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GRAINS-Corn retreats from 3-wk high on ample supplies
October 26, 2017 / 1:42 AM / a month ago

GRAINS-Corn retreats from 3-wk high on ample supplies

    SYDNEY, Oct 26 (Reuters) - U.S. corn edged lower on Thursday, extending a
retreat from a more than three-week high hit in the previous session, as a
rapidly advancing harvest flooded the market with ample supplies.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade were down
0.1 percent at $3.50-3/4 by 0052 GMT, having closed down 0.5 percent in the
previous session after hitting a high of $3.55-1/4 a bushel - the highest since
Oct. 2.
    * The most active soybean futures were unchanged at $9.75-1/2 a
bushel, having closed flat on Wednesday.
    * The most active wheat futures were unchanged at $4.35-1/2 a bushel,
having closed down 0.6 percent on Wednesday. 
    * Soybeans were under pressure as U.S. harvest advances rapidly.
    * Wheat was under pressure amid ample global supplies, though fears about
production losses in Australia provided supported prices.
    * Australia's wheat farmers face a double blow this year as dry weather
slashes local production at a time when bloated global inventories are dragging
on international prices for the grain.
         
    MARKET NEWS  
    * The euro inched higher on Thursday, as investors awaited details of the
European Central Bank's plans for scaling back its bond-buying stimulus
programme, while the dollar took a breather after its recent rally.  
    * U.S. oil prices extended declines on Thursday after government data showed
a surprise climb in U.S. crude inventories.  
    * U.S. stocks fell on Wednesday, with the Dow Industrials and S&P 500
indexes suffering their worst day in seven weeks, on a batch of soft quarterly
earnings and a rise in bond yields.  
    
    DATA/EVENT AHEAD (GMT)
0600  Germany            GfK consumer sentiment              Nov
0800  Euro zone          Money supply and lending data       Sep
1145  European Central   Bank announces interest rate decision
1230  ECB President Mario Draghi holds news conference
1230  U.S.               Weekly jobless claims
1400  U.S.               Pending homes sales                 Sep
    
 Grains prices at  0052 GMT
 Contract        Last    Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat    435.50      0.00    +0.00%       -0.57%   441.97   49
 CBOT corn     350.75     -0.25    -0.07%       -0.57%   350.65   50
 CBOT soy      975.50      0.00    +0.00%       +0.00%   972.97   44
 CBOT rice      11.65    -$0.02    -0.13%       +0.39%   $12.12   29
 WTI crude      52.14    -$0.04    -0.08%       -0.63%   $51.08   62
 Currencies                                                         
 Euro/dlr      $1.182    $0.000    +0.03%       +0.48%              
 USD/AUD       0.7702     0.000    -0.01%       -0.94%              
 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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