GRAINS-Corn rebounds on a weaker dollar and harvest delays

SYDNEY, Oct 16 (Reuters) – U.S. corn futures rose on Thursday, recouping some of the losses from the previous session, as a weaker dollar and harvest delays underpinned support, though forecasts for dry weather across the Midwest provided a cap to gains.

FUNDAMENTALS

* Chicago Board Of Trade front-month corn rose 0.4 percent to $3.48-3/4 a bushel, having slumped 2.7 percent in the previous session.

* Front-month soybeans rose 0.1 percent to $9.53-1/2 a bushel, having closed down 1.3 percent on Wednesday.

* Front-month wheat rose 0.4 percent to $5.08 a bushel, having closed up 0.6 percent on Wednesday.

* Corn and soybeans under pressure from forecasts for clearing skies in the U.S. Midwest after a week of rain that stalled fieldwork, especially in southern areas. Producers are expected to pick up the harvest pace through the end of this month.

* The U.S. Department of Agriculture said the U.S. soybean harvest was 40 percent complete as of Sunday, well above market expectations for 31 percent, but behind the five-year average of 53 percent.

* The corn harvest was farther behind, at 24 percent, compared with the five-year average of 43 percent.

MARKET NEWS

* The dollar was sharply lower on Thursday, its appeal deeply dented after poor U.S. data sparked growth concerns that sent equities tumbling and Treasury yields plunging.

* Oil prices slumped on Wednesday after a brief bounce from four-year lows failed to gain traction, as equity markets tumbled and economic gloom spread.

* U.S. stocks fell on Wednesday on continued worries about weak global demand, but managed to close well above session lows that briefly pushed the S&P 500 and Nasdaq into negative territory for the year.

DATA AHEAD (GMT)

0200 China

Foreign direct investment

Sep

0900 Euro zone

Eurostat trade

Aug

1230 U.S.

Weekly jobless claims

1315 U.S.

Industrial output

Sep

1400 U.S.

NAHB housing market index

Oct

1400 U.S.

Philly Fed business index

Oct

Grains prices at 0100 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

508.00

2.00 +0.40%

-0.25%

496.69 61 CBOT corn

348.75

1.25 +0.36%

-2.31%

365.31 60 CBOT soy

953.50

1.00 +0.10%

-1.17%

953.25 52 CBOT rice

$12.56 -$0.04 -0.28%

-1.30%

$12.62 43 WTI crude

$80.85 -$0.93 -1.14%

-1.21%

$90.35 11 Currencies

Euro/dlr

$1.284 $0.000 +0.02%

+1.43% USD/AUD

0.880 -0.002 -0.24%

+1.04% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)

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