March 9, 2018 / 2:28 AM / 6 months ago

GRAINS-Corn falls from 7-month high, set to finish the week up 2 pct

    SYDNEY, March 9 (Reuters) - U.S. corn futures edged lower on
Friday, retreating from a more than seven-month high, but the
grain was set to finish the week up nearly 2 percent after a
widely watched crop report said end of season supplies would be
lower than expected.
    
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up nearly 2 percent for the week, extending two-week
gains to more than 7 percent.
    * Corn hit a high of $3.93-3/4 a bushel on Thursday, the
highest since July 2017.
    * The most active soybean futures were down nearly 1
percent for the week, the first weekly slide in four weeks.
    * The most active wheat futures were down 1 percent
for the week, the first fall in two months.
    * U.S. corn supplies will be smaller than expected due to
strong export demand and rising ethanol production, the U.S.
Agriculture Department said on Thursday.
    * The USDA in its monthly supply and demand outlook cut the
forecast for Argentina corn and soy production but increased its
estimate for soy production in Brazil, the top global soy
producer and exporter.
    * USDA weekly data showed U.S. corn exports last week at 1.9
million tonnes and soybean sales of 2.7 million tonnes - both
above the range of analyst expectations. Weekly sales of 428,400
tonnes of U.S. wheat were within the range of estimates.

         
    MARKET NEWS  
    * The euro fell on Thursday as European Central Bank
President Mario Draghi, while acknowledging faster growth in
Europe, said regional inflation remained subdued and rising
protectionism is a risk.  
    * Crude oil futures rose on Friday as Asian stock markets
gained on news that North Korean leader Kim Jong Un will meet
with U.S. President Donald Trump.  
    * The three major U.S. stock indexes closed higher on
Thursday after President Donald Trump appeared to soften his
stance on trade tariffs, easing trade war fears that had the
market on edge for a week.  
    
    DATA/EVENT AHEAD (GMT)
0130  China            Consumer prices                  Feb
0130  China            Producer prices                  Feb
0630  Bank of Japan Governor Haruhiko Kuroda speaks to reporters
at the end of the central bank policy meetings
0700  Germany          Industrial output                Jan
0700  Germany          Trade data                       Jan
0745  France           Industrial output                Jan
1330  U.S.             Nonfarm payrolls                 Feb
1330  U.S.             Unemployment rate                Feb
1330  Euro zone        Employment                       Q1
1500  U.S.             Wholesale sales                  Jan
     
 Grains prices at  0149 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   495.00    -4.25   -0.85%       -0.45%   476.08    64
 CBOT corn    392.75    -0.75   -0.19%       +1.42%   376.13    82
 CBOT soy    1062.75    -1.25   -0.12%       -0.23%  1030.38    61
 CBOT rice     12.45    $0.02   +0.12%       -0.32%   $12.46    54
 WTI crude     60.40    $0.28   +0.47%       -1.23%   $62.38    35
 Currencies                                                       
 Euro/dlr     $1.230  -$0.001   -0.11%       -0.93%               
 USD/AUD      0.7780   -0.001   -0.12%       -0.55%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
  

 (Reporting by Colin Packham; editing by Richard Pullin)
  
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