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GRAINS-Corn rebounds from 11-day low, harvest pressure curbs gains
October 23, 2017 / 1:42 AM / 2 months ago

GRAINS-Corn rebounds from 11-day low, harvest pressure curbs gains

    SYDNEY, Oct 23 (Reuters) - U.S. corn edged higher on Monday after hitting an 11-day low earlier in the session, though gains remained capped due to an advance in the North American harvesting season.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade were up 0.2 percent at $3.45-1/4 a bushel, as of 0127 GMT, after earlier hitting $3.44-1/4 a bushel, their lowest since Oct. 12. Corn closed down 1.3 percent in the previous session.
    * The most active soybean futures were little changed at $9.79 a bushel, near the session low of $9.76 a bushel - their lowest since Oct. 12. Soybeans ended 0.8 percent lower on Friday.
    * The most active wheat futures climbed 0.1 pct to $4.26-1/2 a bushel, having closed down 1.6 percent in the previous session. 
    * Corn pressured as U.S. harvest advances amid good weather for crop development.
    * The U.S. Department of Agriculture (USDA) said private exporters in the last day sold a total of 245,000 tonnes of U.S. corn to Spain and unknown destinations, along with 198,000 tonnes of soybeans to China.
    * The USDA a day earlier had announced another 384,000 tonnes of soybeans sold to China.
         
    MARKET NEWS  
    * The dollar edged up to a three-month high against the yen on Monday, with an emphatic election victory for Japan's ruling party keeping yen-weakening reflationary measures at the heart of government policy.  
    * Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.  

    DATA AHEAD (GMT)
0130  China              House prices                   Sep
1230  U.S.               National activity index        Sep
1400  Euro zone          Consumer confidence flash      Oct
  
    
 Grains prices at  0127 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  426.50     0.50    +0.12%       -1.44%  442.27    36
 CBOT corn   345.25     0.75    +0.22%       -1.07%  350.54    40
 CBOT soy    979.00     0.25    +0.03%       -0.76%  971.59    52
 CBOT rice    12.09    $0.01    +0.12%       +1.34%  $12.25    51
 WTI crude    52.13    $0.29    +0.56%       +1.64%  $50.78    64
 Currencies                                                      
 Euro/dlr    $1.176  -$0.002    -0.21%       -0.78%              
 USD/AUD     0.7803   -0.002    -0.19%       -0.96%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
    
    

 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  

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