   431.50  0.00     +0.00%   +1.11%       443.48  40
 CBOT soy    904.50  0.75     +0.08%   -0.14%       914.55  49
 CBOT rice   11.97   $0.00    +0.00%   +0.21%       $11.75  73
 WTI crude   56.99   $0.22    +0.39%   +1.37%       $56.80  
 Currencies                                                 
 Euro/dlr    $1.115  -$0.001  -0.05%   -0.56%               
 USD/AUD     0.6978  -0.003   -0.37%   -0.80%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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