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GRAINS-Corn slips, set for biggest monthly fall in nearly three years
August 31, 2017 / 5:15 AM / in 3 months

GRAINS-Corn slips, set for biggest monthly fall in nearly three years

    * Corn lingers near 9-month low hit in prev. session
    * Wheat firms, but set to finish August down 9 pct
    * Soybeans set for first monthly slide since March

    By Colin Packham
    SYDNEY, Aug 31 (Reuters) - U.S. corn eased for a fifth straight session on
Thursday, lingering near a nine-month low hit in the previous session and
heading for its biggest monthly slide in nearly three years, on abundant global
supplies.
    Wheat edged higher but was set to finish the month down nearly 9 percent,
while soybeans were poised to post their first monthly drop since March.
    The most active corn futures on the Chicago Board Of Trade was down
0.1 percent at $3.45-1/4 a bushel by 0433 GMT, having closed down 0.9 percent in
the previous session when prices hit a low of $3.45 a bushel - the lowest since
Dec. 2, 2016.
    "The corn market, free of widespread weather scares, continues to see a
seasonal decline," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    While weather had supported prices for much of the year, easing concerns
means the U.S. 2017 harvest will be large, if not as big as the record 2016
crop. The global grain pipeline is still absorbing massive South America
harvests.
    As a result, corn is down more than 10 percent this month, the biggest
monthly drop since September 2014.
    The most active wheat futures were up 0.5 percent at $4.32 a bushel,
having closed little changed on Wednesday.
    Wheat is down nearly 9 percent for the month as ample global supplies
continue to depress the market.
    The most active soybean futures were up 0.3 percent at $9.36 a bushel,
having closed down 0.4 percent on Wednesday.
    Soybeans are down nearly 8 percent for the month as favourable weather
forecasts weigh on prices.
    Forecasts called for generally benign Midwest crop weather, aside from a few
dry areas, and a low likelihood of frost through mid-September, which should
benefit maturing soybean crops.
        
 Grains prices at  0433 GMT
 Contract         Last    Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat     432.00      2.25    +0.52%       +0.52%  467.69    34
 CBOT corn      345.25     -0.25    -0.07%       -1.00%  371.67    14
 CBOT soy       936.00      2.75    +0.29%       -0.13%  961.00    38
 CBOT rice       12.71     $0.00    -0.04%       +0.83%  $12.58    60
 WTI crude       45.95    -$0.01    -0.02%       -1.06%  $48.06    35
 Currencies                                                          
 Euro/dlr       $1.188    $0.000    -0.01%       -0.77%              
 USD/AUD        0.7904     0.000    +0.00%       -0.54%              
 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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