September 4, 2019 / 1:33 AM / 14 days ago

GRAINS-U.S. wheat futures rebound as harvest pace lags

    SYDNEY, Sept 4 (Reuters) - U.S. wheat futures rallied nearly 1% on Wednesday, rebounding from a near four-month low touched in the previous
session, as the U.S. Department of Agriculture pegged the pace of the harvest behind market expectations.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up 0.8% at $4.57-1/4 a bushel, as of 0118 GMT, having closed down
1.9% on Tuesday when prices hit $4.51, their lowest since May 16.
    * The most active soybean futures were down 0.1% at $8.67-1/2 a bushel, after closing little changed in the previous session.
    * The most active corn futures were up 0.3% at $3.62 a bushel, having closed down 2.4% in the previous session when prices hit a May
14 low of $3.60-1/2 a bushel.
    * U.S. Department of Agriculture rated 58% of the U.S. corn crop in good-to-excellent condition, up from 57% the previous week and in line
with trade expectations. The USDA said 6% of the crop was mature, behind the five-year average of 13%. 
    * At least 55% of the soybean crop is in good-to-excellent condition, the USDA said, slightly behind market expectations. 
    * The USDA said 55% of the U.S. spring wheat crop has been harvested, behind analysts' forecasts.
    * Wheat sags on prospects for plentiful global stockpiles.  
         
    MARKET NEWS  
    * The dollar pulled back on Wednesday as weak U.S. manufacturing stoked wagers on aggressive policy easing, while the British pound recouped
losses in the wake of a parliamentary vote that opened the door for another Brexit delay.  
    * Oil prices fell on Tuesday, with U.S. crude futures down 2% after manufacturing data raised concerns about a weakening global economy,
while the U.S.-China trade dispute continued to drag on investor sentiment.  
    * U.S. stocks fell on Tuesday as investors worried about global growth prospects after data showed U.S. factory activity shrank in August
for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.  
        
 Grains prices at 0118 GMT
 Contract       Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat   457.25    3.75   +0.83%        -1.14%  484.18     24
 CBOT corn    362.00    1.00   +0.28%        -2.10%  391.43     28
 CBOT soy     867.50   -1.00   -0.12%        -0.17%  876.56     48
 CBOT rice     11.98   $0.01   +0.04%        +0.21%  $11.82     68
 WTI crude     54.14   $0.20   +0.37%        -1.74%  $55.21     43
 Currencies                                                       
 Euro/dlr     $1.098  $0.000   +0.04%        +0.09%               
 USD/AUD      0.6761   0.000   +0.06%        +0.72%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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