June 3, 2014 / 12:47 AM / in 3 years

GRAINS-Corn falls for 4th day as USDA sees flourishing crop

SYDNEY, June 3 (Reuters) - U.S. corn futures fell for a
fourth consecutive session on Tuesday, as the U.S. Department of
Agriculture pegged the condition of the corn crop above market
expectations following near-perfect growing conditions across
the Midwest.
             
    FUNDAMENTALS  
    * Chicago Board Of Trade July corn lost 0.54 percent
to $4.63 a bushel, having closed down slightly in the previous
session.
    * July soybeans fell 0.15 percent to $14.95-1/4 a
bushel, having firmed 0.49 percent on Monday.
    * July wheat rose 0.1 percent to $6.21-1/4 a bushel,
having closed down 1 percent on Monday. 
    * The U.S. Agriculture Department said in its first
conditions report of the season that 76 percent of the corn crop
was rated good to excellent as of June 1. 
    * Analysts had been expecting 70 percent good to excellent,
according to the average of estimates in a Reuters poll.
    * Soybean planting advanced to 78 percent complete, 3
percentage points better than analysts' forecasts, from 59
percent a week ago. The five-year average for early June is 70
percent.
    * Wheat under pressure after weekend rains in the southern
U.S. Plains and forecasts for more precipitation this week may
help heading and maturing hard red winter wheat crops in some
areas.
    * Spring wheat planting was pegged at 88 percent, up 14
percentage points from a week ago and in line with the five-year
average.
    * Good-to-excellent ratings for the winter wheat crop
stabilized at 30 percent, 2 percentage points below market
forecasts, after rising 1 percentage point a week ago.
    * Favorable weather in May has brightened prospects for the
2014 grain harvest in Russia and Ukraine, easing risks related
to the lack of financing available for sowing, analysts and
traders said on Monday. 
         
    MARKET NEWS  
    * The dollar hovered at its highest in over three months
against a basket of major currencies early on Tuesday, having
risen on the back of upbeat U.S. data and with the euro still in
the doldrums.  
    * Brent and U.S. crude oil futures fell in choppy trading on
Monday, weighed on by a stronger dollar and recent data showing
rising OPEC oil production.  
    * The Dow and the S&P 500 finished at record highs again on
Monday after a closely watched read on U.S. manufacturing was
revised to show more strength than initially indicated.  
    
    DATA AHEAD (GMT)
     0100   China        Official non-manufacturing PMI    May
     0145   China        HSBC manufacturing PMI final      May
     0900   Euro zone    Inflation                         May
     0900   Euro zone    Unemployment rate                 April
     1345   U.S.         ISM-New York index                May
     1400   U.S.         Factory orders                    April
     1400   U.S.         IBD economic optimism index       June 
        
  Grains prices at  0024 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     621.25     0.50  +0.08%    -0.96%     685.66   11
  CBOT corn      463.00    -2.50  -0.54%    -0.59%     493.58   23
  CBOT soy      1498.25    -2.25  -0.15%    +0.33%    1484.33   54
  CBOT rice      $14.87    $0.00  +0.00%    -1.06%     $15.33   20
  WTI crude     $102.45   -$0.02  -0.02%    -0.25%    $101.69   46
  Currencies                                                
  Euro/dlr       $1.360   $0.000  +0.03%    -0.23%
  USD/AUD         0.924    0.000  -0.03%    -0.71%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Ed Davies)

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