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GRAINS-Wheat recovers as USDA rates spring crop behind expectations
June 13, 2017 / 1:10 AM / in 5 months

GRAINS-Wheat recovers as USDA rates spring crop behind expectations

    SYDNEY, June 13 (Reuters) - U.S. wheat rose more than 0.5
percent on Tuesday, rebounding from a six-day low touched in the
previous session, as the condition of the spring crop was pegged
well behind market expectations, stoking fears of widespread
production losses.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.7 percent to $4.37 a bushel, having closed
down 2.7 percent on Tuesday when prices hit a low of $4.31-1/4 a
bushel - the lowest since June 6.
    * The most active soybean futures rose 0.3 percent to
$9.33-3/4 a bushel, having closed down 1.1 percent on Tuesday.
    * The most active corn futures rose 0.5 percent to
$3.79-1/4 a bushel, having closed down 2.8 percent in the
previous session.
    * The U.S. Department of Agriculture pegged the condition of
U.S. spring wheat crop at 45 percent good to excellent, well
behind market forecasts for 53 percent good to excellent.

    * U.S. soybeans were pegged at 66 percent good to excellent,
below forecasts for 70 percent good to excellent.
    * U.S. corn was seen at 67 percent good to excellent,
matching analysts' forecasts.
         
    MARKET NEWS  
    * The dollar slipped against a basket of major currencies on
Monday ahead of a spate of central bank meetings, starting with
the U.S. Federal Open Market Committee on Wednesday.  
    * Oil edged up on Monday on signs of inventory declines in
the United States and news that Saudi Arabia will limit volumes
of crude to some Asian buyers in July and deepen cuts to the
United States.  
    * Apple shares added to last week's drop on Monday to lead a
market downturn as tech, still the best performing S&P 500
sector this year, succumbed under its own weight.  
    
    DATA (GMT)
0600   Germany  Wholesale prices                 May 
0830   UK       CPI                              May  
0830   UK       PPI                              May  
0900   Germany  Economic sentiment index         June 
1000   US       Small business confidence index  May  
1230   US       PPI                              May 
    
 Grains prices at  0039 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  437.00     3.00    +0.69%       -1.96%  434.78    50
 CBOT corn   379.25     2.00    +0.53%       -2.19%  372.76    54
 CBOT soy    933.75     2.50    +0.27%       -0.82%  948.22    50
 CBOT rice    11.28   -$0.02    -0.18%       -0.35%  $10.74    71
 WTI crude    46.18    $0.10    +0.22%       +0.76%  $48.00    35
 Currencies                                                      
 Euro/dlr    $1.120   $0.000    -0.04%       +0.04%              
 USD/AUD     0.7555    0.002    +0.21%       +0.39%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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