November 5, 2019 / 1:59 AM / 10 days ago

GRAINS-Corn rebounds from 1-week low on USDA harvest report

SYDNEY, Nov 5 (Reuters) - U.S. corn futures edged higher on Tuesday, rebounding from near one-week low touched in the previous session, after the U.S. Department of Agriculture (USDA) pegged the pace of harvest behind market expectations.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.1% at $3.83-1/2 a bushel by 0130 GMT, having closed down 1.5% in the previous session when prices hit a Oct. 29 low of $3.83 a bushel.

* The most active soybean futures were little changed at $9.38-1/4 a bushel, having firmed 0.1% on Monday.

* The most active wheat futures were little changed at$5.10 a bushel, having closed down 1.2% on Monday.

* The USDA said 52% of the corn crop has been harvested, behind market forecasts.

* The USDA said 75% of the soybean crop has been harvested, matching analysts forecasts.

* The USDA said 89% of the winter wheat crop has been planted, slightly behind market forecasts.

MARKET NEWS

* The U.S. dollar rose against the yen thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their bruising trade war.

* Oil prices rose on Monday, buoyed by an improved outlook for crude demand as better-than-expected U.S. jobs growth added to market hopes a preliminary U.S.-China trade deal would be reached this month.

* All three major U.S. stock indexes posted record closing highs on Monday, extending a recent run of gains on further hopes of a U.S.-China trade deal.

Reporting by Colin Packham; editing by Uttaresh.V

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