June 20, 2017 / 1:09 AM / 2 months ago

GRAINS-Wheat jumps 1.1 pct as U.S. crop condition declines

    SINGAPORE, June 20 (Reuters) - Chicago wheat futures rose
more than 1 percent on Tuesday, with prices underpinned by a
further decline in the condition of the U.S. spring crop
following weeks of dry weather.
    Corn edged higher after dropping more than 2 percent in the
last session on pressure from forecasts of improved weather in
the crop's crucial phase of development.
    
    FUNDAMENTALS
    * The U.S. Department of Agriculture (USDA) rated 41 percent
of the U.S. spring wheat crop as good-to-excellent, down from 45
percent a week earlier. Analysts surveyed by Reuters had
expected an improvement.
    * For U.S. winter wheat the good-to-excellent rating stood
at 49 percent compared with 50 percent a week ago and below last
year's 61 percent, the agency said after the market closed on
Monday.
    * Russian wheat export prices have risen for a fifth week on
the back of higher global benchmarks and due to a possible late
arrival of the domestic harvest after rainy weather in the
spring, analysts said on Monday.
    * High demand from Egypt, the world's largest wheat
importer, and Russia's new rules on strict value-added tax
accounting for the agriculture sector also added to support,
they said.
    * Corn fell on Monday on an outlook for cooler temperatures
in the Midwest crop belt as the crop nears pollination, a
crucial yield-determining phase that usually occurs in July.
    * The USDA rated 67 percent of the U.S. corn crop as
good-to-excellent, unchanged from the previous week. Analysts
surveyed by Reuters on average had expected an improvement of 1
percentage point following rains last week.
    * There was a bearish influence from weekly data released on
Friday from the U.S. Commodity Futures Trading Commission
showing that commodity funds slashed their net short position in
CBOT corn by more than 100,000 contracts in the week to June 13.

    
    MARKET NEWS
    * World stock markets climbed on Monday as technology and
retail stocks rebounded from recent weakness and U.S. Treasury
yields rose in the wake of hawkish comments from a Federal
Reserve official.
    
    DATA AHEAD (GMT)
0600  Germany      Producer prices                May 
0800  Euro zone    Current account                Apr 
1230  U.S.         Current account                Q1
       
 Grains prices at  0050 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  472.00  5.00     +1.07%   +4.02%       436.58  80
 CBOT corn   376.50  1.25     +0.33%   -0.79%       373.91  47
 CBOT soy    938.75  1.00     +0.11%   +0.43%       943.28  57
 CBOT rice   11.44   -$0.08   -0.69%   -0.31%       $10.94  63
 WTI crude   44.28   $0.08    +0.18%   -1.03%       $47.64  31
 Currencies                                                 
 Euro/dlr    $1.114  -$0.005  -0.47%   +0.01%               
 USD/AUD     0.7591  -0.003   -0.33%   +0.20%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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