October 5, 2018 / 1:22 AM / 8 months ago

GRAINS-Corn poised for biggest weekly rally in over two months

    SYDNEY, Oct 5 (Reuters) - U.S. corn futures edged higher on
Friday as fears that wet weather will delay harvesting pushed
the grain towards its biggest weekly rally in more than two
months.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.3 percent to be up about 3.5 percent for the week,
the biggest weekly gain since July 20.
    * The most active soybean futures added 0.4 percent to
up 2 percent for the week.
    * The most active wheat futures also rose 0.4 percent
to be up more than 2 percent for the week, the biggest weekly
gain since Aug. 17.
    * Weather forecasters expect heavy rain across much of the
western and central Midwest over the next week, likely soaking
mature corn and soybeans in major producing states including
Iowa, Illinois and Minnesota.
    * The USDA said exporters sold a net 1.43 million tonnes of
corn last week and a net 1.52 million tonnes of soybeans, both
near the high end of a range of trade estimates.

    * The wheat market has been supported this week by a threat
from Russia's agriculture safety watchdog to suspend loading at
some locations, although the agency later played down the
threat.
         
    MARKET NEWS  
    * The U.S. dollar weakened against the euro and yen on
Thursday but stayed near recent highs as investors evaluated the
impact of a global government bond rout that has lifted
benchmark U.S. Treasury yields to seven-year peaks.  
    *  Oil prices rose on Friday, lifted by looming U.S.
sanctions against Iran's crude exports that are set to start
next month  
    * Wall Street stocks stumbled on Thursday as U.S. Treasury
yields continued their ascent to multi-year highs on the latest
round of strong economic data, building concerns for an
acceleration of inflation.  
    
    DATA AHEAD (GMT)
0600  Germany              Industrial orders             Aug
0600  Germany              Producer prices               Aug
0645  France               Trade data                    Aug
1230  U.S.                 Nonfarm payrolls              Sep
1230  U.S.                 Unemployment rate             Sep
1230  U.S.                 International trade           Aug
      
 Grains prices at  0056 GMT
 Contract       Last   Change     Pct chg   Two-day chg     MA 30
 CBOT wheat   520.25     2.25      +0.43%        +0.97%    519.98
 CBOT corn    368.50     1.00      +0.27%        +1.03%    360.10
 CBOT soy     862.50     3.25      +0.38%        +0.12%    843.44
 CBOT rice     10.69   -$0.09      -0.83%        +1.91%    $10.43
 WTI crude     74.76    $0.43      +0.58%        -2.16%    $70.78
 Currencies                                                      
 Euro/dlr     $1.151   $0.000      +0.00%        +0.32%          
 USD/AUD      0.7076    0.000      +0.06%        -0.37%          
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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