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GRAINS-Wheat prices firm as US pegs crop condition below market forecasts
June 6, 2017 / 2:02 AM / 6 months ago

GRAINS-Wheat prices firm as US pegs crop condition below market forecasts

    SYDNEY, June 6 (Reuters) - U.S. wheat futures edged up on
Tuesday as the U.S. Department of Agriculture pegged the
condition of the domestic crop below market expectations,
stoking fears of production losses following recent adverse
weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade rose 0.35 percent to $4.31 a bushel, having closed
little changed on Monday. 
    * The most active soybean futures were steady at
$9.22-1/2 a bushel, having firmed nearly 0.1 percent on Monday.
    * The most active corn futures fell 0.27 percent to
$3.72 a bushel, after gaining nearly 0.1 percent in the previous
session.
    * The USDA rated 55 percent of the U.S. spring wheat crop in
good-to-excellent condition, down from 62 percent a week
earlier.
    * Analysts surveyed by Reuters had expected a drop of 1
percentage point, to 61 percent good-to-excellent. 
    * Minneapolis Grain Exchange spring wheat futures
also climbed on weather worries at a time when traders are
concerned about supplies of high-protein wheat.
    * The wheat harvest was 10 percent complete by Sunday, the
USDA said.
    * The U.S. soybean crop was 83 percent planted as of Sunday,
ahead of the five-year average of 79 percent, according to the
USDA.
    * The government rated 68 percent of the U.S. corn crop as
good-to-excellent, up from 65 percent a week earlier and above
an average of analyst expectations of 67 percent.  
             
    MARKET NEWS  
    * The dollar steadied against a basket of currencies on
Monday, recovering from near a seven-month low hit on Friday, as
investors turned their focus to this week's impending European
Central Bank meeting and a parliamentary election in Britain.
  
    * Oil prices fell nearly 1 percent on Monday on concerns
that the cutting of ties with Qatar by top crude exporter Saudi
Arabia and other Arab states could hamper a global deal to
reduce oil production.  
    * Stocks dipped on Wall Street on Monday as a drop in Apple
partly offset gains in energy and financial stocks, some of the
market's worst-performing sectors so far this year.  
    
    DATA AHEAD (GMT) 
0830  Euro zone              Sentix index                  Jun 
0900  Euro zone              Retail sales                  Apr
         
 Grains prices at  0117 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  431.00     1.50    +0.35%       +0.35%  433.36    56
 CBOT corn   372.00    -1.00    -0.27%       -0.20%  370.48    54
 CBOT soy    922.00     0.00    +0.00%       +0.08%  952.50    36
 CBOT rice    11.05    $0.00    +0.00%       -0.67%  $10.44    62
 WTI crude    47.14   -$0.26    -0.55%       -1.09%  $48.53    29
 Currencies                                                      
 Euro/dlr    $1.127   $0.002    +0.15%       -0.10%              
 USD/AUD     0.7481    0.000    -0.03%       +0.54%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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