August 19, 2019 / 1:55 AM / a month ago

GRAINS-Corn prices drop on ample U.S. production

    SYDNEY, Aug 19 (Reuters) - U.S. corn futures fell more than
1% on Monday amid expectations of ample U.S. supply.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 1.3% at $3.75-3/4 a bushel, having gained 2.6%
on Friday.
    * The most active soybean futures were down 0.3% at
$8.77-1/2 a bushel, having firmed 1% on Friday.
    * The most active wheat futures were down 0.8%
at$4.73-1/2 a bushel, after closing up 1.8 percent on Wednesday.
    * Corn and wheat prices have been under pressure amid
forecasts for ample global supplies.
    * U.S. President Donald Trump and top White House officials
dismissed concerns that economic growth may be faltering, saying
on Sunday they saw little risk of recession despite a volatile
week on global bond markets, and insisting their trade war with
China was doing no damage to the United States.
    * Consultancy Strategie Grains raised its forecast for
European Union wheat exports, citing increasingly competitive EU
prices.
         
    MARKET NEWS  
    * The dollar traded near a two-week high on Monday as the
Chinese central bank's steps to lower corporate borrowing costs
and reports of fiscal stimulus from Germany curbed demand for
safe-haven currencies.  
    * Crude oil prices rose on Monday following a weekend attack
on a Saudi oil facility by Yemeni separatists, although price
gains were capped by an unusually downbeat OPEC report that
stoked concerns about demand growth.  
    
    
 Grains prices at  0117 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  473.50   -4.00   -0.84%       +0.96%   492.88     33
 CBOT corn   375.75   -5.00   -1.31%       +1.28%   417.82     30
 CBOT soy    874.50   -5.25   -0.60%       +0.43%   893.08     47
 CBOT rice    11.20   $0.00   +0.00%       -1.06%   $11.74     29
 WTI crude    55.33   $0.46   +0.84%       +1.58%   $56.21     50
 Currencies                                                      
 Euro/dlr    $1.109  $0.000   +0.00%       -0.15%                
 USD/AUD     0.6780   0.000   +0.00%       +0.07%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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