November 1, 2018 / 1:17 AM / 17 days ago

GRAINS-Corn edges higher, rebounds from five-day low

    SYDNEY, Nov 1 (Reuters) - U.S. corn futures rose for the
first time in four sessions on Thursday as traders feared
possible yield cuts in a widely watched report next week.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.2 percent to $3.64 a bushel by 0044 GMT, having
closed down 0.4 percent in the previous session when prices hit
a low of $3.62-1/2 a bushel - the lowest since Oct 26.
    * The most active soybean futures were down 0.1
percent to $8.50-1/2 a bushel, having firmed 0.6 percent on
Wednesday.
    * The most active wheat futures were up 0.5 percent
at$5.03 a bushel, having closed little changed on Wednesday. 
    * Market begins to eye next monthly supply-and-demand
forecasts due out from the U.S. Department of Agriculture next
week, with some predicting the agency may trim its corn yield
estimate.
    * U.S. wheat exports have also struggled amid competition
for global business from Russia, the world's biggest supplier.
    * Soren Schroder, chief executive officer of global grain
merchant Bunge Ltd, said he expected a small cut in
China's year-on-year soy imports due to the trade dispute. China
also may not need to revert to buying U.S. soybeans before the
next South American crop is available, he said
         
    MARKET NEWS  
    * The U.S. dollar edged up to a fresh 16-month high against
a basket of key currencies on Wednesday on the back of continued
U.S. economic strength.  
    * Oil prices fell on Wednesday and posted the worst monthly
performance since mid-2016 on evidence of rising global crude
supply, but losses were limited by signs of strong U.S. demand
for fuel.  
    * U.S. stocks rebounded for a second day on Wednesday as
investors snapped up beaten-down technology and internet
favourites and strong company results lifted spirits, even as
the S&P 500 closed out its worst month in seven years.  
    
    DATA/EVENT AHEAD (GMT)
0145  China       Caixin manufacturing PMI final         Oct
1200  Bank of England announces interest rate decision
1230  U.S.        Weekly jobless claims
1400  U.S.        Construction spending                  Sep
1400  U.S.        ISM manufacturing PMI                  Oct
            
 Grains prices at  0044 GMT
 Contract         Last   Change   Pct chg    Two-day chg    MA 30
 CBOT wheat     503.00     2.50    +0.50%         -0.84%   513.12
 CBOT corn      364.00     0.75    +0.21%         -0.75%   366.21
 CBOT soy       850.50    -1.25    -0.15%         +1.37%   857.24
 CBOT rice       10.51   -$0.05    -0.47%         -1.18%   $10.70
 WTI crude       65.01   -$0.30    -0.46%         -1.77%   $70.82
 Currencies                                                      
 Euro/dlr       $1.133   $0.002    +0.16%         -0.14%         
 USD/AUD        0.7111    0.004    +0.54%         +0.08%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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