August 21, 2019 / 2:58 AM / a month ago

GRAINS-Corn recovers from 3-mth low as crop tour forecasts weaker yields

    * Corn firms after 2 days of losses, soybeans up for 2nd
    * Pro Farmer crop tour sees lower yields in Nebraska,

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Aug 21 (Reuters) - Chicago corn futures edged up
on Wednesday to recover from their lowest in more than three
months, buoyed after a U.S. crop tour forecast lower yields. 
    Soybean prices gained for a second session, while wheat
inched up after two days of losses.
    The most-active corn contract on the Chicago Board of Trade
 had risen 0.3% to $3.69-3/4 a bushel by 0229 GMT, after
dropping on Tuesday to its lowest since May 15 at $3.68 a
    Soybeans added 0.3% to $8.70-1/2 a bushel and wheat
 gained 0.2% to $4.67-1/4 a bushel.  
    "The market is looking at the crop tour and there is some
support," said Darin Friedrichs, Shanghai-based Senior Asia
commodity analyst at INTL FCStone.
    "Last night prices were under pressure, the weather forecast
looks fine as of now but there will be concerns over yields if
it gets too cold in September as the crop was planted late."
    A closely watched crop tour in the U.S. Midwest is
forecasting lower corn yields than last year. 
    The Pro Farmer Midwest Crop Tour estimated Nebraska corn
yields at 172.55 bushels per acre (bpa), down from 179.17 bpa in
2018 but up from the tour's three-year average of 167.73 bpa for
the country's No. 3 corn state.
    Indiana corn yields were projected lower than a year ago at
161.46 bushels per acre, the tour said.
    The wheat market is facing headwinds from abundant global
    Ukraine's 2019 wheat harvest is expected to rise to 27.72
million tonnes from 24.83 million tonnes last year, according to
data from grain trader union UZA.
    Wheat exports could reach 21 million tonnes in the 2019/20
season, which started on July 1, compared with 15.53 million
tonnes in 2018/19, the forecast data showed on Tuesday.
    The U.S. Department of Agriculture this month trimmed its
projection of 2019/20 world wheat ending stocks to 285.4 million
tonnes, down from 286.46 million in July, but still at a record
    Commodity funds were net sellers of CBOT corn, wheat and
soyoil futures contracts on Tuesday and net buyers of soybeans
and soymeal futures, traders said.
 Grains prices at 0229 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  467.25  0.75    +0.16%   -2.20%       498.20  29
 CBOT corn   369.75  1.00    +0.27%   -2.89%       415.53  27
 CBOT soy    870.50  2.25    +0.26%   -1.05%       891.69  46
 CBOT rice   11.29   $0.01   +0.09%   +0.80%       $11.72  23
 WTI crude   56.28   $0.15   +0.27%   +0.12%       $56.05  
 Euro/dlr    $1.110  $0.002  +0.18%   +0.06%               
 USD/AUD     0.6781  0.002   +0.28%   +0.01%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Richard Pullin and
Joseph Radford)
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