June 27, 2017 / 1:32 AM / 2 months ago

GRAINS-Soybeans firm as USDA pegs crop condition below forecasts

    SYDNEY, June 27 (Reuters) - U.S. soybeans rose nearly 0.5
percent on Tuesday, extending  gains into a third consecutive
session, after the U.S. Department of Agriculture pegged the
condition of the crop below market expectations. 
    
    FUNDAMENTALS  
    * The most active soybean futures on Chicago Board Of Trade
 rose 0.44 percent to $9.10-3/4 a bushel, having firmed
0.25 percent on Monday.
    * The most active corn rose 0.3 percent to $3.60 a
bushel, having gained 0.35 percent in the previous session.
    * The most active wheat rose 0.16 percent to $4.66-1/4
a bushel, having closed down 1.6 percent on Monday. 
    * The USDA rated 67 percent of the U.S. corn crop in good to
excellent condition, unchanged from the prior week, but below
analysts' expectations.
    * Soybean ratings fell, with 66 percent of the crop rated
good to excellent, down from 67 percent a week earlier and
behind market forecasts. 
    * The USDA said 40 percent of the spring wheat crop was in
good to excellent, slightly below market expectations.
    * Rains forecast across key U.S. corn and soybean growing
regions, aiding crops.
             
    MARKET NEWS  
    * The dollar stood tall on Tuesday, pushing to a one-month
high against the yen as investors waited to see if Federal
Reserve Chair Janet Yellen would stick to her positive economic
outlook at an event later in the global session.  
    * Crude oil futures were largely unchanged in early Asian
trade on Tuesday as the market took a breather following three
days of gains with a supply glut keeping a lid on prices. 
    * The S&P 500 and the Dow closed up slightly on Monday but a
fall in technology stocks nudged the Nasdaq lower as investors
turned to more defensive sectors.  
    
    DATA (GMT)
1300   US   S&P/Case-Shiller home price index    April 
1400   US   Richmond Fed manufacturing index      June  
1400   US   Consumer confidence index          June 
        
 Grains prices at  0115 GMT
 Contract      Last    Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  466.25      0.75    +0.16%       -1.89%  457.72    46
 CBOT corn   360.00      1.00    +0.28%       +0.63%  372.67    30
 CBOT soy    910.75      4.00    +0.44%       +0.69%  932.21    31
 CBOT rice    11.19     $0.01    +0.04%       +0.72%  $11.11    47
 WTI crude    43.35    -$0.03    -0.07%       +0.79%  $46.85    36
 Currencies                                                       
 Euro/dlr    $1.118    $0.000    +0.04%       -0.08%              
 USD/AUD     0.7583     0.000    +0.01%       +0.24%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  

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