May 23, 2019 / 1:55 AM / 2 months ago

GRAINS-Corn snaps 8-session rally on profit taking, overall weakness

    SYDNEY, May 23 (Reuters) - U.S. corn futures edged lower for
the first time in eight sessions on Thursday on some profit
taking and broader weakness across commodities, but fears that
North American farmers will be forced to switch to planting
soybeans on planting delays capped losses.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 down 0.1% to $3.94 a bushel by 0128 GMT. Corn closed
slightly higher on Wednesday.
    * The most active wheat futures were steady at
$4.78-3/4 a bushel, after closing down 1.2% on Wednesday.
    * The most active soybean futures were down 0.2% at
$8.26-1/2 a bushel, having closed up 0.8% on Wednesday.
    * The Trump administration is considering direct payments to
U.S. farmers of $2 per bushel for soybeans as part of an aid
package to offset the trade war with China, Bloomberg reported
on Tuesday, an offer that could encourage more soy planting
despite record supplies.
    The USDA, however, released a statement suggesting it was
inaccurate. 
    * The U.S. Department of Agriculture said on Monday that a
lower-than-expected 49% of the U.S. corn crop has been planted,
the slowest pace on record, based on data going back to 1980.
Soybeans were 19% planted, also short of market expectations.

         
    MARKET NEWS  
    * The yen advanced against its peers on Thursday as
persistent U.S.-China trade fears and Brexit concerns fanned
risk aversion, lifting the safe-haven Japanese currency. 
    * Oil prices dropped on Thursday, extending falls from the
previous session amid surging U.S. crude inventories and weak
demand from refineries.  
    * Wall Street's major indexes dipped on Wednesday as
inflamed trade tensions between the United States and China
weighed on investor sentiment.  
    
    DATA/EVENTS (GMT)
0600  Germany   GDP Detailed QQ  SA      Q1
0600  Germany   GDP Detailed YY NSA      Q1
0645  France    Business Climate Mfg     May
0715  France    Markit Mfg Flash PMI     May
0730  Germany   Markit Mfg Flash PMI     May
0800  Germany   Ifo Business Climate New May
0800  EU        Markit Mfg Flash PMI     May
0800  EU        Markit Serv Flash PMI    May
0800  EU        Markit Comp Flash PMI    May
1230  US        Initial Jobless Claims   Weekly
1400  US        New Home Sales Units     April    
        
 Grains prices at  0128 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   473.00     0.25   +0.05%       -1.20%  449.57    70
 CBOT corn    394.00    -0.50   -0.13%       -0.06%  369.16    81
 CBOT soy     826.50    -2.00   -0.24%       +0.55%  853.06    49
 CBOT rice     11.34    $0.00   +0.00%       +0.98%  $10.79    90
 WTI crude     61.20   -$0.22   -0.36%       -2.84%  $63.07    36
 Currencies                                                      
 Euro/dlr     $1.115   $0.000   -0.02%       -0.07%              
 USD/AUD      0.6870   -0.001   -0.15%       -0.19%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; editing by Rashmi Aich)
  
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