August 28, 2018 / 1:56 AM / 5 months ago

GRAINS-Corn prices ease as ample global supply drags

    SYDNEY, Aug 28 (Reuters) - U.S. corn futures edged down on
Tuesday to extend losses into a second session, with ample
global supply keeping prices near their lowest in six weeks.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 0.2 percent at $3.60-3/4 a bushel at 0113 GMT.
They closed down 0.3 percent in the previous session, when
prices earlier hit their weakest since July 16 at $3.57-1/2 a
bushel. 
    * The most active soybean futures were unchanged at
$8.48-1/4 a bushel, having closed down 0.8 percent on Monday
when prices marked their lowest since July 16 at $8.38-1/4 a
bushel.
    * The most active wheat futures were up 0.1 percent
at$5.23 a bushel, after ending Monday down 2.6 percent. 
    * The U.S. Department of Agriculture said 66 percent of the
U.S. soybean crop is in good-to-excellent condition, slightly
ahead of market forecasts.
    * The USDA said 68 percent of the U.S. corn crop is in
good-to-excellent condition, matching market expectations. 
    * Corn prices have been under pressure amid forecasts for
ample global supplies. Pro Farmer projected a U.S. corn yield of
177.3 bushels per acre, below the USDA's forecast of 178.4 but
still a record high, if realised.
    * Soybean prices have been weighed down amid an outbreak of
African swine flu China that could threaten demand for animal
feed.
         
    MARKET NEWS  
    * The dollar fell to a four-week low on Monday, as risk
appetite improved and investors unwound some safe-haven bets on
the currency after the United States and Mexico reached a trade
deal.  
    * Oil prices rose on Tuesday as risks of supply disruptions
from places such as Venezuela, Africa and Iran triggered
expectations of a tightening market.  
    * A broad-based rally pushed the S&P 500 and the Nasdaq to
record-high closes for the second straight session on Monday as
a trade agreement reached between the United States and Mexico
buoyed investor sentiment.  
    
    DATA AHEAD (GMT)
0800  Germany            Ifo business climate             Aug
1230  U.S.               National activity index          Jul
     
 Grains prices at  0113 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  523.00     0.50   +0.10%       -2.52%  556.37     28
 CBOT corn   360.75    -0.75   -0.21%       -0.55%  374.15     27
 CBOT soy    848.25     0.00   +0.00%       -0.82%  880.22     30
 CBOT rice    10.51    $0.00   +0.00%       -2.69%  $11.20     42
 WTI crude    69.05    $0.18   +0.26%       +0.48%  $68.10     68
 Currencies                                                      
 Euro/dlr    $1.169   $0.001   +0.08%       +0.56%               
 USD/AUD     0.7344   -0.001   -0.08%       +0.27%               
 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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