September 13, 2018 / 12:48 AM / 10 days ago

GRAINS-Corn prices edge up, but near 2-month low on USDA estimate

    SYDNEY, Sept 13 (Reuters) - U.S. corn futures regained some
ground on Thursday after a steep fall in the previous session,
but remained close to a two-month low after a widely watched
crop report pegged U.S. output above market expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were up 0.7 percent at $3.55 a bushel by 0013 GMT, having
closed down 3.9 percent in the previous session when prices hit
a low of $3.51 a bushel - the lowest since July 12.
    * The most active soybean futures were little changed
at $8.39-3/4 a bushel, having firmed 1 percent on Wednesday
after prices hit a low of $8.21 a bushel - the lowest since
December 2008.
    * The most active wheat futures rose 0.4 percent to
$5.09 a bushel, having closed down 2.3 percent on Wednesday. 
    * The U.S. Department of Agriculture in a monthly supply and
demand report predicted U.S. corn output at 14.827 billion
bushels, the most in two years and above analysts' estimates for
14.351 billion to 14.607 billion bushels.
    * Average corn yields were estimated at a record 181.3
bushels per acre.
    * USDA estimated U.S. soybean output at a record-large 4.693
billion bushels, but still within the range of analyst estimates
for 4.523 billion to 4.781 billion.
    * China's Ministry of Agriculture and Rural Affairs slashed
its forecast for 2018/19 soybean imports as farmers reduce their
use of the bean in animal feed because of the Sino-U.S. trade
conflict.
    * USDA increased its forecast for the Russian wheat harvest,
when many traders expected lower output amid a European drought
that has stoked fears of grain export curbs in both Russia and
Ukraine.
         
    MARKET NEWS  
    * The dollar fell against a basket of other currencies on
Wednesday as investors pared safe-haven holdings of the
greenback following a report that senior U.S. officials were
seeking to jumpstart trade talks with China.  
    * Oil futures rose on Wednesday, with Brent reaching $80 a
barrel, after a larger-than-expected drop in U.S. crude
inventories and as U.S. sanctions on Iran added to concerns over
global oil supply.  
    * The Dow and S&P 500 ended slightly higher on Wednesday
after news of a fresh round of U.S.-China trade talks, while the
Nasdaq fell following a decline in Apple as it unveiled larger
iPhones but made just minor changes to its offerings.  
    
    DATA/EVENT AHEAD (GMT)
1100  Bank of England announces interest rate decision
1145  European Central Bank announces interest rate decision
1230  ECB President Mario Draghi holds news conference
1230  U.S.            Consumer prices                       Aug
1230  U.S.            Weekly jobless claims
        
 Grains prices at  0013 GMT
 Contract         Last    Change    Pct chg   Two-day chg   MA 30
 CBOT wheat     509.00      2.25     +0.44%        -1.88%  547.68
 CBOT corn      355.00      2.50     +0.71%        -3.20%  370.05
 CBOT soy       839.75     -0.25     -0.03%        +0.96%  865.20
 CBOT rice       10.77     $0.02     +0.19%        +0.19%  $10.78
 WTI crude       70.19    -$0.18     -0.26%        +1.36%  $68.14
 Currencies                                                      
 Euro/dlr       $1.163    $0.001     +0.06%        +0.22%        
 USD/AUD        0.7174     0.001     +0.08%        +0.73%        
 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
)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below