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GRAINS-Wheat prices tick up after losses, corn holds near 1-mth low
October 12, 2017 / 12:58 AM / in 8 days

GRAINS-Wheat prices tick up after losses, corn holds near 1-mth low

    SINGAPORE, Oct 12 (Reuters) - U.S. wheat edged up on
Thursday, rising for the first time in four sessions as
investors looked for bargains, although ample world supplies and
stiff competition from Black Sea producers limited gains.
    Corn was little changed, trading near last session's
one-month low ahead of a key U.S. government report expected to
indicate higher crop yields.
        
    FUNDAMENTALS
    * U.S. wheat is finding it difficult to win business with
low offers being made from Russian and Ukrainian suppliers.
    * Egypt's state buyer this week bought 170,000 tonnes of
Russian wheat in an international purchasing tender where no
U.S. wheat was offered.
    * Still, the U.S. Department of Agriculture (USDA) confirmed
that private exporters sold 104,202 tonnes of U.S. hard red
winter wheat and 150,000 tonnes of corn to Mexico. 
    * More such sales of U.S. wheat and corn could support grain
markets. Corn dropped to its lowest since Sept. 12 at
$3.45-1/2 a bushel on Wednesday, while wheat has fallen
for the past three sessions.
    * The USDA is scheduled to release its monthly World
Agricultural Supply and Demand Estimates (WASDE) and Crop
Production reports at 1600 GMT. Traders expect the agency to
raise its estimate of the U.S. corn harvest in the reports.
    * Rains slowed the U.S. Midwest harvest in recent days. The
USDA in a weekly crop progress report said the corn harvest was
22 percent complete, lagging the five-year average of 37
percent. The soybean harvest was 36 percent complete, behind the
five-year average of 43 percent.
    * The corn harvest was only 8 percent finished in Iowa, the
top U.S. corn state, and 4 percent complete in Minnesota, the
No. 4 producer.
    * Declining precipitation in Argentina due to a transition
toward the La Nina climate phenomenon will relieve flooded crop
fields in the coming months, but drier conditions could harm
soybean and corn yields, meteorologists told Reuters.

    * Commodity funds were net sellers of Chicago Board of Trade
corn, wheat, soymeal and soybean futures contracts on Wednesday
and small net buyers of soyoil, traders said.
    
    MARKET NEWS
    * Wall Street stocks rose on Wednesday as the minutes from
the Federal Reserve's September policy meeting merely confirmed
expectations that interest rates would rise, while the euro
gained on the dollar after Catalonia held off on moving to
independence.
    
    DATA AHEAD (GMT)
1600  World Agricultural Supply and Demand Estimates and Crop
Production reports. 
1000  Euro zone          Industrial production               Aug
1230  U.S.               Weekly jobless claims 
1430  Participation by the ECB President Mario Draghi in panel
at 4th "Rethinking Macro Policy" conference organised by IMF and
hosted by Peterson Institute. IMF Managing Director Christine
Lagarde and World Bank  President Jim Yong Kim hold G20 news
conferences as part of the IMF/World Bank annual meetings.
     
 Grains prices at  0034 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  434.75  1.50    +0.35%   -0.11%       443.93  37
 CBOT corn   346.50  0.50    +0.14%   -0.79%       352.51  36
 CBOT soy    967.25  2.00    +0.21%   +0.13%       964.78  53
 CBOT rice   12.04   $0.00   +0.00%   +0.12%       $12.40  47
 WTI crude   51.03   -$0.27  -0.53%   +0.22%       $49.96  56
 Currencies                                                
 Euro/dlr    $1.186  $0.000  +0.03%   +0.47%               
 USD/AUD     0.7804  0.002   +0.22%   +0.36%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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