August 7, 2019 / 4:11 AM / a month ago

GRAINS-Corn edges higher; brighter weather, trade war limit upside

    * U.S. weather outlook to aid corn development
    * Soybeans firm despite fears of extended weak Chinese
demand
    * Wheat edges higher despite ample global supplies

    By Colin Packham
    SYDNEY, Aug 7 (Reuters) - U.S. corn futures edged higher on
Wednesday, though concerns forecasts for crop-friendly weather
and fears of a protracted U.S.-China trade war limited gains.
    Soybeans firmed, despite fears of prolonged weak Chinese
demand for U.S. supplies, while wheat also shrugged off ample
global supplies to edge higher.
    The most active corn futures on the Chicago Board Of Trade
 were up 0.2% at $4.13-1/2 a bushel, having closed down
0.5% in the previous session.
    Analysts said the weather outlook was weighing on market
sentiment.
    "Some U.S. corn regions are returning to a drier weather
pattern over the next week or so," said Tobin Gorey, director of
agricultural strategy, Commonwealth Bank of Australia.
    The weather will allow fields to dry after recent heavy
rains, analysts said, before expected rains arrive afterwards.
    More rain is expected in the 11- to 15-day forecast, with
near-normal temperatures over the next two weeks, Commodity
Weather Group said on Tuesday.
    Fears over the outlook for global economy also dragged
despite the efforts of U.S. President Donald Trump to soothe
market nerves.
    Trump dismissed concerns over a protracted trade war with
China, despite a warning by Beijing of financial market chaos.

    The U.S. Department of Agriculture pegged 57% of U.S. corn
crop in good-to-excellent condition, down 1 percentage point
from a week earlier.
    The most active soybean futures were up 0.2% at
$8.67-1/2 a bushel, having closed down 0.3% on Tuesday.
    The USDA left its soybean conditions unchanged at 54%.
    The most active wheat futures were up 0.3% at
$4.85-1/2 a bushel, having closed down 2% on Tuesday.
    Abundant global supplies of wheat remained an obstacle for
U.S. export sales prospects. A firmer dollar can make U.S. wheat
even less attractive to buyers holding other currencies.
        
 Grains prices at  0343 GMT
 Contract      Last  Change   Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  485.50    1.50    +0.31%       -1.82%   504.35     41
 CBOT corn   413.50    1.00    +0.24%       -0.30%   430.98     41
 CBOT soy    867.50    1.75    +0.20%       -0.14%   900.21     27
 CBOT rice    11.34   $0.00    +0.00%       -3.12%   $11.77     25
 WTI crude    53.56  -$0.07    -0.13%       -2.07%   $57.16     35
 Currencies                                                       
 Euro/dlr    $1.121  $0.001    +0.10%       +0.06%                
 USD/AUD     0.6699  -0.006    -0.90%       -0.84%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice:USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Gopakumar Warrier)
  
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