October 11, 2019 / 4:27 AM / a month ago

GRAINS-Corn rebounds from 10-day low, set for first weekly loss in five

    * Corn hit Sep. 30 low of $3.78-1/4 a bushel on Thursday
    * Corn down nearly 1% this week
    * Soybeans firm, wheat poised for sixth straight weekly gain

    By Colin Packham
    SYDNEY, Oct 11 (Reuters) - U.S. corn futures on Friday
rebounded from a 10-day low, though prospects for
higher-than-expected North American production were set to drive
the first weekly loss in over a month.
    Soybeans firmed, with the oilseed poised to record a weekly
gain of over 1%, while wheat was set to post its sixth straight
weekly gain.
    The most active corn futures on the Chicago Board Of
Trade were up 0.5% at $3.82-1/4 a bushel by 0334 GMT, after
closing down 3.6% on Thursday when prices hit a Sept. 30 low of
$3.78-1/4 a bushel.
    Driven by the losses on Thursday, corn is poised to finish
the week down 0.7%.
    "The prospects for any supply issues are now gone, which was
illustrated by the U.S. Department of Agriculture report last
night," said Phin Ziebell, agribusiness economist, National
Australia Bank.
    The USDA, in its monthly supply and demand report, pegged
the U.S. corn yield at 168.4 bushels per acre, compared with
168.2 bushels in September. Analysts were expecting a cut to
167.5 bushels.
    The most active wheat futures were at unchanged at
$4.93 a bushel, after closing down 1.4% on Thursday.
    Wheat is up 0.5% for the week, on track for to extend a
winning streak to a sixth week.
    The most active soybean futures were up 0.6% at
$9.29-1/4 a bushel after closing flat on Thursday when prices
had touched a high of $9.34 a bushel - the highest since July
15.
    Soybeans are up 1.4% for the week, set for their third
straight weekly gain.
     The USDA reduced its soybean yield estimate to 46.9 bushels
per acre from 47.9 bushels last month. Analysts were expecting
47.3 bushels.
    The USDA lowered its estimate for U.S. soybean ending stocks
to 460 million bushels from 640 million last month.
    The USDA, in a separate daily report for export sales, said
China bought 398,000 tonnes of U.S. soybeans.
    
 Grains prices at  0346 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   493.00    0.00   +0.00%       -1.45%  483.17     55
 CBOT corn    382.50    2.25   +0.59%       -2.98%  373.99     49
 CBOT soy     929.50    6.00   +0.65%       +0.62%  893.61     76
 CBOT rice     12.02  -$0.03   -0.21%       +0.08%  $12.02     60
 WTI crude     53.85   $0.30   +0.56%       +2.40%  $55.71     49
 Currencies                                                      
 Euro/dlr     $1.102  $0.001   +0.10%       +0.42%               
 USD/AUD      0.6780   0.002   +0.28%       +0.85%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Aditya Soni)
  
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