August 22, 2017 / 4:02 AM / 6 months ago

GRAINS-Corn rebounds from near 2-month low on variable yield reports

    * Widely watched crop tour reports low yields
    * Soybeans firm despite easing concerns over crop prospects
    * Wheat firms, USDA pegs condition of spring crop higher

    By Colin Packham
    SYDNEY, Aug 22 (Reuters) - U.S. corn edged higher on
Tuesday, rebounding from a near two-month low in the previous
session, as reports of variable yields from a widely watched
crop tour raised fears that production will not match official
    Soybeans rose, despite easing concerns about potential
production shortfalls, while wheat rose more than 0.5 percent.
    The most active corn futures on the Chicago Board of Trade
 were up 0.4 percent at $3.64-1/2 a bushel by 0330 GMT.
They closed down 0.8 percent in the previous session, when
prices hit their lowest since June 27.
    Analysts said the findings from the Farm Journal Midwest
Crop Tour were providing some support to prices.
    "The market remains sceptical of the U.S. Department of
Agriculture's corn yield estimates. The crop tours might shed
some light whether that scepticism has substance or is simply
stubbornness," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    The Farm Journal Midwest Crop Tour estimated South Dakota
corn yields at 147.97 bushels per acre, down from 149.78 bushels
per acre in 2016 and the tour's three-year average of 156.14
bushels per acre. 
    The USDA said 62 percent of the corn crop was in good to
excellent condition, matching analysts expectations.

    The most active soybean futures were up 0.5 percent at
$9.41 a bushel, having closed down 0.2 percent on Monday.
    The most active wheat futures were up 0.6 percent at
$4.39-3/4 a bushel, after ending down 1.2 percent on Monday.
    The USDA said 60 percent of the soybean crop was in
good-to-excellent condition, a small improvement on last week
and in line with market forecasts.
    The condition of the spring wheat crop rose, the USDA said,
surprising the market that had expected the ratings to be
 Grains prices at  0336 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  439.75     2.75    +0.63%       -0.62%  492.86    21
 CBOT corn   364.50     1.50    +0.41%       -0.34%  381.65    35
 CBOT soy    941.00     4.75    +0.51%       +0.35%  977.28    46
 CBOT rice    12.48    $0.00    +0.00%       +0.52%  $12.44    50
 WTI crude    47.55    $0.18    +0.38%       -1.98%  $47.91    45
 Euro/dlr    $1.181  -$0.001    -0.07%       +0.39%              
 USD/AUD     0.7939    0.000    +0.05%       +0.15%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Richard Pullin)
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