GRAINS-Corn firms for first time in 6 sessions ahead of USDA report

CANBERRA, July 12 (Reuters) – Chicago corn futures edged higher on Monday for the first time in six sessions ahead of a widely watched report by the U.S. Department of Agriculture (USDA), though gains were checked amid forecasts for much-needed rains across the U.S. Midwest.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.5% at $5.19-3/4 a bushel, as of 0136 GMT, having closed 1.3% lower in the previous session when prices hit a Jan. 25 low of $5.07 a bushel.

* The most active soybean futures were up 0.5% at $13.35-1/2 a bushel, having closed 0.7% higher on Friday.

* The most active wheat futures were up 0.2% at $6.16-1/4 a bushel, having closed 0.5% lower on Friday.

* Market eyes the monthly supply-and-demand forecasts by the USDA that is expected to show an increased corn carryout. The report will be published later in the day.

* Corn has been under sustained pressure amid forecasts for much-needed rain across the U.S. Midwest.

* Weekly corn export sales totalled 371,400 tonnes for the week ended July 1, while soybeans export sales totalled 182,300 tonnes, and wheat sales totalled 290,800 tonnes, according to the USDA – all in line with the market expectations.

MARKET NEWS

* Risk currencies hovered above their recent lows against the dollar and the yen on Monday, as fears about slowdown in the global economic recovery appeared to have subsided for now.

* Oil prices were little changed in early Asian trade, as an impasse in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy.

* Asian shares were enjoying a relief rally as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week.

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