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GRAINS-Corn prices edge down, linger near one-year low
November 13, 2017 / 2:13 AM / 9 days ago

GRAINS-Corn prices edge down, linger near one-year low

    SYDNEY, Nov 13 (Reuters) - U.S corn inched down on Monday as
forecasts for record North American production kept prices near
one-year lows. 
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 0.2 percent at $3.43 a bushel by 0151 GMT,
having gained 0.6 percent in the previous session.
    * Corn late last week hit its lowest in a year at $3.40-3/4
a bushel. 
    * The most active soybean futures were little changed
at $9.86-3/4 a bushel, after firming 0.2 percent on Friday.
    * The most active wheat futures were up 0.2 percent at
$4.30-1/2 a bushel, having closed up 0.6 percent on Friday. 
    * USDA supply/demand reports last week raised estimates of
the U.S. corn yield to a record-high 175.4 bushels per acre,
topping trade expectations.
    * Plentiful global wheat supplies and a large Russian
harvest have been putting downward pressure on prices.    
         
    MARKET NEWS  
    * The pound slipped early on Monday as troubles mounted for
British Prime Minister Theresa May, with a report that 40
Conservative MPs are readying a leadership challenge, while
Brexit talks face a crucial deadline.  
    * Oil markets opened the week cautiously on Monday amid
ongoing tensions in the Middle East and after a rising rig count
in the United States suggested producers there are preparing to
increase output.  

     DATA AHEAD (GMT)
0700  Germany           Wholesale price index             Oct
        
 Grains prices at  0151 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  430.50    -1.00   -0.23%       +0.35%   432.23     51
 CBOT corn   343.00    -0.50   -0.15%       +0.44%   348.47     35
 CBOT soy    986.75    -0.25   -0.03%       +0.18%   987.80     49
 CBOT rice    11.45    $0.03   +0.26%       +0.13%   $11.96     32
 WTI crude    56.85    $0.11   +0.19%       -0.56%   $53.04     73
 Currencies                                                       
 Euro/dlr    $1.165  -$0.001   -0.13%       +0.07%                
 USD/AUD     0.7648   -0.001   -0.17%       -0.39%                
 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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