September 5, 2019 / 1:08 AM / 13 days ago

GRAINS-Corn rebounds from 4-month low, U.S. crop prospects cap gains

    SYDNEY, Sept 5 (Reuters) - U.S. corn futures snapped a three-session losing streak on Thursday, rebounding from a nearly
four-month low hit in the previous session, though expectations of ample North American production capped strong gains. 
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade  were up 0.1% at $3.59 a bushel, as of 0042 GMT, having closed
down 0.7% in the previous session when prices hit a May 13 low of $3.56-1/2 a bushel.
    * The most active soybean futures were down 0.1% at  $8.74-1/2 a bushel, having firmed 0.8% on Wednesday.
    * The most active wheat futures were little changed at $4.60-1/2 a bushel, having closed up 1.6% on Wednesday. 
    * U.S. Department of Agriculture late Tuesday rated 58% of the U.S. corn crop in good-to-excellent condition, up from 57% the
previous week, in line with trade expectations.
    * Commodity brokerage INTL FCStone raised its estimate of the average U.S. 2019 corn yield to 168.4 bushels per acre,
from 167.4 bushels in its previous monthly report released on Aug. 1.
         
    MARKET NEWS  
    * The safe-haven dollar and yen fell on Wednesday after global political worries eased with what markets perceived as positive
news in Hong Kong, Italy and Britain.  
    * Oil prices rose more than 4% on Wednesday, boosted by a wider market pick-up on positive news from China, after three days of
losses due to fears about a weakening global economy.   
    * Wall Street's main indexes rebounded on Wednesday, after robust economic data from China, easing tensions in Hong Kong and
British lawmakers' approval of a law to delay Brexit provided relief to investors worried about global growth.  
    
    DATA/EVENTS (GMT)
0130   Australia  Trade Balance G&S             July
0600   Germany    Industrial Orders MM          July
1230   US         Initial Jobless Claims        Weekly
1345   US         Markit Comp, Svcs Final PMIs  Aug
1400   US         Factory Orders MM             July
1400   US         ISM N-Mfg PMI                 Aug
        
 Grains prices at 0042 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   460.50   -0.25   -0.05%       +1.54%   482.83    39
 CBOT corn    359.00    0.50   +0.14%       -0.55%   388.93    24
 CBOT soy     874.50   -1.00   -0.11%       +0.69%   875.70    55
 CBOT rice     11.96  -$0.02   -0.21%       -0.13%   $11.81    69
 WTI crude     56.02  -$0.24   -0.43%       +3.86%   $55.28    54
 Currencies                                                      
 Euro/dlr     $1.103  $0.000   -0.01%       +0.55%               
 USD/AUD      0.6798   0.000   +0.03%       +0.61%               
 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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