September 26, 2019 / 4:11 AM / 19 days ago

GRAINS-Corn extends losses on U.S. harvest pressure, wheat firms

    * Corn ticks lower as U.S. harvest set to gather pace next
month
    * Wheat rise after 5 sessions of losses, soybeans little
changed

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Sept 26 (Reuters) - Chicago corn futures slid for
a second session on Thursday as domestic harvest gathered pace. 
   
    Wheat rose after five sessions of decline, although gains
were capped by ample supplies and stiff competition in the
international market. 
    The most-active corn contract on the Chicago Board Of Trade 
   was down 0.1% at $3.74 a bushel by 0335 GMT, wheat
 firmed 0.3% to $4.78-1/2 a bushel and soybeans were
down just a quarter of a cent at $8.89 a bushel.
    "Buyers in Asia are waiting to see U.S. corn crop yields,"
said a Singapore-based trader. "Harvest will pick up pace next
month."
    U.S. farmers have harvested just 7% of the crop as compared
with the average pace of 11%, the U.S. Department of Agriculture
(USDA) said on Monday. This year's crop was planted late due to
heavy rains and flooding across the U.S.  Midwest.
    In the soybean market, the spotlight was on U.S.-China trade
war.
    U.S. President Donald Trump said on Wednesday a deal to end
a nearly 15-month trade war with China could happen sooner than
people think and that the Chinese were making big agricultural
purchases from the United States, including beef and pork.

    The comments helped relieve pressure triggered when Trump
criticized Beijing's policy in his address at the United Nations
on Tuesday, reviving worries that China's recent buying spree of
soybeans might dry up. 
    The USDA said private exporters sold 581,000 tonnes of U.S.
soybeans to China for delivery in the 2019/20 marketing year
that began on Sept. 1.
    U.S. wheat remains uncompetitive in the international
market.
    Egypt's state grains buyer, the General Authority for Supply
Commodities, said it bought 300,000 tonnes of Russian and French
wheat for shipment Oct. 26 through Nov. 5.
    Commodity funds were net sellers of Chicago Board of Trade
corn, wheat, soybean, soyoil and soymeal futures contracts on
Wednesday, traders said.
    
 Grains prices at 0335 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  478.50  1.25    +0.26%   -0.67%       475.79  45
 CBOT corn   374.00  -0.25   -0.07%   -0.20%       368.30  67
 CBOT soy    889.00  -0.25   -0.03%   -0.59%       876.34  58
 CBOT rice   11.92   $0.03   +0.21%   -0.67%       $11.85  45
 WTI crude   56.51   $0.02   +0.04%   -1.36%       $56.42  
 Currencies                                                
 Euro/dlr    $1.096  $0.002  +0.17%   -0.53%               
 USD/AUD     0.6759  0.001   +0.13%   -0.59%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Aditya Soni)
  
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