SYDNEY, Oct 12 (Reuters) - U.S. corn futures fell on Wednesday despite the U.S. Department of Agriculture pegging the pace of harvesting behind analyst expectations, with traders squaring positions ahead of a widely watched report. FUNDAMENTALS * The most active corn futures on the Chicago Board of Trade fell 0.14 percent to $3.45 a bushel, having gained 0.66 percent in the previous session. * The most active soybean futures rose 0.21 percent to $9.51-1/4 a bushel, after ending little changed on Tuesday. * The most active wheat futures fell 0.5 percent to $4.05-1/4 a bushel, having closed up on Tuesday. * The USDA said the U.S. corn harvest was 35 percent complete by Sunday, behind the five-year average of 38 percent, and the soybean harvest was 44 percent complete, lagging the five-year average of 47 percent. * The latest figures fell short of analyst expectations for corn harvest progress to reach 38 percent and soybeans to reach 48 percent. * The USDA's October supply/demand report due on Wednesday. * Analysts surveyed by Reuters on average expected the USDA to lower its estimate of the U.S. 2016 corn yield from 174.4 bushels per acre in September to 173.5, which would still be an all-time high. * The USDA said export inspections of U.S. soybeans in the latest week at 1.8 million tonnes, above a range of trade expectations for 1.0 million to 1.2 million tonnes. MARKET NEWS * The dollar surged to a seven-month high against a major currency basket on Tuesday, as investors increased bets the Federal Reserve would raise interest rates in December following a round of generally solid U.S. economic data over the last few weeks. * Crude futures inched up on Wednesday, with investors waiting for talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market. * Wall Street sold off on Tuesday as disappointing corporate reports gave a sour tone to the start of earnings season and investors digested possible changing dynamics for the upcoming U.S. elections. DATA AHEAD (GMT) 0600 Germany Wholesale price index Sep 0900 Euro zone Industrial production Aug 1800 Minutes of the Federal Reserve's Sept. 20-21 meeting Grains prices at 0058 GMT Cont Last Chan Pct Two- MA RSI ract ge chg day 30 chg CBOT 405. -2.0 -0.4 +0.3 401. 59 whea 25 0 9% 7% 47 t CBOT 345. -0.5 -0.1 +0.5 336. 64 corn 00 0 4% 1% 01 CBOT 952. -2.0 -0.2 -0.2 959. 43 soy 25 0 1% 4% 51 CBOT 10.3 -$0. -0.1 +1.4 $9.8 83 rice 9 01 0% 7% 1 WTI 50.8 $0.0 +0.1 -0.9 $46. 69 crud 4 5 0% 9% 50 e Curr enci es Euro $1.1 -$0. -0.0 -0.8 /dlr 04 001 9% 4% USD/ 0.75 0.00 +0.3 -0.6 AUD 59 2 2% 2% Most active contracts Wheat, corn and soy US cents/bus hel. Rice: USD per hundredwe ight RSI 14, exponenti al (Reporting by Colin Packham; Editing by Joseph Radford)
Our Standards: The Thomson Reuters Trust Principles.