July 8, 2019 / 3:38 AM / 5 months ago

GRAINS-Corn jumps 1% as U.S. crop forecast stokes supply woes

    * Corn up more than 5% over last four sessions
    * Warm, dry weather a threat to U.S. crops 
    * Wheat edges higher, soybeans rally despite Chinese uncertainty

    By Colin Packham
    SYDNEY, July 8 (Reuters) - U.S. corn futures rose 1% on Monday, extending gains into a fourth consecutive session, as forecasts for hot, dry
weather stoked fears about yield losses following recent unfavourable conditions.
    Wheat edged higher as the strength of corn underpinned gains, while soybeans rose more than 0.5%.
    The most active corn futures on the Chicago Board Of Trade were up 1% at $4.46-1/2 a bushel, as of 0320 GMT, having gained 0.2% in the
previous session.
    Traders said weather models were supporting prices.
    "The Midwest is expected to be warm and dry, and this could be damaging to some crops," said a Melbourne-based trader who declined to be named as
he is not authorised to talk to the media.
    The U.S. Department of Agriculture said last week that 56% of the corn crop is in good-to-excellent as farmers struggle with recent adverse
weather.
    Corn is now up for a fourth straight session, gaining over 5% over the period as prices recover from a surprisingly large forecast from the USDA
the last month.
    In its annual acreage report, the USDA said U.S. farmers seeded 91.7 million acres of corn, well above market expectations.
    The most active wheat futures climbed 0.2% to $5.16 a bushel, having closed up 0.2% on Friday.
    The most active soybean futures rose 0.6% to $9.00-1/4 a bushel, having closed down 1.6% on Friday when prices hit a low of $8.93 a bushel -
their lowest since June 27.
    Analysts said soybeans were under pressure from China's continued struggle with African swine fever.
      
 Grains prices at 0320 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  516.00     1.00   +0.19%       +0.39%   521.97    47
 CBOT corn   446.50     4.25   +0.96%       +1.19%   439.48    58
 CBOT soy    900.25     5.75   +0.64%       -0.94%   906.28    42
 CBOT rice    11.50    $0.00   +0.00%       +2.09%   $11.79    48
 WTI crude    57.60    $0.09   +0.16%       +0.45%   $55.62    52
 Currencies                                                      
 Euro/dlr    $1.123   $0.000   +0.04%       -0.50%               
 USD/AUD     0.6986    0.001   +0.10%       -0.47%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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