Corn edges lower as U.S. govt says crop condition improves

By Times Of India on 23 Aug 2017 | read

SYDNEY, Aug 22 (Reuters) - U.S. corn prices inched down on Tuesday, lingering near a one-month low as the U.S. government said the condition of the latest crop had improved, easing fears of production losses from recent dry weather. FUNDAMENTALS * The most active corn futures on the Chicago Board of Trade were down 0.1 percent at $3.62-1/2 a bushel by 0115 GMT. They closed down 0.8 percent in the previous session, when prices hit their lowest since June 27 at $3.60-3/4 a bushel. * The most active soybean futures were down 0.1 percent at $9.35-1/2 a bushel, having closed down 0.1 percent on Monday. * The most active wheat futures were up 0.3 percent at $4.38-1/2 a bushel, after ending down 1.2 percent on Monday. * The U.S. Department of Agriculture said 60 percent of the soybean crop was in good-to-excellent condition, matching analyst expectations. * The USDA's spring wheat ratings improved, compared to analyst predictions of flat ratings, while corn crop conditions were unchanged. * Scouts on an annual U.S. crop tour found variable yields for corn and soybean crops in parts of Ohio and South Dakota on the first of a four-day swing through the Midwest. MARKET NEWS * The dollar held steady against a basket of currencies on Tuesday, with traders focusing on the annual central banking conference in Jackson Hole this week for insights on the outlook for monetary policy. * Oil prices inched up early on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. * The benchmark U.S. S&P 500 stock index ended up slightly on Monday after two days of declines, though a drop in oil prices weighed on energy shares and tensions between the United States and North Korea kept investors on edge. DATA (GMT) 0830 U.K. Public finances Jul 0900 Germany Economic sentiment index (ZEW) Aug 1300 U.S. Home prices (FHFA) Jun 1400 U.S. Richmond Fed manufacturing index Aug Grains prices at 0115 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 438.50 1.50 +0.34% -0.90% 492.82 19 CBOT corn 362.50 -0.50 -0.14% -0.89% 381.58 32 CBOT soy 935.50 -0.75 -0.08% -0.24% 977.10 40 CBOT rice 12.48 $0.00 +0.00% +0.52% $12.44 50 WTI crude 47.53 $0.16 +0.34% -2.02% $47.91 45 Currencies Euro/dlr $1.182 $0.000 +0.02% +0.48% USD/AUD 0.7946 0.001 +0.14% +0.24% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)