July 29, 2019 / 1:38 AM / 2 months ago

GRAINS-Corn recovers from near 4-week low on U.S. weather

    SYDNEY, July 29 (Reuters) - U.S. corn futures edged higher
on Monday after hitting their lowest in nearly four weeks
earlier in the session, as concerns that adverse weather could
curtail North American production supported prices.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.2% at $4.25-1/4 a bushel by 0104 GMT, having
earlier hit a low of $4.22-1/4 a bushel - the lowest since July
2. Corn fell 0.7% in the previous session.
    * The most active soybean futures were up 0.3% at
$9.04 a bushel, having firmed 0.1% on Friday.
    * The most active wheat futures were up 0.5% at
$5.98-1/2 a bushel, having closed down 0.7% on Friday. 
    * Market eyes progress in U.S.-China trade talks. The
year-long trade war between the world's two largest economies
has weighed on soybean trading.
    * U.S. and Chinese trade negotiators shift to Shanghai this
week for their first in-person talks since a G20 truce last
month, a change of scenery for two sides struggling to resolve
deep differences on how to end a year-long trade war.

    * China has approved soybean imports from all parts of
Russia and wheat imports from the Russian region of Kurgan.

    * France should harvest between 38 million and 39 million
tonnes of soft wheat this summer, with quality levels meeting
export standards, grain exporter Soufflet said on Friday. 
         
    MARKET NEWS  
    * The dollar held firm on Monday, staying near a two-month
high against a basket of currencies after better-than-expected
U.S. GDP data last week boosted its yield attraction against
rival currencies.  
    * Oil prices fell on Monday after Iran described emergency
talks on a multi-party nuclear agreement with a group of
signatories as "constructive", suggesting an easing of tensions
in the Middle East.  
    
     DATA/EVENTS (GMT)
0600   UK      Nationwide house price m/m             July
0600   UK      Nationwide house price y/y             July
--    Japan   Bank of Japan holds Monetary Policy Meeting
    
 Grains prices at  0104 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   498.50    2.50    +0.50%       -0.20%  515.38     45
 CBOT corn    425.25    0.75    +0.18%       -0.53%  441.06     31
 CBOT soy     904.00    3.00    +0.33%       +0.47%  913.78     46
 CBOT rice     12.16  -$0.04    -0.29%       +0.29%  $11.76     73
 WTI crude     56.12  -$0.08    -0.14%       +0.18%  $57.18     44
 Currencies                                                       
 Euro/dlr     $1.114  $0.001    +0.09%       -0.09%               
 USD/AUD      0.6908   0.000    +0.00%       -0.60%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)
  
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