October 21, 2014 / 12:47 AM / 5 years ago

GRAINS-Corn falls on forecasts of ideal harvest weather

SYDNEY, Oct 21 (Reuters) - U.S. corn futures fell on Tuesday
as forecasts for dry weather fuelled expectations that
harvesting would progress rapidly.
         
    FUNDAMENTALS  
    * Chicago Board of Trade front-month corn fell 0.22
percent to $3.47-1/2 a bushel, having gained 0.1 percent in the
previous session.
    * Front-month soybeans were unchanged at $9.44-1/4 a
bushel, after closing down 0.8 percent on Monday.
    * Front-month wheat was steady at $5.13-1/2 a bushel,
having finished 0.5 percent lower the day before. 
    * The U.S. Department of Agriculture, in a weekly report,
said the corn harvest as of Sunday was 31 percent complete,
below the five-year average of 53 percent for that date, and the
soybean harvest was 53 percent complete, below the average of 66
percent. 
    * Traders had expected the corn harvest to be 33 percent
complete, up from 24 percent a week ago, and the soybean harvest
to be 55 percent complete, up from 40 percent a week ago.
 
    * But forecasts for mostly dry conditions across the Corn
Belt drove down prices early in the session. Prices had rallied
in recent weeks on concerns about wet weather slowing the
harvest of a record U.S. crop.
    * U.S. wheat faces competition for export business on the
world market, with Egypt buying 175,000 tonnes of French and
Russian wheat in its last international wheat purchase on Oct.
10.
        
    MARKET NEWS  
    * Major currencies traded in tight ranges on Monday with
investors facing a dearth of new data and modest price changes
in global markets, save for Japan where stocks rallied on
possible public pension fund spending, which helped bring down
the yen.  
    * Brent crude fell on Monday, dropping below $86 a
barrel as worries about booming supply and sluggish demand
pushed the global oil benchmark back towards last week's
four-year low. U.S. crude hovered below $83 a barrel.  
    
    DATA AHEAD (GMT)
    0200   China          GDP                           Q3
    0200   China          Industrial output             Sep
    0200   China          Retail sales                  Sep
    0200   China          Urban investment              Sep
    1400   U.S.           Existing home sales           Sep 
        
  Grains prices at  0027 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     513.50     0.00  +0.00%    -0.48%     495.22   61
  CBOT corn      347.50    -0.75  -0.22%    +0.00%     364.94   56
  CBOT soy       944.25     0.00  +0.00%    -0.79%     947.60   46
  CBOT rice      $12.52    $0.02  +0.12%    -0.24%     $12.63   41
  WTI crude      $82.75    $0.04  +0.05%    +0.00%     $89.40   24
  Currencies                                                
  Euro/dlr       $1.280   $0.000  +0.00%    +0.29%
  USD/AUD         0.879    0.001  +0.10%    +0.53%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
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