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GRAINS-Corn edges higher on USDA crop condition report

U.S. corn futures edged higher on Tuesday, rebounding from a near three-week low touched in the previous session, after a widely watched report pegged the condition of North American crops below market forecasts.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade corn futures were up 0.3% at $4.16-3/4 a bushel by 0110 GMT, having closed down 2.0% in the previous session when prices hit a low of $4.10-1/4 a bushel – the lowest since June 11. The most active soybean futures were little changed at $9.08-3/4 a bushel, having closed down 1.6% on Monday.
* The most active wheat futures were up 0.3% at $5.13-1/4 a bushel, having closed down 2.9% on Monday when prices hit a low if $5.08-1/2 a bushel – the lowest since June 11.
* The USDA in its weekly crop progress report left its condition ratings for both corn and soybeans unchanged from the prior week, at 56% and 54% at a good-to-excellent state, respectively.
* Analysts polled by Reuters had expected a slight improvement for both crops in this week’s report.
* Improving crop weather, including warmer Midwest temperatures over the weekend and beneficial rains in northern areas, is expected to help delayed crop growth.

MARKET NEWS
* The Australian dollar nursed wounds on Tuesday, a day after it posted its biggest one-day fall in more than two months ahead of an expected central bank easing, while improved risk appetite supported the greenback.
* Oil prices slipped on Tuesday as worries that a weakening global economy would dent demand for the commodity outweighed OPEC’s decision to extend supply cuts until next March.
* U.S. stocks climbed on Monday, but finished off earlier highs, led by gains in technology stocks on optimism for progress in U.S.-China trade talks and signs of a likely reprieve for Chinese telecom company Huawei.

    DATA/EVENTS 
0430    Australia  RBA Cash Rate                     July
0600    UK         Nationwide House Price MM YY      June
1200    Brazil     Industrial Output MM YY           May
        
 Grains prices at  0110 GMT
 Contract      Last  Change   Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat  513.25    1.50    +0.29%        -2.66%  518.64   39
 CBOT corn   416.75    1.25    +0.30%        -1.65%  430.66   32
 CBOT soy    908.75    0.25    +0.03%        -1.52%  901.19   47
 CBOT rice    11.54   $0.02    +0.17%        -0.30%  $11.82   44
 WTI crude    58.72  -$0.37    -0.63%        +0.43%  $56.03   62
 Currencies                                                     
 Euro/dlr    $1.129  $0.000    +0.00%        -0.73%             
 USD/AUD     0.6970   0.001    +0.07%        -0.71%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential

Source: Reuters (Reporting by Colin Packham; editing by Richard Pullin)

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