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Corn falls for 3rd session on U.S. harvest progress; wheat eases

SINGAPORE, Oct 22 (Reuters) – Chicago corn futures slid for a third consecutive session on Tuesday with prices under pressure from U.S. harvest progress, although losses were limited by concerns over lower yields. Wheat lost ground after climbing to its highest since late June in the last session on worries about lower production in Australia and Argentina. FUNDAMENTALS * The U.S. Department of Agriculture said 30% of the corn crop has been harvested, compared with 22% a week ago but below the average pace of 47%. * U.S. soybean harvest stood at 46%, up from 26% a week ago but lower than the average pace of 64%, the agency said after the market closed on Monday. * Lower yields for both corn and soybeans are supporting prices. * Six more U.S. Crop Watch corn and soybean fields were harvested in the latest week, the busiest one yet for the participating growers, and the results reduced the overall yield scores for both crops, Karen Braun, a market analyst for Reuters, wrote in a column. * “Particularly for corn, it appears that largely favourable weather during the growing season could not outweigh some of the earlier problems with moisture during and just after planting,” Braun wrote. * Snowfall and freezing temperatures in northern U.S. states have raised additional risks. * The USDA has said it will collect extra data on corn and soybean acreage in Minnesota and North Dakota following the recent snow. * Brisk weekly U.S. export sales reported on Friday are supporting the soybean market. * The wheat market has been underpinned by expectations of lower production in the Southern Hemisphere. * Australia’s wheat production is expected to drop to 15.5 million tonnes, National Australia Bank said on Friday as it cut its forecast to well below recent market estimates. * In Argentina, recent rains have not been strong enough to help wheat fields after weeks of dryness, the Buenos Aires Grains Exchange said on Thursday. MARKET NEWS * Asian share markets edged ahead on Tuesday amid cheery chatter about the chance of a Sino-U.S. trade deal, while investors were sanguine yet another vote on Brexit would still avert a hard exit. DATA/EVENTS (GMT) 1000 UK CBI Trends – Orders Oct 1200 Brazil IPCA-15 Mid-Month CPI Oct 1400 US Existing Home Sales Sept Grains prices at 0043 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 522.50 -1.00 -0.19% -0.57% 494.68 65 CBOT corn 386.00 -1.25 -0.32% -2.22% 381.06 46 CBOT soy 933.00 -0.25 -0.03% +0.16% 907.53 63 CBOT rice 11.80 $0.01 +0.04% -1.58% $12.01 41 WTI crude 53.49 $0.18 +0.34% -0.54% $55.10 Currencies Euro/dlr $1.115 $0.000 +0.04% -0.14% USD/AUD 0.6876 0.001 +0.15% +0.31% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)


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