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GRAINS-Corn lingers near 8-month low as ample global stocks weigh
August 29, 2017 / 2:03 AM / 24 days ago

GRAINS-Corn lingers near 8-month low as ample global stocks weigh

    SYDNEY, Aug 29 (Reuters) - U.S. corn eased on Tuesday,
loitering near an eight-month on expectations global supplies
will remain ample, despite the U.S. Department of Agriculture
(USDA) pegging the condition of the crop below forecasts.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 0.1 percent to $3.50-3/4 a bushel by 0117 GMT
after sliding 0.7 percent in the previous session when prices
dropped to $3.50-1.2 a bushel - the lowest since December 30,
2016.
    * The most active soybean futures were up 0.1 percent
to $9.42 a bushel, having closed down 0.3 percent on Monday.
    * The most active wheat futures were up 0.2 percent
$4.28-3/4 a bushel, having closed down 1.7 percent on Monday. 
    * After the close of trading the USDA left corn crop ratings
unchanged, while rating U.S. soybean crop conditions as good to
excellent. Analysts surveyed by Reuters had expected soy ratings
to stay steady and corn conditions to increase slightly.

    * Top global importer Egypt after the close said it was
seeking global wheat offerings for October shipments.

         
    MARKET NEWS  
    * The dollar slumped to a four-month low against the yen
early on Tuesday after North Korea fired a missile that passed
over northern Japan, the latest act of provocation by Pyongyang
that has ramped up tensions in the region over the past month.
  
    * Heavy rains from tropical storm Harvey caused large-scale
U.S. refinery outages, pushing up gasoline prices, while crude
prices rose in early Asian trade on Tuesday on the back of
supply disruptions in Colombia and Libya.  
    * U.S. stock futures opened sharply lower on Monday for the
overnight session after the Japanese and South Korean
governments said North Korea had fired a missile that passed
over northern Japan early on Tuesday.  
    
    DATA (GMT)    
1255  U.S.   Redbook                   weekly 
1400  U.S.   Consumer Confidence       Aug 
1430  U.S.   Texas Serv Sect Outlook   Aug 
        
 Grains prices at  0117 GMT
 Contract      Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  428.75     0.75   +0.18%        -1.49%  474.33    21
 CBOT corn   350.75    -0.25   -0.07%        -0.78%  375.41    14
 CBOT soy    942.00     0.75   +0.08%        -0.26%  966.83    40
 CBOT rice    12.56   -$0.09   -0.71%        -1.18%  $12.54    53
 WTI crude    46.83    $0.26   +0.56%        -2.17%  $48.14    42
 Currencies                                                      
 Euro/dlr    $1.196  -$0.001   -0.11%        +0.34%              
 USD/AUD     0.7935   -0.003   -0.34%        +0.03%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
  

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