May 24, 2019 / 1:17 AM / 2 months ago

GRAINS-Corn prices edge up, extend 2-wk gains to more than 10%

    By Colin Packham
    SYDNEY, May 24 (Reuters) - U.S. corn futures rose on Friday
and were poised to extend two-week gains to more than 10%,
boosted by concerns that rains across the U.S. Midwest would
prevent farmers there from completing sowing.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were up more than 2% for the week, extending two-week
gains to more than 10%.
    * Corn this week hit its highest since June at $3.99 a
bushel.
    * The most active wheat futures were up more than 1%
for the week, their second straight weekly gain.
    * The most active soybean futures were little changed
for the week, after closing up 1.5% percent last week.
    * The Trump administration on Thursday unveiled a $16
billion farm aid package to offset losses from a 10-month trade
war with China and said payment rates to farmers would be
determined by where they farm and how much they plant rather
than what specific crops they grow.
    * Corn prices have drawn support this week amid concerns
that ongoing adverse weather will further delay U.S. plantings
of the grain, forcing U.S. farmers to sow soybeans.
         
    MARKET NEWS  
    * The U.S. dollar retreated after hitting its highest level
in two years as weaker domestic data and the threat of economic
fallout from the trade war with China increased expectations for
an interest-rate cut this year  
    * Oil markets stabilised on Friday amid OPEC supply cuts and
tensions in the Middle East, after posting their steepest falls
since the start of the year earlier in the week on the back of a
global economic slowdown and swelling fuel inventories.  
    * U.S. stocks slumped on Thursday as investors dumped shares
of companies in growth and cyclical sectors, with energy and
technology leading declines, on fears that the escalating
U.S.-China trade war would stymie global economic growth.  
    
    DATA/EVENTS (GMT)
0830   UK      Retail Sales MM YY       April
0830   UK      Retail Sales Ex-Fuel MM  April
1200   Brazil  IPCA-15 Mid-Month CPI    May
1230   US      Durable Goods            April
1300   Russia  Unemployment Rate        April
        
 Grains prices at  0032 GMT
 Contract        Last  Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    471.25    1.00   +0.21%       -0.32%  449.63    66
 CBOT corn     391.50    1.75   +0.45%       -0.76%  369.77    73
 CBOT soy      822.25    0.75   +0.09%       -0.75%  850.02    46
 CBOT rice      11.54  -$0.02   -0.13%       +1.76%  $10.86    91
 WTI crude      58.25   $0.34   +0.59%       -5.16%  $62.78    24
 Currencies                                                      
 Euro/dlr      $1.118  $0.000   +0.01%       +0.26%              
 USD/AUD       0.6901   0.000   +0.03%       +0.31%              
 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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