The U.S. will likely emerge the winner in a "cold currency war" that is heating up, an expert said.Currenciesread more
These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Tariffs are the only instrument left for addressing China's systematic and excessive surpluses on its U.S. trades, writes Michael Ivanovitch.US Economyread more
In its latest attempt to build market credibility, China on Monday launched the Science and Technology Innovation Board, or "STAR Market," on which 25 companies were listed.China Economyread more
When Cathy Hsu and Tony Hsieh wanted to build an English language app for Chinese children, they decided to follow Facebook and Google's lead.Start-upsread more
Stocks in Asia traded lower on Monday afternoon, as a Nasdaq-style technology board on the Shanghai Stock Exchange marked its debut.Asia Marketsread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
* Corn futures rebound from one-week low
* Wheat rallies from one-month low
* Warm U.S. weather boosts corn, soy prospects
* Market awaits Thursday's monthly USDA supply/demand report
(Releads; updates with closing prices) CHICAGO, July 10 (Reuters) - U.S. soybean, corn and wheat futures closed higher on Wednesday as traders adjusted positions a day before a monthly U.S. Department of Agriculture (USDA) report in which analysts expect the government to lower its 2019 U.S. yield estimates for corn and soybeans. The report due on Thursday is drawing extra interest after the USDA surprised the market with a higher-than-expected estimate of U.S. corn plantings on June 28. "Traders are just prepping for those reports tomorrow," said Bill Gentry of Risk Management Commodities. Futures traders have been holding their breath since the USDA acreage report in late June, and some wondered how the government would address crop production prospects in Thursday's report, given widespread U.S. planting delays. "I hope that the USDA will acknowledge the situation in this (July's) report and edit accordingly," Gentry said. Analysts surveyed by Reuters on average expected the government to trim its estimate of the U.S. 2019 corn yield to 165.0 bushels per acre (bpa), from 166.0 bpa in June, and lower its soybean yield estimate to 48.6 bpa, from 49.5 in June.
September corn futures on the Chicago Board of Trade (CBOT) settled up 2-1/2 cents at $4.35 a bushel, turning higher after dipping to $4.27, the contract's lowest in a week. CBOT August soybeans settled up 8-1/2 cents to $8.94-1/2 a bushel. Improved crop ratings and drier weather were seen boosting U.S. production prospects after torrential spring rains, a factor that pressured grain futures in early moves. The USDA on Monday rated 57% of the U.S. corn crop as good to excellent, up from 56% the previous week. But soybean ratings declined, with 53% of the oilseed crop seen as good to excellent, down from 54% a week earlier. Warmer weather in the heart of the U.S. Midwest this week has raised concern about potential crop stress. But the warm spell may also benefit crops by drying out soggy fields and accelerating plant growth. "For the short term, this (hot and dry) weather is good," said Gentry. "But after about a week of this weather, the corn will start to show some deterioration." CBOT September wheat futures settled up 2 cents to $5.04-3/4 a bushel, finding technical support just below the $5 level. The contract earlier fell to $4.98, its weakest since June 6. Some 47% of the U.S. winter wheat harvest was completed by Sunday, the USDA said, above trade expectations for 45%.
Decent harvest prospects across Europe, despite some forecast downgrades in Russia, and stiff export competition illustrated by an Egyptian tender on Wednesday hung over the market, capping gains.
CBOT settlement prices:
Last Net Pct Volume
CBOT wheat WU9 504.75 2.00 0.4 61280CBOT corn CU9 435.00 2.50 0.6 95704CBOT soybeans SQ9 894.50 8.50 1.0 25787CBOT soymeal SMQ9 310.70 1.50 0.5 14059CBOT soyoil BOQ9 28.09 0.08 0.3 21277
NOTE: CBOT September wheat and corn and August soybeans shown in cents per bushel, August soymeal in dollars per short ton and August soyoil in cents per lb.
(Reporting by Barbara Smith in Chicago; additional reporting by Colin Packham in Sydney and Guz Trompiz in Paris; editing by Grant McCool)