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Mercados

GRAINS-Corn edge higher on lower output estimates by Pro Farmer

SYDNEY, Aug 24 (Reuters) - U.S. corn futures inched up on Monday, as forecasts for lower production in the United States pushed prices to a near one-week high.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.5% at $3.42-1/4 a bushel by 0100 GMT, near the session high of $3.42-1/2 a bushel, their highest since Aug. 18. Corn gained 0.4% in the previous session.

* The most active soybean futures were down 0.1% at $9.03-1/2 a bushel, after closed little changed on Friday.

* The most active wheat futures were down 0.4% at $5.33 a bushel, closing 1.2% higher on Friday when prices hit a July 27 high of $5.36 a bushel.

* Advisory service Pro Farmer projected U.S. corn and soybean harvests will be below United States Department of Agriculture (USDA) forecasts, with a corn crop of 14.820 billion bushels based on an average yield of 177.5 bushels per acre and a soybean crop of 4.362 billion bushels based on an average yield of 52.5 bushels per acre.

* Tropical storms U.S. Gulf offered hope for much-needed rain in parts of the Midwest, a major growing region for corn and soybeans.

MARKET NEWS

* The dollar steadied against major currencies on Monday as traders looked to the Federal Reserve’s annual Jackson Hole retreat for guidance on the outlook for U.S. monetary policy.

* Crude oil prices nudged higher as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns.

* Asian shares eased as investors treaded cautiously on heady valuations though hopes of a coronavirus cure after the U.S. FDA authorised treatment using blood plasma from recovered patients capped losses.

Reporting by Colin Packham; Editing by Rashmi Aich

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