November 8, 2019 / 12:44 PM / 3 months ago

GRAINS-Corn stays weak as USDA crop report looms

    * Corn eases for 7th session, holds near 5-week low
    * Weak export demand, harvest supplies curb corn
    * Price moves modest as traders awaits USDA crop report
    * Soybeans little changed after gains on U.S.-China hopes

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, Nov 8 (Reuters) - Chicago corn futures
eased for a seventh straight session on Friday, pressured by
harvest supplies and weak export demand ahead of closely watched
U.S. government forecasts that will give further clues about
crop yields.
    Soybeans were little changed after rising on Thursday on
renewed optimism about an interim U.S.-China trade deal, while
wheat ticked lower in step with corn.
    Price movements were limited before the U.S. Department of
Agriculture's (USDA) monthly supply and demand outlook due at
1700 GMT.
    The report will include fresh estimates of rain-delayed U.S.
corn and soybean crops as well as upcoming wheat harvests in
drought-affected Australia and Argentina.
    The most-active corn contract on the Chicago Board Of Trade
 was down 0.3% at $3.74-1/4 a bushel by 1233 GMT and on
course for its biggest loss in two months.
    CBOT soybeans edged down a quarter of a cent to
$9.36-1/4 a bushel while wheat eased 0.4% to $5.10-1/2.
    "It's status quo on the market before the USDA report,"
Gautier Le Molgat of consultancy Agritel said.
    "The U.S. corn harvest is advancing so there is some supply
pressure and the latest yield reports are not too bad," he said.
    "For the wheat market, the big question in the USDA report
this evening will be southern hemisphere production,
particularly for Argentina."
    Chicago corn and wheat futures were also curbed by weekly
export sales on Thursday that were near the low end of trade
    In contrast, weekly soybean export sales of about 1.8
million tonnes were above trade expectations.
    The weekly soybean exports included 956,300 tonnes for
China, and the USDA said private exporters sold another 136,000
tonnes of soybeans to China this week.
    The export data added to positive sentiment about
U.S.-Chinese trade negotiations, fuelled by comments from
officials from both sides on Thursday that the countries will
roll back tariffs on each others' goods in a "phase one" trade
deal if it is completed.
 Prices at 1233 GMT                                               
                              Last  Change    Pct     End  Ytd Pct
                                             Move    2018     Move
  CBOT wheat                510.50   -2.00  -0.39  503.25     1.44
  CBOT corn                 374.25   -1.00  -0.27  375.00    -0.20
  CBOT soy                  936.25   -0.25  -0.03  895.00     4.61
  Paris wheat Dec           178.00   -0.25  -0.14  191.25    -6.93
  Paris maize Jan           163.75    0.00   0.00  175.00    -6.43
  Paris rape Feb            388.75    0.75   0.19  366.00     6.22
  WTI crude oil              56.31   -0.84  -1.47   45.41    24.00
  Euro/dlr                    1.10    0.00  -0.20  1.1469    -3.85
 Most active contracts - Wheat, corn and soy US cents/bushel,
 Paris futures in euros per tonne

 (Reporting by Gus Trompiz in Paris and Naveen Thukral in
Singapore; editing by Uttaresh.V and Giles Elgood)
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