November 12, 2019 / 4:37 AM / a month ago

GRAINS-Corn rises from 1-1/2 month low, lower U.S. exports in focus

    * Corn futures rise after dropping to weakest since end-Sept
    * Slower pace of U.S. exports to keep lid on prices
    * Soybeans tick up, slow progress in U.S.-China trade deal weighs

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Nov 12 (Reuters) - Chicago corn futures on Tuesday recovered from a one-and-half
month low hit in the last session, though gains were capped due to a slow pace of U.S. exports this
year.
    Soybeans edged higher after dropping to a five-week low on Monday, with slow progress in
signing of a trade deal between Washington and Beijing weighing on prices.
    The most-active corn contract on the Chicago Board Of Trade was up 0.2% at $3.74 a
bushel, as of 0353 GMT, having closed 1% lower in the previous session when prices hit a Sept. 30
low of $3.72-1/2 a bushel.
    Soybeans were up 0.1% at $9.18 a bushel, having hit an Oct. 8 low of $9.16 a bushel on
Monday, while wheat added 0.2% to $5.06-1/2 a bushel.
    "The USDA's new forecasts proved mostly unexciting," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia. 
    "The market is thus focussed on what must happen to speed (up) U.S. corn exports. The price
pressure in the supply pipeline will just keep on building until that export outflow grows."
    The U.S. Department of Agriculture's (USDA) on Friday lowered its corn harvest outlook to
13.661 billion bushels, from 13.779 billion a month earlier.
    End-of-season U.S. corn stocks were trimmed to a still-abundant 1.91 billion bushels, while
exports were lowered by 50 million bushels.
    In the soybean market, there was caution ahead of a speech by U.S. President Donald Trump to
the Economic Club of New York later in the day in case there was any new word on the Sino-U.S.
Phase one trade deal.
    Trump wrongfooted markets over the weekend when he said there had been incorrect reporting
about U.S. willingness to lift tariffs on China.
    Drier U.S. weather is expected to help farmers advance corn and soybean harvests that have been
delayed by cold and wet conditions. More snow and rain fell in the Midwest on Monday.
    The USDA will issue an update on harvest progress in a weekly report on Tuesday, one day later
than normal because of the Veterans Day holiday.
    Commodity funds were net sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures
contracts on Monday, traders said.
    
 Grains prices at 0353 GMT
 
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  506.50  0.75    +0.15%   -1.17%       509.03  41
 CBOT corn   374.00  0.75    +0.20%   -0.33%       387.48  31
 CBOT soy    918.00  1.00    +0.11%   -1.98%       938.43  34
 CBOT rice   12.07   $0.05   +0.46%   +0.33%       $12.05  57
 WTI crude   56.84   -$0.02  -0.04%   -0.70%       $54.76  
 Currencies                                                
 Euro/dlr    $1.103  $0.002  +0.15%   -0.14%               
 USD/AUD     0.6842  -0.002  -0.25%   -0.80%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; editing by Uttaresh.V)
  
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