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GRAINS-Wheat rallies more than 1 pct on USDA crop condition report
May 31, 2017 / 3:32 AM / 4 months ago

GRAINS-Wheat rallies more than 1 pct on USDA crop condition report

    * USDA pegs condition of wheat crop below estimates
    * Corn also rallies on USDA report
    * Soybeans edge higher

    By Colin Packham
    SYDNEY, May 31 (Reuters) - U.S. wheat rose as much 1.3
percent on Wednesday after the U.S Department of Agriculture
pegged the condition of the crop below market expectations,
though ample global supplies provided a ceiling to gains.
    Corn also rose as much as 1.3 percent as the condition of
the crops was also pegged behind forecasts, while soybeans edged
higher for the first time in six sessions.
     The most active wheat futures on the Chicago Board Of Trade
 rose 0.76 percent to $4.32-3/4 a bushel by 0303 GMT, near
the session high of $4.35-1/4 a bushel. Wheat closed down 2
percent on Tuesday.
    "The USDA reported that both winter and spring wheat
conditions had deteriorated a little after trading closed. The
headline might briefly help prices in early trading today but
the details do not contain any real surprises," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
Australia.
    The USDA rated 50 percent of the U.S. winter wheat crop and
62 percent of the spring wheat as good-to-excellent. However,
both figures fell below analysts' expectations.

    The most active corn futures rose 0.8 percent to $3.70
a bushel, having touched a high of $3.71-3/4 a bushel. Corn
closed down 1.9 percent in the previous session.
    The USDA said 65 percent of the corn crop was in
good-to-excellent condition, below an average of analysts'
expectations for 68 percent.
    The most active soybean futures rose 0.14 percent to
$9.14 a bushel, having closed down 1.5 percent on Tuesday.
            
 Grains prices at  0303 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  432.75     3.25   +0.76%       -1.25%  432.83     55
 CBOT corn   370.00     3.00   +0.82%       -1.14%  369.50     52
 CBOT soy    914.00     1.25   +0.14%       -1.35%  958.23     24
 CBOT rice    11.16   -$0.03   -0.22%       +1.69%  $10.32     70
 WTI crude    49.37   -$0.29   -0.58%       -0.86%  $48.87     47
 Currencies                                                      
 Euro/dlr    $1.117  -$0.001   -0.09%       +0.08%               
 USD/AUD     0.7446   -0.002   -0.24%       +0.13%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)
  

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