September 6, 2019 / 3:46 AM / 12 days ago

GRAINS-Corn near 4-month low, set for weekly decline on U.S. weather

    * Corn ticks up, but trades near weakest since mid-May
    * Forecasts of benign U.S. weather keeps a lid on prices

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Sept 6 (Reuters) - Chicago corn futures edged
higher on Friday but were set for a weekly loss as forecasts of
crop-friendly U.S. weather weigh on the market.
    Wheat eased after days of gains on short-covering while
soybeans edged higher as the market took a breather following
last session's deep losses.
    The most-active corn on the Chicago Board Of Trade   
is down nearly 3% for the week, set for its third weekly loss
over the past month. 
    Soybeans were down around 0.5% this week while wheat
 is up half a percent.
    "The key fundamental factor is the U.S. weather which has
put pressure on prices," said Phin Ziebell, agribusiness
economist, National Australia Bank. "But any positive news from
U.S.-China trade talks is likely to support soybean and corn
prices."
    China and the United States agreed to hold high-level talks
in early October, raising hopes for a thaw in their trade
dispute. China is the world's top soy importer.
    The corn market is facing pressure from favourable weather
in September across much of the U.S. Midwest, easing fears that
late-planted crop could suffer yield losses. 
    Soybeans are being weighed down by abundant global supplies.
    Commodity brokerage INTL FCStone raised its forecast of the
U.S. 2019 soybean yield to 48.3 bushels per acre, from its Aug.
1 figure of 47.2.
    INTL FCStone projected Brazil's 2019/20 soybean crop at
121.41 million tonnes, up from 115.07 million in 2018/19. The
U.S. Department of Agriculture has projected Brazil's 2019/20
crop at 123 million tonnes.
    Commodity funds were net sellers of CBOT soybean, corn,
soyoil and soymeal futures contracts on Thursday and buyers of
wheat futures, traders said.              
    
 Grains prices at 0305 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  464.75  -1.50   -0.32%   +0.87%       481.63  47
 CBOT corn   359.75  1.00    +0.28%   +0.35%       386.66  27
 CBOT soy    864.25  2.75    +0.32%   -1.28%       874.08  40
 CBOT rice   11.92   -$0.04  -0.38%   -0.54%       $11.79  67
 WTI crude   56.41   $0.11   +0.20%   +0.27%       $55.31  
 Currencies                                                
 Euro/dlr    $1.103  $0.000  -0.01%   -0.01%               
 USD/AUD     0.6813  0.000   +0.00%   +0.25%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Sriraj Kalluvila)
  
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