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GRAINS-Corn slumps to one-week low as U.S. supplies hit market
October 4, 2017 / 2:26 AM / 2 months ago

GRAINS-Corn slumps to one-week low as U.S. supplies hit market

    * U.S. harvest advances, set to flood market
    * Wheat firms on Black Sea dry weather concerns
    * Soybeans edge higher

    By Colin Packham
    SYDNEY, Oct 4 (Reuters) - U.S. corn fell to a one-week low
on Wednesday as North America's harvest began to fill the market
with supply. 
    U.S. wheat edged higher to extend two-day gains to 1 percent
as dry weather across the Black Sea stoked fears of lower
production, while soybeans moved higher.
    The most active corn futures on the Chicago Board of Trade
 were down 0.2 percent to $3.48-3/4 a bushel by 0209 GMT,
near the session low of $3.48-1/2 a bushel - the weakest since
Sept. 27. Corn closed down 0.6 percent in the previous session.
    "Despite earlier concerns, the season has shaped up pretty
well and the harvest is advancing at a steady rate," said Phin
Ziebell, agribusiness economist at National Australia Bank.
    The U.S. Department of Agriculture on Monday said the corn
harvest was 17 percent complete, and it rated 63 percent of the
crop as good-to-excellent, an improvement from 61 percent a week
    Commodity brokerage INTL FCStone late on Monday raised its
forecast of the U.S. corn yield to 169.2 bushels per acre, from
166.9 a month earlier.
    The most active soybean futures were up 0.1 percent to
$9.56-1/4 a bushel, having closed down 0.2 percent on Tuesday.
INTL FCStone now forecasts a U.S. soybean yield to 49.9 bpa, up
from 49.8 previously.
    The most active wheat futures were up 0.1 percent to
$4.48-1/2 a bushel, having closed up 0.9 percent on Tuesday.
    Analysts said wheat was drawing support from concerns that
Black Sea grain production could fall as forecasts predict dry
weather to persisting across Russia, Ukraine and Kazakhstan.
    Meanwhile Egypt's state grain buyer, the General Authority
for Supply Commodities, bought 180,000 tonnes of Russian wheat
in an international wheat tender.
 Grains prices at  0209 GMT
 Contract        Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    448.50     0.50   +0.11%       +0.84%  442.94    54
 CBOT corn     348.75    -0.75   -0.21%       -0.78%  353.19    43
 CBOT soy      956.75     1.50   +0.16%       -0.05%  959.23    42
 CBOT rice      12.02    $0.00   +0.00%       +0.17%  $12.56    33
 WTI crude      50.05   -$0.37   -0.73%       -1.05%  $49.28    41
 Euro/dlr      $1.177   $0.003   +0.27%       +0.38%              
 USD/AUD       0.7868    0.003   +0.43%       +0.55%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)

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