July 19, 2017 / 1:43 AM / a year ago

GRAINS-Corn extends rally as hot, dry weather expected to continue

    SYDNEY, July 19 (Reuters) - U.S. corn edged higher on
Wednesday, extending two-day gains to nearly 1 percent, as
forecasts for continued dry weather stoked fears of widespread
production losses.
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.2 percent to $3.91-1/2 after gaining 0.7 percent
in the previous session.
    * The most active soybean futures were up 0.3 percent
at $10.05 a bushel, having firmed 0.4 percent on Tuesday.
    * The most active wheat futures were little changed at
$5.04 a bushel, having closed down 0.4 percent on Tuesday. 
    * The U.S. Department of Agriculture late on Monday said 40
percent of the U.S. corn crop was going through the silking
portion of its pollination phase as of Sunday. Hot temperatures
and a lack of moisture could limit yield potential for corn
    * USDA also slashed good-to-excellent condition ratings for
the corn, soybean and spring wheat crops, a move that analysts
had anticipated.
    * The state grain buyer for top global wheat importer Egypt
said it purchased 300,000 tonnes of Russian, Romanian and French
    * U.S. wheat remains uncompetitive, wieghing on prices.
    * The dollar hit its lowest against the euro and Swiss franc
in more than a year on Tuesday, with the broader dollar index
touching a more than 10-month low, on reduced confidence in U.S.
President Donald Trump's agenda and jitters over hawkish central
banks abroad.  
    * Oil prices rose slightly on Tuesday as Saudi exports fell
and solid demand soaked up some of what is seen as an
oversupplied market, but Ecuador's decision to opt out of an
OPEC-led supply reduction pact complicated the outlook.  
    * A Netflix rally boosted the Nasdaq Composite to a record
high on Tuesday while Goldman Sachs Group Inc dragged the
Dow lower as earnings take center stage on Wall Street.  
1100  U.S.   Mortgage Market Index  weekly
1230  U.S.   Building Permits       June
 Grains prices at  0112 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   504.00     0.25    +0.05%       -0.40%  496.73    51
 CBOT corn    391.50     0.75    +0.19%       +0.90%  396.31    54
 CBOT soy    1005.00     3.25    +0.32%       +0.75%  964.38    59
 CBOT rice     11.86   -$0.01    -0.04%       +1.58%  $11.71    64
 WTI crude     46.25   -$0.15    -0.32%       +0.50%  $45.03    57
 Euro/dlr     $1.154  -$0.001    -0.10%       +0.54%              
 USD/AUD      0.7927    0.001    +0.15%       +1.65%              
 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)
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