October 8, 2019 / 1:20 AM / 14 days ago

GRAINS-Corn extends gains into second session on USDA harvest report

    Oct 8 (Reuters) - U.S. corn futures edged higher on Tuesday to extend gains into a second straight session after the U.S. Department of
Agriculture (USDA) pegged the North American harvest pace behind market expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade were up 0.3% at $3.88-1/4 a bushel by 0023 GMT, having gained 0.6% in
the previous session.
    * The most active soybean futures were up 0.2% at $9.16-1/4 a bushel, having closed down 0.1% on Monday.
    * The most active wheat futures were up 0.1% at $4.89-3/4 a bushel, having closed down 0.2% on Monday. 
    * The USDA said 15% of the corn crop has been harvested, well below analysts' forecasts.
    * The USDA also said 56% of the corn crop is in good to excellent condition, slightly behind market forecasts.
    * On soybean crop, the USDA said 14% of the crop has been harvested, slightly behind market forecasts.
    * The USDA added that 54% of the soybean crop is in good to excellent conditions, slight behind expectations.
    * On winter wheat crop, the USDA said 52% of the crop has been planted, lagging behind forecasts.
    * The market now eyes next USDA supply/demand report on Oct. 10. 
    * Analysts surveyed by Reuters on average expect the government to lower its forecasts of U.S. yield, production and 2019/20 ending
stocks for both corn and soybeans.
    * Corn also draws support from forecasts for late-week snowstorms across the Dakotas and western Minnesota followed by a cold spell. Lows
in northwest Iowa next weekend could dip to 28 degrees Fahrenheit (minus 2 Celsius).
         
    MARKET NEWS  
    * The dollar edged higher against a basket of currencies on Monday as traders awaited U.S.-China trade talks later in the week for clues
to the state of the prolonged trade war between Washington and Beijing, even as chances of a deal appeared low.  
    * Oil prices settled lower on Monday, paring earlier gains as hopes of a comprehensive U.S.-China trade deal faded and a new poll showed
analysts expected U.S. oil crude inventories to have risen last week.  
    * U.S. stocks eased on Monday as reports on the U.S.-China trade front kept investors cautious ahead of scheduled talks later in the
week.  
        
 Grains prices at  0023 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  489.75    0.50   +0.10%       -0.15%   480.77     52
 CBOT corn   388.25    1.25   +0.32%       +0.91%   372.13     64
 CBOT soy    916.25    1.50   +0.16%       +0.05%   887.38     68
 CBOT rice    11.63  -$0.01   -0.13%       -0.26%   $11.97     30
 WTI crude    53.00   $0.25   +0.47%       +0.36%   $55.97     33
 Currencies                                                      
 Euro/dlr    $1.097  $0.000   +0.02%       -0.04%                
 USD/AUD     0.6730   0.000   -0.01%       -0.56%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Uttaresh.V)
  
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