June 27, 2017 / 2:38 AM / in 4 months

GRAINS-Soybeans up for 3rd day as U.S. crop condition below forecasts

    * Soybeans up 0.5 pct, corn gains 0.3 pct, wheat up 0.2 pct
    * Crop condition rating below market f'cast underpins prices

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 27 (Reuters) - U.S. soybeans rose half a
percent on Tuesday, extending gains into a third session after
the U.S. Department of Agriculture pegged the condition of the
crop below market expectations.
    Wheat firmed after dropping 1.6 percent in the last session
and corn gained more ground.
    The Chicago Board Of Trade most-active soybean contract
 rose 0.5 percent to $9.11-1/2 a bushel by 0211 GMT, corn
 gained 0.3 percent to $3.60 a bushel and wheat added
0.2 percent to $4.66-1/2 a bushel.
    "We are seeing a slight bounce in soybean and corn prices as
the conditions of U.S. crops remains the focus even though July
weather is crucial for corn and August is key for soybeans,"
said Kaname Gokon of Tokyo brokerage Okato Shoji.
    "If the weather is good in July and August, it will be
bearish for prices."
    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 good
to excellent, slightly below market expectations.
    Rains forecast across key U.S. corn and soybean growing
regions, aiding crops.
    Traders continued to adjust positions ahead of the USDA's
June 30 acreage and quarterly stocks reports, which have a
history of jolting the market.
    Large speculators increased their net short position in CBOT
corn futures in the week to June 20, regulatory data released on
Friday showed.
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and increased their net short
position in soybeans.
    
 Grains prices at  0211 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  466.50  1.00    +0.21%   -1.84%       457.73  45
 CBOT corn   360.00  1.00    +0.28%   +0.63%       372.67  30
 CBOT soy    911.50  4.75    +0.52%   +0.77%       932.23  33
 CBOT rice   11.19   $0.01   +0.04%   +0.72%       $11.11  47
 WTI crude   43.45   $0.07   +0.16%   +1.02%       $46.85  37
 Currencies                                                
 Euro/dlr    $1.118  $0.000  +0.03%   -0.09%               
 USD/AUD     0.7575  -0.001  -0.09%   +0.13%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Richard Pullin)
  

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