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GRAINS-Corn prices hit 8-day high as pace of U.S. harvest disappoints
October 24, 2017 / 1:49 AM / 2 months ago

GRAINS-Corn prices hit 8-day high as pace of U.S. harvest disappoints

    SYDNEY, Oct 24 (Reuters) - U.S. corn prices edged up on
Tuesday to mark their highest in eight days, with the U.S.
Department of Agriculture saying the pace of harvesting was
lagging market expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
    were up 0.2 percent at $3.52 a bushel by 0112 GMT,
after earlier touching their strongest since Oct. 16 at
$3.52-1/4 a bushel. Corn gained 2 percent in the previous
session.
    * The most active soybean futures were up 0.1 percent
at $9.81-1/2 a bushel. Prices firmed 0.2 percent on Monday after
earlier in the session hitting their lowest since Oct. 12 at
$9.75 a bushel.
    * The most active wheat futures were up 0.2 percent at
$4.37-3/4 a bushel, having closed up 2.8 percent on Monday. 
    * The USDA said 38 percent of the U.S. corn crop was
harvested as of Sunday, behind analyst forecasts of 44 percent.
    * The harvest of U.S. soybeans was 70 percent complete,
ahead of analyst forecasts.
            
    MARKET NEWS  
    * The dollar edged down on Tuesday as attention turned to
who would be the next head of the U.S. central bank.  
    * Oil prices were little changed on Monday as supply
disruptions in Iraq dented exports by OPEC's second-largest
producer and U.S. drilling rates showed a slowdown.  
    * U.S. stocks declined on Monday as each of the major Wall
Street indexes retreated from a record, weighed down by a drop
in technology and industrial shares.  
    
    DATA AHEAD (GMT)
0645  France            Business climate                    Oct
0700  France            Markit manufacturing PMI flash      Oct
0730  Germany           Markit manufacturing PMI flash      Oct
0900  Euro zone         Markit manufacturing PMI flash      Oct
1345  U.S.              Markit manufacturing PMI flash      Oct
        
 Grains prices at  0112 GMT
 Contract       Last   Change  Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat   437.75     1.00   +0.23%        +2.76%  442.47   54
 CBOT corn    352.00     0.75   +0.21%        +2.18%  350.76   59
 CBOT soy     981.50     0.75   +0.08%        +0.28%  972.68   53
 CBOT rice     11.95   -$0.02   -0.21%        -1.04%  $12.21   41
 WTI crude     51.94    $0.04   +0.08%        +0.91%  $50.90   62
 Currencies                                                      
 Euro/dlr     $1.176   $0.001   +0.10%        -0.20%             
 USD/AUD      0.7816    0.001   +0.14%        -0.03%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham in Sydney; Editing by Joseph
Radford)
  

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