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GRAINS-Corn prices hit 8-day high on U.S. harvest delays
October 24, 2017 / 3:34 AM / 2 months ago

GRAINS-Corn prices hit 8-day high on U.S. harvest delays

    * USDA pegs corn harvest behind market expectations
    * Wheat extends two-day gains to 3 percent
    * Soybean prices firm, but harvest pace checks gains

    By Colin Packham
    SYDNEY, Oct 24 (Reuters) - U.S. corn prices edged up on
Tuesday to hit their highest in eight days as the U.S.
Department of Agriculture said the harvest was lagging market
    Wheat ticked higher, drawing support from short-covering,
while soybeans were little changed after earlier marking an
eight-day low.
    The most active corn futures on the Chicago Board of Trade
 were up 0.2 percent at $3.52 a bushel by 0307 GMT, after
earlier touching their strongest since Oct. 16 at $3.52-1/4 a
bushel. Corn gained 2 percent in the previous session.
    Analysts said corn prices were drawing support from the USDA
confirming just 38 percent of the U.S. corn crop was harvested
as of Sunday, behind analyst forecasts of 44 percent.
    "The USDA harvest pace may provide some temporary support to
prices but unless that begins to show the crop is in a terrible
condition, I can't see a sustained rally," said Phin Ziebell,
agribusiness economist, National Australia Bank.
    The U.S. Commodity Futures Trading Commission's Commitments
of Traders report on Friday showed speculators held the biggest
net short position in corn futures and options in 4-1/2 months
as of Oct. 17. The weekly report also showed that speculators
have boosted their net short in the grain for 10 straight weeks.

    The most active wheat futures were up 0.4 percent at
$4.38-1/2 a bushel, having closed up 2.8 percent on Monday.
    The most active soybean futures were up 0.2 percent at
$9.82-1/4 a bushel. Prices firmed 0.2 percent on Monday after
earlier in the session hitting their lowest since Oct. 12 at
$9.75 a bushel.
    The harvest of U.S. soybeans was 70 percent complete, ahead
of analyst forecasts.
 Grains prices at  0307 GMT
 Contract        Last  Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat    438.50    1.75   +0.40%       +2.93%   442.49   56
 CBOT corn     352.00    0.75   +0.21%       +2.18%   350.76   59
 CBOT soy      982.25    1.50   +0.15%       +0.36%   972.71   54
 CBOT rice      11.95  -$0.02   -0.21%       -1.04%   $12.21   41
 WTI crude      51.96   $0.06   +0.12%       +0.95%   $50.90   62
 Euro/dlr      $1.177  $0.002   +0.18%       -0.13%              
 USD/AUD       0.7822   0.002   +0.22%       +0.05%              
 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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