August 1, 2019 / 1:40 AM / in 19 days

GRAINS-Corn rebounds from 7-week low, improved weather forecasts cap gains

    SYDNEY, Aug 1 (Reuters) - U.S. corn futures edged higher on
Thursday, rebounding from a seven-week low touched in the
previous session, though forecasts for more benign weather
limited gains.
    
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.4% at $4.11-1/2 a bushel by 0109 GMT, having
closed down 2.6% in the previous session when prices hit their
lowest since June 11 at $4.09-1/2 a bushel.
    * The most active soybean futures were up 0.1% at
$8.80-3/4 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 most active wheat futures were down 0.2%
at$4.86-1/4 a bushel, having closed down 2% on Wednesday. 
    * Corn is under pressure as fears about the outlook for
crops ease amid more favourable weather forecasts.
    * The weather outlook for the Midwest is generally
favourable, with slightly below-normal temperatures ideal for
reproductive corn and soybeans, although pockets of unfavourable
dryness persist in the corn belt, according to a daily U.S.
Department of Agriculture (USDA) weather report.
    * The soybean market awaits any signs of progress in
U.S.-China trade talks.
    * U.S. and Chinese negotiators wrapped up a round of trade
talks on Wednesday without visible signs of progress.

    * A heat wave in the European Union's main wheat producing
region last week helped farmers make rapid progress with
harvesting, with some crop forecasts being increased.

         
    MARKET NEWS  
    * The dollar rose to a two-year peak against the euro and
hit a two-month high versus the yen on Thursday as U.S. Federal
Reserve Chairman Jerome Powell ruled out a lengthy easing cycle
after delivering the first rate cut since the financial crisis.
  
    * The Dow and S&P 500 registered their biggest daily
percentage drops in two months on Wednesday after Federal
Reserve Chair Jerome Powell dampened expectations for further
cuts following the central bank's first interest rate cut in a
decade.  
    * The Dow and S&P 500 registered their biggest daily
percentage drops in two months on Wednesday after Federal
Reserve Chair Jerome Powell dampened expectations for further
cuts following the central bank's first interest rate cut in a
decade.  
        
 Grains prices at  0109 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      25
 CBOT soy         880.75      -0.75      -0.09%    877.93      27
 CBOT rice         11.96      $0.01      +0.08%    $10.76      50
 WTI crude         57.64     -$0.94      -1.60%    $63.18      53
 Currencies                                                      
 Euro/dlr         $1.104    -$0.019      -1.70%                  
 USD/AUD          0.6838     -0.016      -2.31%                  
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  
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