Top Stories
Top Stories
Wires

GRAINS-Corn rebounds from 7-week low, improved weather forecasts cap gains

SYDNEY, Aug 1 (Reuters) - U.S. corn futures edged higher on Thursday, rebounding from a seven-week low touched in the previous session, though forecasts for more benign weather limited gains.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.4% at $4.11-1/2 a bushel by 0109 GMT, having closed down 2.6% in the previous session when prices hit their lowest since June 11 at $4.09-1/2 a bushel.

* The most active soybean futures were up 0.1% at $8.80-3/4 a bushel after earlier hitting a session low of $8.78-1/2 a bushel - the lowest since June 13. Soybeans closed down 1.7% on Wednesday.

* The most active wheat futures were down 0.2% at$4.86-1/4 a bushel, having closed down 2% on Wednesday.

* Corn is under pressure as fears about the outlook for crops ease amid more favourable weather forecasts.

* The weather outlook for the Midwest is generally favourable, with slightly below-normal temperatures ideal for reproductive corn and soybeans, although pockets of unfavourable dryness persist in the corn belt, according to a daily U.S. Department of Agriculture (USDA) weather report.

* The soybean market awaits any signs of progress in U.S.-China trade talks.

* U.S. and Chinese negotiators wrapped up a round of trade talks on Wednesday without visible signs of progress.

* A heat wave in the European Union's main wheat producing region last week helped farmers make rapid progress with harvesting, with some crop forecasts being increased.

MARKET NEWS

* The dollar rose to a two-year peak against the euro and hit a two-month high versus the yen on Thursday as U.S. Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis.

* The Dow and S&P 500 registered their biggest daily percentage drops in two months on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for further cuts following the central bank's first interest rate cut in a decade.

* The Dow and S&P 500 registered their biggest daily percentage drops in two months on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for further cuts following the central bank's first interest rate cut in a decade.

Grains prices at 0109 GMT

Contract Last Change Pct chg MA 30 RSICBOT wheat 486.25 -1.00 -0.21% 452.38 34CBOT corn 411.50 1.50 +0.37% 367.50 25CBOT soy 880.75 -0.75 -0.09% 877.93 27CBOT rice 11.96 $0.01 +0.08% $10.76 50WTI crude 57.64 -$0.94 -1.60% $63.18 53

Currencies

Euro/dlr $1.104 -$0.019 -1.70%USD/AUD 0.6838 -0.016 -2.31%

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

(Reporting by Colin Packham; Editing by Subhranshu Sahu)