You are here

GRAINS-Corn falls from 7-month high, set to finish the week up 2 pct

SYDNEY, March 9 (Reuters) - U.S. corn futures edged lower on
Friday, retreating from a more than seven-month high, but the
grain was set to finish the week up nearly 2 percent after a
widely watched crop report said end of season supplies would be
lower than expected.

* The most active corn futures on the Chicago Board Of Trade
were up nearly 2 percent for the week, extending two-week
gains to more than 7 percent.
* Corn hit a high of $3.93-3/4 a bushel on Thursday, the
highest since July 2017.
* The most active soybean futures were down nearly 1
percent for the week, the first weekly slide in four weeks.
* The most active wheat futures were down 1 percent
for the week, the first fall in two months.
* U.S. corn supplies will be smaller than expected due to
strong export demand and rising ethanol production, the U.S.
Agriculture Department said on Thursday.
* The USDA in its monthly supply and demand outlook cut the
forecast for Argentina corn and soy production but increased its
estimate for soy production in Brazil, the top global soy
producer and exporter.
* USDA weekly data showed U.S. corn exports last week at 1.9
million tonnes and soybean sales of 2.7 million tonnes - both
above the range of analyst expectations. Weekly sales of 428,400
tonnes of U.S. wheat were within the range of estimates.

* The euro fell on Thursday as European Central Bank
President Mario Draghi, while acknowledging faster growth in
Europe, said regional inflation remained subdued and rising
protectionism is a risk.
* Crude oil futures rose on Friday as Asian stock markets
gained on news that North Korean leader Kim Jong Un will meet
with U.S. President Donald Trump.
* The three major U.S. stock indexes closed higher on
Thursday after President Donald Trump appeared to soften his
stance on trade tariffs, easing trade war fears that had the
market on edge for a week.

0130 China Consumer prices Feb
0130 China Producer prices Feb
0630 Bank of Japan Governor Haruhiko Kuroda speaks to reporters
at the end of the central bank policy meetings
0700 Germany Industrial output Jan
0700 Germany Trade data Jan
0745 France Industrial output Jan
1330 U.S. Nonfarm payrolls Feb
1330 U.S. Unemployment rate Feb
1330 Euro zone Employment Q1
1500 U.S. Wholesale sales Jan

Grains prices at 0149 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 495.00 -4.25 -0.85% -0.45% 476.08 64
CBOT corn 392.75 -0.75 -0.19% +1.42% 376.13 82
CBOT soy 1062.75 -1.25 -0.12% -0.23% 1030.38 61
CBOT rice 12.45 $0.02 +0.12% -0.32% $12.46 54
WTI crude 60.40 $0.28 +0.47% -1.23% $62.38 35
Euro/dlr $1.230 -$0.001 -0.11% -0.93%
USD/AUD 0.7780 -0.001 -0.12% -0.55%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Colin Packham; editing by Richard Pullin)

© Copyright Thomson Reuters 2018. Click For Restrictions -

Read more about

Talk in Marketing

Most Recent Poll

What crops do you grow on your farm?