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GRAINS-Soy eases for 2nd day on U.S. crop condition, yuan devaluation
August 12, 2015 / 3:35 AM / 2 years ago

GRAINS-Soy eases for 2nd day on U.S. crop condition, yuan devaluation

* Soybeans fall on stable U.S. crop condition
    * Corn, wheat down ahead of USDA supply-demand report

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Aug 12 (Reuters) - Chicago soybean futures lost
more ground on Wednesday, pressured by stable U.S. crop
conditions and a broad weakness in commodity markets after China
devalued its currency.
    Corn and wheat slid, with the spotlight on the U.S.
Department of Agriculture's monthly supply-demand report due
later in the day.
    Chicago Board of Trade November soybeans had fallen
1.1 percent to $9.60-1/2 a bushel by 0309 GMT, having closed
down 2.3 percent on Tuesday.
    December corn lost 0.6 percent to $3.85-1/4 a bushel,
after ending the previous session down 3.3 percent. September
wheat gave up 1.1 percent to $5.01-1/2 a bushel, having
closed down 3.5 percent on Tuesday.
    "We are seeing prices come under pressure as U.S. crops are
looking good," said Phin Ziebell, agribusiness economist with
National Australia Bank. "Supply is the main driver at the
moment, with the Black Sea also looking at producing a bumper
harvest."
    Soybean and corn prices were hit on Tuesday after the USDA
reported stable conditions for both crops despite adverse
weather in parts of the Midwest.
    The USDA rated 70 percent of the U.S. crop in good to
excellent condition in a weekly report late Monday, unchanged
from the previous week, bucking trade expectations for a slight
decline.
    U.S. soybean ratings were also steady, with 63 percent rated
good to excellent.  
    China's yuan devaluation could dent the country's booming
soybean imports, although analysts said the full impact of the
move was still to come as traders waited for the USDA crop
report.
    China, the world's largest soy buyer, imported a record 9.5
million tonnes of soybeans in July, up 17.4 percent from 8.09
million tonnes in June, according to customs data.
 
    The USDA will report its latest crop production estimates on
Wednesday, which are expected to show lower 2014/15 and 2015/16
ending stocks forecasts for both corn and soybeans.
 
    Additional pressure on corn came as Brazil's government crop
supply agency Conab raised its 2014/15 corn crop estimate to
84.3 million tonnes, up from 81.8 million last month and above
the USDA's figure of 82 million.
    
  Prices at  0309 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     501.50    -5.75  -1.13%    -1.76%     539.62   40
  CBOT corn      385.25    -2.25  -0.58%    +0.39%     411.82   43
  CBOT soy       960.50   -11.00  -1.13%    -0.29%     985.34   49
  CBOT rice      $11.73   -$0.07  -0.55%    +2.58%     $11.12   70
  WTI crude      $43.03   -$0.05  -0.12%    -4.29%     $49.20   24
  Currencies                                                
  Euro/dlr       $1.106   $0.009  +0.85%    +1.24%
  USD/AUD         0.725   -0.016  -2.21%    -1.24%
  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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