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GRAINS-Corn falls on record U.S. production
August 13, 2014 / 1:02 AM / 3 years ago

GRAINS-Corn falls on record U.S. production

SYDNEY, Aug 13 (Reuters) - U.S. corn futures fell on
Wednesday as the U.S. Department of Agriculture's forecast for
record domestic production weighed on prices, although losses
were capped as the estimate fell below market expectations.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade December corn fell 0.75
percent to $3.66-1/4 a bushel, having gained 0.13 percent in the
previous session.
    * November soybeans little changed at $10.59-3/4 a
bushel, having closed down 1.3 percent on Tuesday.
    * September wheat little changed at $5.37-3/4 a
bushel, having closed down 1.6 percent on Tuesday. 
    * U.S. corn production in 2014 was pegged by the USDA at
14.03 billion bushels, below trade estimates averaging at 14.25
billion.
    * Ending stocks were seen at 1.8 billion bushels, also below
estimates. 
    * USDA estimated lower-than-expected corn yields. 
    * The USDA estimated the U.S. soybean crop at a record of
3.82 billion bushels, up 16 percent on the year and close to
trade expectations.
    * Projected U.S. wheat ending stocks were little changed on
the month, but global wheat stocks jumped to almost 193 million
tonnes, above expectations.
    * Russia's wheat crop rose by 6 million tonnes on the month,
crisis-torn Ukraine's production was forecast 1 million tonnes
higher, and the Chinese crop was raised by 2 million.
    * Consultancy UkrAgroConsult revised its outlook for
Ukraine's grain exports in the 2014/15 season 2.5 percent higher
to 32.5 million tonnes on Tuesday. 
         
    MARKET NEWS  
    * The euro nursed only modest losses early on Wednesday,
having regained quite a bit of ground as markets got over a
closely watched report that showed a slump in German economic
sentiment.  
    * Brent crude oil fell to a 13-month low on Tuesday as
increased OPEC production helped dampen concerns over potential
supply disruptions in Iraq and Libya.  
    * U.S. stocks ended lower on Tuesday, snapping a two-day
rally as energy shares tumbled on sliding oil prices. The
pullback occurred on light volume typical of mid-August.  
    
    DATA AHEAD (GMT)
     0530  China       Urban investment                July
     0530  China       Industrial output               July
     0530  China       Retail sales                    July
     0600  Germany     Wholesale price index           July
     0900  Euro zone   Industrial production           June
     1230  U.S.        Retail sales                    July
     1400  U.S.        Business inventories            June 
        
  Grains prices at  0031 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     537.75    -0.25  -0.05%    -1.60%     542.88   44
  CBOT corn      366.25    -2.75  -0.75%    -0.54%     379.68   38
  CBOT soy      1059.75     0.25  +0.02%    -1.26%    1087.38   62
  CBOT rice      $12.73    $0.00  +0.00%    -0.43%     $13.26   31
  WTI crude      $97.22   -$0.15  -0.15%    -0.88%    $100.85   31
  Currencies                                                
  Euro/dlr       $1.337   $0.000  -0.03%    -0.15%
  USD/AUD         0.928    0.001  +0.12%    +0.15%
  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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