July 6, 2015 / 5:37 AM / 2 years ago

GRAINS-Wheat falls more than 2 pct on Greek vote, U.S. weather

* Greece rejects EU bailout conditions
    * U.S. wheat harvest prospects supported by drier weather
    * Corn falls 1 pct, soybeans down nearly 1.5 pct

 (Updates prices, table)
    By Colin Packham
    SYDNEY, July 6 (Reuters) - U.S. wheat futures fell more than
2 percent on Monday, pressured by global economic uncertainty
after Greece's overwhelming rejection of austerity measures
demanded in return for bailout money.
    Corn dropped 1 percent, while soybeans declined nearly 1.5
percent to hit a one-week low.
    Chicago Board of Trade September wheat futures had
fallen 1.6 percent to $5.81-1/4 a bushel by 0522 GMT, having
earlier hit a session low of $5.76-3/4.
    As well as global economic fears related to Greece
, more favorable weather forecasts for harvesting
of U.S. wheat were also weighing on prices for the grain.
    Analysts said widely expected heavy rains did not
materialize for much of the Midwest, supporting crop prospects,
though with recent storms traders continue to remain concerned
over widespread yield losses.
    "U.S. soft red wheat regions perhaps avoided the worst of
the weekend rain," Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia, said in a note to
clients.
    "Other wheat regions that are dry - Canada's Prairies,
western Europe and the US Pacific Northwest - all saw little or
no rainfall and high temperatures."
    December corn fell 1.14 percent to $4.32-1/4 a bushel,
having closed up 1.3 percent on Thursday when prices hit a
six-month peak of $4.39-3/4. U.S. markets were on holiday on
Friday.
   Analytics firm Informa Economics cut its U.S. corn production
forecast on Thursday to 13.412 billion bushels, down from 13.564
billion previously, and trimmed average yields by 1 bushel per
acre to 165.4, trade sources said. Informa also trimmed its U.S.
soy crop forecast slightly. 
    November soybeans fell 1.5 percent to $10.14-3/4 a
bushel, having closed little changed on Thursday.
    Soybeans hit a six-month peak last week.
      
  Grains prices at  0522 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     581.25    -9.25  -1.57%    -1.23%     526.00   63
  CBOT corn      432.25    -5.00  -1.14%    +0.12%     386.63   81
  CBOT soy      1014.75   -15.50  -1.50%    -1.43%     945.18   67
  CBOT rice      $10.69    $0.05  +0.52%    +0.61%     $10.13   76
  WTI crude      $54.86   -$2.07  -3.64%    -3.69%     $59.27   25
  Currencies                                                
  Euro/dlr       $1.103  -$0.008  -0.76%    -0.50%
  USD/AUD         0.747   -0.004  -0.57%    -2.14%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Editing by Ed Davies and Joseph Radford)

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