Corn slips, harvest delays curb losses

By Times Of India on 17 Oct 2017 | read

SYDNEY, Oct 17 (Reuters) - U.S. corn edged lower on Tuesday, though losses were checked as the U.S. Department of Agriculture said harvesting of North American crops were lagging behind market expectations. FUNDAMENTALS * The most active corn futures on the Chicago Board Of Trade were down 0.1 percent at $3.50 a bushel by 0059 GMT, having closed 0.6 percent lower in the previous session. * The most active soybean futures were down 0.1 percent at $9.90 a bushel, having closed 0.9 percent lower on Monday. * The most active wheat futures were little changed at $8.81-3/4 a bushel, having closed down 0.7 percent on Monday. * The USDA said 29 percent of the U.S. corn crop has been harvested as of Sunday, lagging behind market expectations for 31 percent. * Harvesting of the U.S. soybean crop was 49 percent complete, the USDA said, matching analysts' expectations. * The National Oilseed Processors Association said the September soybean crush totalled 136.419 million bushels. Analysts had been expecting 138.071 million bushels. * The USDA said weekly export inspections of soybeans totalled 1.770 million tonnes, topping forecasts that ranged from 1.100 million to 1.400 million. MARKET NEWS * The dollar held to gains against the yen and euro on Tuesday, supported by a rise in Treasury yields following a report that U.S. President Donald Trump was favouring a policy hawk as the next head of the Federal Reserve. * Crude prices rose 1 percent on Monday as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC's second-largest producer. * All three major U.S. stock index rose to record closing highs on Monday, with the Dow Jones Industrial Average less than 50 points below 23,000, ahead of a long list of earnings this week and as financial shares recovered from last week's losses. DATA AHEAD (GMT) 0830 Britain Consumer prices Sep 0830 Britain Producer prices Sep 0900 Germany ZEW economic sentiment Oct 1000 Euro zone Inflation final Sep 1230 U.S. Import prices Sep 1230 U.S. Export prices Sep 1315 U.S. Industrial production Sep 1400 U.S. NAHB housing market index Oct Grains prices at 0059 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 436.25 -0.25 -0.06% -0.74% 443.66 45 CBOT corn 350.00 -0.50 -0.14% -0.78% 351.98 51 CBOT soy 990.00 -1.00 -0.10% -1.02% 969.54 64 CBOT rice 12.12 $0.00 +0.00% -0.53% $12.34 54 WTI crude 51.82 -$0.05 -0.10% +0.72% $50.34 61 Currencies Euro/dlr $1.178 -$0.001 -0.09% -0.32% USD/AUD 0.7839 -0.001 -0.14% -0.62% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Subhranshu Sahu)