August 1, 2019 / 4:21 AM / in 17 days

GRAINS-Corn rebounds from 7-week low, but weather outlook caps gains

    * Corn recovers from lowest level since June 11 
    * Soybeans hit lowest since June 13 
    * Wheat ticks lower after 2% loss on Wednesday 

    By Colin Packham
    SYDNEY, Aug 1 (Reuters) - U.S. corn futures edged higher on
Thursday, rebounding from a seven-week low touched in the
previous session, although gains were checked by forecasts for
more favourable weather that eased concerns about the prospects
for the coming crop. 
    Soybeans fell to mid-June low amid little progress in
U.S.-China trade talks, while wheat also edged lower. 
    The most active corn futures on the Chicago Board Of Trade
 were up 0.4% at $4.11-1/2 a bushel by 0329 GMT, having
closed down 2.6% in the previous session. Prices on Wednesday
hit their lowest since June 11 at $4.09-1/2 a bushel. 
    "We saw some pretty heavy losses (on Wednesday) and we are
seeing a bit of a position squaring ... but the fundamentals of
the market remain bleak," said one Melbourne-based grains
traders who declined to be named as he is not authorised to talk
to the media. 
    The U.S. Department of Agriculture on Wednesday said
temperatures across the U.S. Midwest will be slightly below
average, ideal for corn and soybeans, although pockets of
unfavourable dryness persist in the corn belt. 
    The most active wheat futures were down 0.2%
at$4.86-1/4 a bushel, having closed down 2% on Wednesday. 
    The most active soybean futures were down 0.2% at
$8.80 a bushel after earlier hitting a session low of $8.78-1/2
a bushel, the lowest since June 13. Soybeans closed down 1.7% on
Wednesday. 
    The soybean market awaits any signs of progress in
U.S.-China trade talks. Before the trade war was sparked in the
middle of 2018, China was the biggest buyer of U.S. soybeans. 
    Negotiators from the United States and China wrapped up a
round of trade talks on Wednesday without any visible signs of
progress. 
    
 Grains prices at  0329 GMT
 Contract        Last   Change  Pct chg   MA 30   RSI
 CBOT wheat    486.25    -1.00   -0.21%  452.38    34
 CBOT corn     411.50     1.50   +0.37%  367.50    23
 CBOT soy      880.00    -1.50   -0.17%  877.91    27
 CBOT rice      11.96    $0.01   +0.08%  $10.76    50
 WTI crude      57.99   -$0.59   -1.01%  $63.19    57
 Currencies                                          
 Euro/dlr      $1.105  -$0.019   -1.66%              
 USD/AUD       0.6851   -0.015   -2.13%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Tom Hogue)
  
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