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GRAINS-Wheat prices fall, but worries over U.S., France output support
June 21, 2017 / 4:11 AM / 5 months ago

GRAINS-Wheat prices fall, but worries over U.S., France output support

    * Wheat falls for first time in five sessions
    * Corn edges away from lowest in nearly 3 weeks
    * Soybean prices firm nearly 0.5 percent

    By Colin Packham
    SYDNEY, June 21 (Reuters) - U.S. wheat edged down for the
first time in five sessions on Wednesday to retreat from a near
one-year high touched the previous day, though concerns over
potential yield losses in France and the United States helped
limit losses.
    Corn edged higher, rebounding from a near three-week low,
while soybean prices rose nearly 0.5 percent.
    The most active wheat futures on the Chicago Board of Trade
 dropped 0.32 percent to $4.71 a bushel, having closed up
1.2 percent on Tuesday when prices hit their highest since June
23, 2016 at $4.75-3/4 a bushel.
    Fears over the impact of adverse weather across the United
States and France continued to underpin prices.
    "The reality is we will need to see widespread production
losses to change the fundamentally bearish supply picture (for
prices)," said Phin Ziebell, agribusiness economist at National
Australia Bank.
    The U.S. Department of Agriculture late on Monday rated 41
percent of the U.S. spring wheat crop as good-to-excellent, down
from 45 percent a week earlier. Analysts surveyed by Reuters had
expected an improvement.
    A heatwave hitting France and southern Europe will damage
this year's wheat crops, mainly in top EU producer France and in
Spain, while rainfall benefited crops in Germany, Poland and
Britain, analysts said.
    The most active soybean futures climbed 0.32 percent
to $9.30-3/4 a bushel, having closed down 1.1 percent on
    The most active corn futures rose 0.2 percent to
$3.70-3/4 a bushel, after ending down 1.4 percent in the
previous session when prices hit their lowest since June 1 at
$3.69-1/4 a bushel.
    The USDA late Monday rated 67 percent of the U.S. corn and
soybean crops in good-to-excellent condition. The corn figure
was steady with the previous week while the soybean number was
up 1 percentage point.
 Grains prices at  0327 GMT
 Contract      Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  471.00    -1.50   -0.32%        +0.86%  439.09    77
 CBOT corn   370.75     0.75   +0.20%        -1.20%  374.14    40
 CBOT soy    930.75     3.00   +0.32%        -0.75%  940.57    46
 CBOT rice    11.29   -$0.08   -0.70%        -2.00%  $11.04    53
 WTI crude    43.38   -$0.13   -0.30%        -1.86%  $47.52    26
 Euro/dlr    $1.114   $0.000   +0.03%        -0.10%              
 USD/AUD     0.7569   -0.001   -0.13%        -0.33%              
 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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