November 19, 2013 / 1:41 AM / in 5 years

GRAINS-Corn hits 3-year low on U.S. ethanol plan, GMO discovery

SYDNEY, Nov 19 (Reuters) - U.S. corn  futures hit a fresh
three-year low on Tuesday as a U.S. government proposal to lower
corn-based ethanol usage and the rejection of a U.S. corn cargo
by China because it contained a genetically modified variety
weighed on prices.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade December corn fell 0.18
percent to $4.11-1/4 a bushel, having hit a three-year low of
$4.11 a bushel earlier in the session. Corn slid 2.4 percent in
the previous session.
    * December wheat rose 0.19 percent to $6.43-1/2 a
bushel, having closed up 0.35 percent on Monday. 
    * January soybeans fell 0.1 percent to $12.86-1/4 a
bushel, having firmed 0.6 percent on Tuesday.
    * The U.S. Environmental Protection Agency (EPA) proposed on
Friday to slash federal requirements for U.S. biofuel next year,
including corn-based ethanol. 
    * China rejected a cargo of U.S. corn because it contained a
genetically modified variety that is not approved for import, a
trade source said on Monday. 
    
    MARKET NEWS  
    * The dollar was kept in check in early Asian trade on
Tuesday, reflecting expectations that the Federal Reserve will
keep its easy policy stance and on sharpened appetite for risk
following Beijing's announcement of sweeping reforms.  
    * U.S. oil futures fell on Monday, weighed down by
expectations the Federal Reserve could taper its bond buying
program.  
    * The S&P 500 and the Nasdaq ended lower on Monday, while
the Dow failed to close above its milestone level of 16,000 as
stocks sold off late in the session following Carl Icahn's
cautious comments on the equities market.  
    
      DATA (GMT) 
0200  China    Foreign direct investment           
1000  Germany  ZEW economic sentiment           
1245  U.S.     ICSC weekly chain store sales    
1330  U.S.     Employment cost index            
1355  U.S.     Redbook weekly retail sales      
        
  Grains prices at  0111 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     643.50     1.25  +0.19%    -0.19%     673.99   20
  CBOT corn      411.25    -0.75  -0.18%    -3.58%     433.15   24
  CBOT soy      1286.25    -1.25  -0.10%    -2.07%    1277.00   45
  CBOT rice      $15.84   -$0.01  -0.06%    -0.03%     $15.42   61
  WTI crude      $93.12    $0.09  +0.10%    -0.77%     $96.90   33
  Currencies                                                
  Euro/dlr       $1.352   $0.002  +0.16%    +0.44%
  USD/AUD         0.938    0.001  +0.13%    +0.70%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Anand Basu)
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