SYDNEY, Oct 2: U.S. Corn futures fell for the fourth consecutive session on Wednesday to hover close to a three-year low, as prices continued to come under pressure from forecasts of a bumper crop.
FUNDAMENTALS
* Chicago Board Of Trade December corn fell 0.46 percent to $4.37 a bushel, having slid 0.6 percent in the previous session when the oilseed hit a three-year low of $4.35-1/4 a bushel.
* November soybeans fell 0.28 percent to $12.64-1/2 a bushel, having slid 1 percent on Tuesday.
* December wheat rose 0.1 percent to $6.82 a bushel, having closed up 0.4 percent on Tuesday.
* Commodity brokerage INTL FCStone on Tuesday said it raised its forecast of U.S. 2013 corn production to 14.150 billion bushels, from 13.942 billion in its previous monthly report.
* Corn and soybeans remained under pressure from USDA reports released at midday on Monday stating that supplies of the crops were much larger than analysts anticipated, with the stocks providing a cushion amid the slowest harvest in four years.
* USDA reported on Tuesday that exporters had sold 113,000 tonnes of U.S. Soybeans to China, in a statement issued nine hours after USDA’s main website went dark, which startled some traders, who were unsure if it was genuine or a hoax.
* The U.S. Corn harvest advanced to 12 percent complete this week, up 5 percentage points, while soybean harvest progress reached 11 percent, up 8 percentage points, USDA said.
MARKET NEWS
* The euro struggled in Asia on Wednesday having suffered a turnaround from an 8-month high, helping lift the dollar index in a market made cautious by the first U.S. government shutdown in almost two decades.
* Oil prices ended lower on Tuesday and extended losses after the market closed as U.S. Politicians continued battling over how to overcome a budget impasse that shut down Federal agencies and programmes.
* U.S. Stocks kicked off a new month and a new quarter with gains on Tuesday as investors, for now, appeared confident that the first partial government shutdown in nearly two decades would be short-lived.
DATA/EVENTS (GMT)
0900 Euro zone Producer price index
1215 U.S. ADP employment report
1230 European Central Bank interest rate decision
1345 U.S. ISM-New York business activity
1930 Federal Reserve Chairman Bernanke speaks
Grains prices at 0036 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 682.00 0.75 +0.11% +0.52% 655.50 73
CBOT corn 437.00 -2.00 -0.46% -1.02% 463.84 26
CBOT soy 1264.50 -3.50 -0.28% -1.42% 1339.54 26
CBOT rice $14.99 $0.01 +0.07% -0.96% $15.49 29
WTI crude $101.61 -$0.43 -0.42% -0.70% $106.17 28
Currencies
Euro/dlr $1.352 -$0.001 -0.06% -0.06%
USD/AUD 0.940 0.001 +0.05% +0.96%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(agencies)
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