October 31, 2018 / 4:09 AM / 18 days ago

GRAINS-Corn hits 5-day low on advance harvest pressure

    * Weather set to allow U.S. farmers to harvest corn crops 
    * Wheat falls for second straight session
    * Soybeans little changed 

    By Colin Packham
    SYDNEY, Oct 31 (Reuters) - U.S. corn futures edged lower on
Wednesday as friendly weather was expected to see farmers
advance harvesting, pushing prices to a five-day low.
    Wheat fell for a second consecutive session, while soybeans
were little changed.
    The most active corn futures on the Chicago Board Of Trade
 were down 0.1 percent to $3.64-1/4 a bushel by 0342 GMT,
near the session low of $3.64 a bushel - the lowest since Oct.
26. Corn closed down 0.5 percent in the previous session.
    Analysts and traders said corn was under pressure as weather
forecasts called for benign weather, allowing growers to harvest
crops.
    "There is a bumper U.S. crop that is coming into market,"
said one Melbourne-based grains trader who declined to be named
as he is not authorised to talk to the media.
    The U.S. Department of Agriculture (USDA) said earlier this
week 63 percent of the corn crops have been harvested.

    The most active wheat futures were down 0.3 percent at
$4.98-1/2 a bushel, having closed down 1.5 percent on Tuesday.
    The most active soybean futures were little changed at
$8.34 a bushel, having firmed 1 percent on Tuesday.
    Soybeans shrugged off pressure from a rapid U.S. harvest,
and concerns over an escalation of trade tensions between the
United States and China.
    The USDA said 72 percent of the soybean crop has been
harvested ahead of market forecasts.
    U.S. President Donald Trump said on Monday he expected "a
great deal" with China on trade, but warned that billions of
dollars worth of new tariffs were ready to be imposed if a deal
was not possible.
        
 Grains prices at  0342 GMT
 Contract        Last   Change    Pct chg  Two-day chg      MA 30
 CBOT wheat    498.50    -1.25     -0.25%       -1.72%     512.97
 CBOT corn     364.25    -0.50     -0.14%       -0.68%     366.22
 CBOT soy      834.00     0.50     +0.06%       -0.60%     856.69
 CBOT rice      10.44    $0.00     +0.00%       -4.48%     $10.68
 WTI crude      66.40    $0.22     +0.33%       -0.95%     $71.05
 Currencies                                                      
 Euro/dlr      $1.134   $0.000     -0.01%       -0.25%           
 USD/AUD       0.7085   -0.002     -0.28%       +0.43%           
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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