×

GRAINS-Corn edges higher after hitting one-year low

SYDNEY, Nov 15 (Reuters) - U.S. corn futures edged higher on Wednesday after earlier hitting a one-year low, with favourable crop weather in South America providing a ceiling to gains.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.1 percent at $3.37-3/4 a bushel by 0139 GMT after hitting a session low of $3.37 a bushel - the lowest since Nov. 14, 2016. Corn closed down 1.4 percent in the previous session.

* The most active soybean futures were down 0.1 percent at $9.68-3/4 a bushel, having closed down 0.7 percent on Tuesday.

* The most active wheat futures were down 0.1 percent to $4.27-1/2 a bushel, after closing down 0.7 percent in the previous session.

* The USDA late Monday said the corn harvest was 83 percent complete and the soybean harvest was 93 percent complete.

* Beneficial rains this week in parts of Brazil have bolstered corn production prospects.

* Dry conditions were expected next week in Argentina's main agricultural area, which could delay soybean planting.

MARKET NEWS

* The euro remained close to 2-1/2-week highs in early Asian trading on Wednesday, getting a boost from upbeat German economic data as investors awaited U.S. consumer inflation data later in the global session.

* Oil prices tumbled on Wednesday, continuing Tuesday's slide after the International Energy Agency cast doubts over the past months' narrative of tightening fuel markets.

* U.S. stock indexes fell on Tuesday as General Electric shares plunged for a second straight day and a drop in crude oil prices hit energy stocks.

DATA (GMT)

0200 China Industrial Output Oct 0200 China Retail Sales Oct

1000 Euro Zone GDP Flash Estimate Q3

Grains prices at 0139 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 427.50 -0.50 -0.12% +0.77% 430.87 47 CBOT corn 337.75 0.25 +0.07% -1.31% 347.69 24 CBOT soy 968.75 1.00 +0.10% -0.56% 987.47 32 CBOT rice 11.53 $0.03 +0.30% +1.50% $11.91 45 WTI crude 55.07 -$0.63 -1.13% -2.98% $53.38 46

Currencies

Euro/dlr $1.179 $0.000 -0.02% +1.11% USD/AUD 0.7583 -0.005 -0.60% -0.50%

Most active contracts Wheat, corn and soy US cents/bushel. Rice:USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Gopakumar Warrier)