October 3, 2019 / 12:54 AM / 13 days ago

GRAINS-Wheat edges higher after losses of 2% in previous session

    SYDNEY, Oct 3 (Reuters) - U.S. wheat futures edged higher on
Thursday, rebounding slightly from losses of 2% in the previous
session, though gains were checked as North American supplies
remain uncompetitive into major markets.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.1% at $4.89-1/2 a bushel by 0024 GMT,
having closed down 2% on Wednesday. 
    * The most active soybean futures little changed at
$9.13-1/2 a bushel, having closed down 0.6% on Wednesday.
    * The most active corn futures were little changed at
$3.87-1/2 a bushel, having closed down 1.2% in the previous
session.
    * Market attention turns to latest U.S. Department of
Agriculture (USDA) export data.
    * Analysts are expecting a USDA report on Thursday morning
to show weekly wheat export sales in a range from 200,000 tonnes
to 600,000 tonnes compared to 283,156 tonnes a week ago.

    * Egypt's state grains buyer, the General Authority for
Supply Commodities, said on Wednesday it bought 60,000 tonnes of
French wheat in a tender for shipment Nov. 5-15.
    * INTL FCStone's forecast for this year's U.S. corn harvest
added to the bearish tone. The firm on Tuesday raised its
estimate of the average U.S. 2019 corn yield to 169.3 bushels
per acre, from 168.4 in its previous monthly report.

         
    MARKET NEWS  
    * The dollar on Wednesday dropped to a one-week low against
the yen and declined for a second straight session versus the
euro, amid worries about global growth following data released a
day earlier showing a sharp decline in U.S. manufacturing
activity.  
    * Oil prices fell more than 2% on Wednesday after official
data showed a rise in U.S. crude inventories, adding to worries
about an oversupplied market as weak economic readings in the
United States depressed global financial markets.  
    * Wall Street's main indexes suffered their sharpest one-day
declines in nearly six weeks on Wednesday after employment and
manufacturing data suggested that the U.S.-China trade war is
taking an increasing toll on the U.S. economy.  
        
 Grains prices at  0024 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat   489.50    0.50   +0.10%       -1.85%   479.30     53
 CBOT corn    387.50   -0.25   -0.06%       -1.27%   370.32     68
 CBOT soy     913.50   -0.25   -0.03%       -0.65%   882.24     67
 CBOT rice     11.74   $0.03   +0.21%       -1.10%   $11.94     38
 WTI crude     52.48  -$0.16   -0.30%       -2.13%   $56.13     28
 Currencies                                                       
 Euro/dlr     $1.096  $0.000   +0.05%       +0.30%                
 USD/AUD      0.6713   0.001   +0.15%       +0.16%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham)
  
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