August 28, 2017 / 2:24 AM / 10 months ago

GRAINS-Corn ticks up from more than 7-month low

    * Corn firms as U.S. dollar edges lower
    * Wheat up for fourth straight session
    * Soybeans firm 0.5 percent

    By Colin Packham
    SYDNEY, Aug 28 (Reuters) - U.S. corn edged up from a from
more than seven-month low on Monday as a weaker dollar lent some
support, although gains were checked by easing fears of
widespread production losses.
    Wheat also edged higher, extending gains into a fourth
consecutive session, while soybeans rose 0.5 percent.
    The most active corn futures on the Chicago Board Of Trade
 were 0.3 percent higher at $3.54-1/2 a bushel by 0159 GMT,
having closed down 0.8 percent in the previous session when
prices hit a low of $3.52-1/2 a bushel - the lowest since Jan.
    Despite the rise, analysts said fundamentals remain bearish.
    "A weakening U.S. dollar will help. But that must translate
into export sales at some point. Only that can arrest the
decline," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    With sustained dry weather, traders had built positions in
the expectation of significant production losses. But while
private forecasters expect production to fall short of official
estimates, fears of widespread losses have largely eased.
    Pro Farmer predicted the U.S. corn harvest at 13.953 billion
bushels. Pro Farmer's corn and soy forecasts were both below
U.S. Department of Agriculture's outlooks from Aug. 10.

    U.S. Commodity Futures Trading Commission data showed
speculative investors increased their net short or bearish
positions in corn, soy and wheat in the trading week that ended
on Tuesday.
    The most active soybean futures were up 0.5 percent to
$9.49 a bushel, having closed down 0.2 percent on Friday.
    The most active wheat futures were up 0.2 percent to
$4.36 a bushel, having closed up 0.2 percent on Friday.
    Pro Farmer projected a record-large 2017 U.S. soybean crop
of 4.331 billion bushels, based in part on the crop tour, but
said U.S. soybean production could still fall short of
government forecasts.
 Grains prices at  0159 GMT
 Contract         Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat     436.00     0.75    +0.17%       +0.35%  477.98    26
 CBOT corn      354.50     1.00    +0.28%       -0.49%  376.86    23
 CBOT soy       949.00     4.50    +0.48%       +0.26%  969.08    50
 CBOT rice       12.71    $0.00    +0.00%       +0.87%  $12.51    67
 WTI crude       47.68   -$0.19    -0.40%       +0.53%  $48.16    48
 Euro/dlr       $1.193   $0.000    +0.03%       +1.10%              
 USD/AUD        0.7942    0.001    +0.11%       +0.53%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Richard Pullin)
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