September 9, 2019 / 2:06 AM / 2 months ago

GRAINS-Corn rebounds from 4-month low; U.S. harvest prospects cap gains

    SYDNEY, Sept 9 (Reuters) - U.S. corn futures on Monday rebounded from a nearly four-month low touched
in the previous session, though favourable weather conditions in North America stoked expectations of ample
global supplies, curbing further gains.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade were up 0.4% at $3.56-3/4 a bushel,
as of 0139 GMT, having closed down 0.9% in the previous session when prices hit a May 13 low of $3.53 a
bushel.
    * The most active soybean futures were up 0.1% at  $8.58-3/4 a bushel, having closed down 0.4% on
Friday when prices hit a Aug 28 low of $8.56 a bushel.
    * The most active wheat futures were unchanged at $4.63-3/4 a bushel, having closed down 0.5% on
Friday. 
    * U.S. Department of Agriculture reported export sales of U.S. corn in the latest week at 250,800
tonnes (old and new crop years combined), below a range of trade expectations for 500,000 tonnes to 900,000
tonnes.
    * Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, raised its forecast of
the average U.S. 2019 corn yield to 169.6 bushels per acre (bpa), up from 167.8 bpa a month ago and just
above the U.S. Department of Agriculture's estimate of 169.5 bpa.
    * USDA reporting weekly soybean export sales at 857,900 tonnes (old and new crop years combined), above
trade expectations.
    * Statistics Canada reported Canadian stocks of canola, an oilseed that competes with soy, at a
record-high 3.9 million tonnes, up 55% from last year.
         
    MARKET NEWS  
    * The euro was on the back foot on Monday ahead of a European Central Bank meeting later this week at
which policymakers are expected to deliver new stimulus to bolster a flagging regional economy.  
    * Oil rose on Monday after a Saudi official said there would be no change in Saudi Arabia's OPEC policy
as Prince Abdulaziz bin Salman was made the new energy minister for the world's biggest crude exporter over
the weekend.  
    
 Grains prices at 0139 GMT
 Contract       Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat   463.75    0.00   +0.00%        -0.54%  480.28     44
 CBOT corn    356.75    1.25   +0.35%        -0.56%  384.26     20
 CBOT soy     858.75    1.00   +0.12%        -0.32%  872.46     38
 CBOT rice     11.95  -$0.02   -0.17%        -0.17%  $11.77     69
 WTI crude     56.95   $0.43   +0.76%        +1.15%  $55.33     58
 Currencies                                                       
 Euro/dlr     $1.102  $0.000   -0.04%        -0.09%               
 USD/AUD      0.6850   0.000   +0.06%        +0.54%               
 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)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below