August 30, 2017 / 3:21 AM / a month ago

GRAINS-Corn hovers close to 8-month low as U.S. harvest approaches

    * U.S. harvest set to bring ample supplies to market
    * Wheat rebounds from near three-month low
    * Soybeans edge higher

    By Colin Packham
    SYDNEY, Aug 30 (Reuters) - U.S. corn eased on Wednesday as
expectations that the market will soon be flooded with ample
North American production pushed prices towards an eight-month
low.
    The most active corn futures on the Chicago Board Of Trade
 were down 0.1 percent to $3.48-1/2 a bushel by 0304 GMT,
having closed down 0.9 percent in the previous session when
prices hit $3.47 a bushel - the lowest since Dec. 27, 2016.
    Analyst said corn was under pressure from the approaching
U.S. harvest that is expected to supply the market with
plentiful supplies, despite dry weather earlier in the season.
    "The corn market looks to be firmly on a seasonal decline
track," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    Fears of potential shortfalls in U.S. output have ebbed in
recent weeks after earlier dry weather. The U.S. Department of
Agriculture (USDA) said 62 percent of the U.S. corn crop was in
good to excellent condition, unchanged from last week.
    Capping losses, analysts said, was recent strong export
demand and potential delays in harvesting in the Mississippi
River Delta region.
    The USDA said on Tuesday exporters sold 226,000 tonnes of
U.S. corn to Mexico.
    In other grains markets, wheat rose as prices rebounded from
a near three-month low, while soybeans edged higher.
    The most active wheat futures were up 0.6 percent to
$4.32-1/4 a bushel, having closed up 0.4 percent on Tuesday
after earlier hitting a low of $4.22-1/2 a bushel - the lowest
since June 1.
    The most active soybean futures were up 0.3 percent to
$9.40 a bushel, having closed down 0.4 percent on Tuesday.
    Analysts said soybeans were drawing support from concerns
about potential delays in U.S. shipments as a result of
Hurricane Harvey, while recent U.S. sales also aided market
sentiment.
    The USDA said 198,000 tonnes of U.S. soybeans were sold to
China.
        
 Grains prices at  0304 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   432.25     2.50    +0.58%       +0.99%  471.12    33
 CBOT corn    348.50    -0.25    -0.07%       -0.71%  373.75    14
 CBOT soy     940.00     2.75    +0.29%       -0.13%  964.26    42
 CBOT rice     12.68    $0.07    +0.60%       +0.24%  $12.56    55
 WTI crude     46.32   -$0.12    -0.26%       -0.54%  $48.10    39
 Currencies                                                       
 Euro/dlr     $1.198   $0.000    +0.03%       -0.02%              
 USD/AUD      0.7989    0.004    +0.53%       +0.34%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)
  

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