January 18, 2018 / 2:21 AM / 4 months ago

GRAINS-Corn prices edge down, but stay near 2-week high

    SYDNEY, Jan 18 (Reuters) - U.S. corn futures inched down for
the first time in three sessions on Thursday, though prices
remained near a two-week high that was hit the previous day
after a bout of short-covering.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 0.1 percent at $3.52-1/2 a bushel by 0148 GMT.
They gained 1.4 percent in the previous session, during which
they touched their highest since Jan. 4 at $3.53-1/4 a bushel.
    * The most active soybean futures were little changed
at $9.68-1/4 a bushel, having firmed 0.1 percent on Wednesday.
    * The most active wheat futures were up 0.2 percent at
$4.22-1/2 a bushel, after closing up 1.2 percent on Wednesday. 
    * Corn had been under sustained pressure after the U.S.
Department of Agriculture crop report last week showed massive
stocks and a bigger-than-expected U.S. harvest. But failure to
extend those losses since then prompted speculation that a
near-term low had been achieved.
    * Forecasts of heavy rainfall during Brazil's soy harvesting
are unlikely to discourage farmers from planting winter corn,
producers said during an annual crop tour.
          
    MARKET NEWS  
    * The euro nursed losses on Thursday, having pulled back
from a three-year high as concerns voiced by European Central
Bank officials this week dampened the currency's momentum.
  
    * Oil prices inched up on Thursday on a reported decline in
U.S. crude inventories, but prices stayed below recent
three-year highs as fuel supplies remain ample and as refineries
scale back operations.  
    * U.S. stocks jumped on Wednesday and the Dow closed above
26,000 for the first time as investors' expectations for higher
earnings lifted stocks across sectors.  
    
    DATA AHEAD (GMT)
0130  China               House prices                      Dec
0700  China               GDP                               Q4
0700  China               Industrial output                 Dec
0700  China               Retail sales                      Dec
0700  China               Urban investment                  Dec
1330  U.S.                Housing starts                    Dec
1330  U.S.                Building permits                  Dec
1330  U.S.                Weekly jobless claims
1330  U.S.                Philly Fed business index         Jan
        
 Grains prices at  0148 GMT
 Contract       Last  Change   Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat   422.50    1.00    +0.24%        +1.44%  424.63     45
 CBOT corn    352.50   -0.50    -0.14%        +1.22%  350.38     59
 CBOT soy     968.25   -0.50    -0.05%        +0.03%  974.45     60
 CBOT rice     12.21   $0.05    +0.45%        +0.49%  $12.05     73
 WTI crude     64.15   $0.18    +0.28%        +0.66%  $59.89     78
 Currencies                                                        
 Euro/dlr     $1.219  $0.000    +0.01%        -0.60%               
 USD/AUD      0.7955  -0.001    -0.18%        -0.06%               
 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)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below