September 14, 2018 / 1:26 AM / 9 days ago

GRAINS-Corn prices ease from 3-mth low, but set to finish the week down 4 pct

    SYDNEY, Sept 14 (Reuters) - U.S. corn futures edged up on
Friday to ease from a more than three-month low touched in the
previous session, although the grain remained on track for a
weekly loss of more than 4 percent amid forecasts for bumper
North American production.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down more than 4 percent for the week, set for their
biggest weekly slide in three months.
    * Corn marked $3.48-3/4 a bushel on Thursday, its lowest
since June 26.
    * The most active soybean futures were down nearly 1
percent for the week, the third weekly loss in the last four.
    * The most active wheat futures were down more than 2
percent for the week, their second straight weekly loss.
    * 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 analyst estimates for
14.351 billion to 14.607 billion bushels.
    * The USDA estimated U.S. soybean output at a record 4.693
billion bushels, but still within the range of analyst estimates
for 4.523 billion to 4.781 billion.
         
    MARKET NEWS  
    * The dollar sagged on Friday after weaker-than-expected
U.S. inflation data further burdened a currency already weighed
down by signs of reduced trade tensions between the United
States and China.  
    * Oil prices fell more than 2 percent on Thursday, with
Brent slipping back from four-month highs as investors focused
on the risk that emerging market crises and trade disputes could
dent demand even as supply tightens.  
    * Apple led a rebound in technology shares and boosted all
three major U.S. stock indexes on Thursday, while trade worries
eased after China welcomed new talks with the United States.
  
    
    DATA AHEAD (GMT)
0200  China      Industrial output                   Aug
0200  China      Retail sales                        Aug
0200  China      Urban investment                    Aug
0900  Euro zone  Eurostat trade                      Jul
1230  U.S.       Import prices                       Aug
1230  U.S.       Export prices                       Aug
1230  U.S.       Retail sales                        Aug
1315  U.S.       Industrial output                   Aug
1400  U.S.       Business inventories                Jul
1400  U.S.       Univ of Michigan sentiment index    Sep
        
 Grains prices at  0105 GMT
 Contract         Last     Change   Pct chg  Two-day chg    MA 30
 CBOT wheat     500.75       3.75    +0.75%       -1.18%   544.63
 CBOT corn      351.50       1.00    +0.29%       -0.28%   368.91
 CBOT soy       837.50       4.25    +0.51%       -0.30%   862.98
 CBOT rice       10.75     -$0.02    -0.19%       +0.00%   $10.75
 WTI crude       68.87      $0.28    +0.41%       -2.13%   $68.09
 Currencies                                                      
 Euro/dlr       $1.169     $0.000    +0.02%       +0.57%         
 USD/AUD        0.7188      0.000    -0.06%       +0.28%         
 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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