GRAINS-U.S. corn falls after weekly gains top 12 pct
SYDNEY, June 27 (Reuters) - U.S. new-crop corn on Wednesday fell from an 8-month high hit after the biggest two-day rally in more than a year, as traders locked in profits ahead of forecasts from the U.S. Department of Agriculture on Friday. Chicago Board of Trade December corn dropped 0.76 percent after climbing 5.05 percent in the previous session as unrelenting heat in the U.S. Midwest threatened deepening damage to a once-record crop. That climb had taken gains for the week to 12.5 percent, the most for the December contact since 2009. Spot corn fell 0.31 percent on Wednesday. September wheat declined 0.69 percent, losing much of its 0.81 percent gain from the previous session, while July corn lost 0.69 percent. New-crop November soybeans firmed 0.14 percent after sliding 0.86 percent on Tuesday. FUNDAMENTALS * USDA may cut its forecast for year-ending stocks to the tightest in 16 years. * USDA's weekly report late Monday showed the condition of corn and soybean crops was the worst for this time since 1988, when one of the most damaging droughts in U.S. history decimated crop yields. * Temperatures in the 90s to 100s degrees Fahrenheit (32 to 38 degrees Celsius) are likely Wednesday and Thursday across the U.S. Midwest, adding further pressure to corn. * Midday weather forecasts for light showers this weekend in the northern U.S. Corn Belt helped temper soybeans, which eased from an earlier contract high, but did little to alleviate fears of ultra-low late-summer corn supplies. * USDA's weekly crop ratings rated U.S. corn 56 percent good to excellent as of Sunday, down 7 percentage points from a week earlier and well below a 61 percent average estimate in a Reuters poll. Soybeans were 53 percent good to excellent, down from 56 percent a week earlier. Corn ratings have fallen for three straight weeks, cutting expectations for a bumper crop this autumn, which the market was relying on to replenish tight U.S. stocks. MARKET NEWS * The euro fell to it lowest against the dollar in more than two weeks on Tuesday as Spanish bond yields rose and hopes faded that a European summit would make progress in resolving the region's debt crisis. * Brent oil futures jumped 2 percent to top $93 a barrel on Tuesday, widening its premium against U.S. crude as a growing strike by oil workers in Norway tightened North Sea supplies. * Major U.S. stock indexes bounced back on Tuesday, but trading was light with the outlook clouded by doubts over the summit in Europe. DATA/EVENTS (GMT) 0600 Germany Import prices 1230 U.S. Durable goods orders 1230 U.S. Chicago Fed Midwest Manufacturing Index 1400 U.S. Pending home sales 1430 U.S. EIA petroleum status report Grains prices at 0024 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 724.00 -5.00 -0.69% +10.20% 616.79 82 CBOT corn 619.25 -4.75 -0.76% -5.96% 609.23 68 CBOT soy 1415.25 2.00 +0.14% +15.30% 1161.49 66 CBOT rice $15.09 $0.06 +0.40% +3.04% $14.45 69 WTI crude $79.33 -$0.03 -0.04% -22.95% $98.17 32 Currencies Euro/dlr $1.249 -$0.046 -3.53% -4.32% USD/AUD 1.005 -0.032 -3.08% -3.11% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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