November 5, 2019 / 4:54 AM / a month ago

GRAINS-Corn firms after 3 days of losses, U.S. harvest pace below estimates

    * Corn futures tick higher, recover from one-week low
    * U.S. harvest slow, but forecasts of favourable weather
    * Dismal demand for U.S. corn cargoes caps gains 

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Nov 5 (Reuters) - Chicago corn on Tuesday rebounded from a one-week low hit in the
previous session, underpinned by the slow pace of U.S. harvest, although a lack of demand capped
further gains.
    Soybeans rose for a fourth consecutive session as Washington and Beijing inched closer to a
trade deal, while wheat rose after closing lower on Monday.
    The most-active corn contract on the Chicago Board Of Trade was up 0.1% at $3.83-3/4 a
bushel by 0359 GMT, after losing 1.5% in the last session.
    Soybeans gained 0.1% at $9.38-3/4 a bushel, and wheat added 0.3% to $5.11-1/2  a
bushel.
    The U.S. Department of Agriculture (USDA) said 52% of the corn crop has been harvested, behind
market forecasts, while farmers have gathered 75% of soybeans, matching analysts' estimates.

    The USDA also said 89% of the winter wheat crop has been planted, slightly behind market
expectations.
    However, forecasts of only light and scattered rains across the U.S. Midwest grain belt this
week could allow farmers to make rapid progress in harvesting their crops.
    Demand concerns further weighed on corn after another week of disappointing export inspections.

    Season-to-date corn inspections through last Thursday are down 62% from a year ago, and new
sales have slumped, according to the USDA data.
    "U.S. corn is not competitive, especially in the Asian market," said one Singapore-based feed
grains trader. "The market will take further direction from USDA's supply-demand reports due later
this week as there could be some quality issues with the late planted crop."
    The USDA is due to publish it monthly world supply-and-demand outlook on Friday.
    In the soybean market, the focus is on Sino-U.S. trade talks, as the two sides show signs of
inching closer to a deal. The market is also closely watching the South American planting as the
season gets underway.
     China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as
part of a "phase one" U.S.-China trade deal, people familiar with the negotiations said on Monday.

    Brazilian soybean growers have planted 46% of the estimated area in the 2019/2020 crop, which
they started sowing around September, below the level of 60% seen last year, agribusiness
consultancy AgRural said on Monday, citing scarce rains.
    Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Monday,
and net buyers of soybean and soyoil futures, traders said.
        
 Grains prices at 0359 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  511.50  1.75     +0.34%   +0.54%       504.59  48
 CBOT corn   383.75  0.50     +0.13%   -1.60%       387.29  43
 CBOT soy    938.75  0.75     +0.08%   +0.70%       934.83  62
 CBOT rice   11.85   $0.00    +0.00%   -1.41%       $12.09  34
 WTI crude   56.56   $0.02    +0.04%   +4.39%       $54.50  
 Currencies                                                 
 Euro/dlr    $1.112  -$0.004  -0.39%   -0.25%               
 USD/AUD     0.6902  -0.001   -0.16%   +0.13%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral, editing by Amy Caren Daniel)
  
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