November 10, 2017 / 2:48 AM / 4 months ago

GRAINS-USDA forecast keeps corn prices near one-year low

    SYDNEY, Nov 10 (Reuters) - U.S. corn futures were steady on
Friday, lingering near a one-year low in the wake of the U.S.
Department of Agriculture's forecast for record North American
    * The most active corn futures on the Chicago Board of Trade
 are down nearly 2 percent for the week, set for their
second consecutive weekly fall.
    * Corn on Thursday marked its lowest since November, 2016 at
$3.40-3/4 a bushel.
    * The most active soybean futures are down nearly 1.5
percent for the week, the biggest weekly loss since Aug. 15.
    * The most active wheat futures are up more than 0.5
percent for the week, the biggest weekly gain since Sept. 15.
    * The USDA raised its corn crop forecast to 14.578 billion
bushels, based on an average yield of 175.4 bushels per acre,
(BPA) which, if realised, would top a record set last year.

    * The soy crop was seen at a record 4.425 billion bushels,
on a yield of 49.5 bpa. 
    * The USDA said corn export sales jumped last week to a
5-1/2-year high of more than 2.9 million tonnes, including 2.3
million for shipment in the current marketing year, topping
trade estimates.
    * The U.S. soybean industry has signed two letters of intent
with Chinese importers covering a $5 billion purchase of an
additional 12 million tonnes of soybeans in the 2017/18
marketing year, deals announced during President Donald Trump's
visit to Beijing.
    * The dollar licked its wounds on Friday, on track for
weekly losses after dropping on disappointment with a tax bill
put forth by U.S. Senate Republicans that would delay expected
corporate tax cuts.  
    * Oil markets were stable on Friday, supported by ongoing
supply cuts led by OPEC and Russia as well as by strong demand,
although the prospect of rising U.S. shale output capped prices
around recent gains.  
    * Wall Street stocks dropped on Thursday, weighed down by
losses in Microsoft and other technology issues, as investors
turned their attention to a U.S. Senate Republican plan that
would delay expected corporate tax cuts.  
0745   France            Industrial output                   Sep
0930   Britain           Industrial output                   Sep
1500   U.S.              Univ of Michigan sentiment index    Nov
 Grains prices at  0214 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   429.25    0.25    +0.06%       +0.70%  412.23     49
 CBOT corn    341.50    0.00    +0.00%       -4.68%  355.05     26
 CBOT soy     985.25    0.25    +0.03%       -5.29%  1024.3     47
 CBOT rice     11.44   $0.00    +0.00%      +14.58%   $9.84     31
 WTI crude     57.02  -$0.15    -0.26%       +7.56%  $52.51     77
 Euro/dlr     $1.165  $0.105    +9.88%       +9.45%               
 USD/AUD      0.7685   0.021    +2.81%       +2.48%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Joseph Radford)
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