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GRAINS-Wheat falls to three-week low as ample supplies offset weather fears
July 20, 2017 / 3:49 AM / a month ago

GRAINS-Wheat falls to three-week low as ample supplies offset weather fears

    * Wheat falls for seventh straight session
    * Corn falls despite dry weather fears
    * Soybeans fall for first time in three sessions

    By Colin Packham
    SYDNEY, July 20 (Reuters) - U.S. wheat fell more than 1
percent on Thursday to hit a three-week low, weighed down by
ample global supplies despite lingering fears for high quality
crops.
    Corn edged lower, falling despite ongoing fears of further
crop damage from unfavourable weather, while soybeans fell for
the first time in three sessions.
    The most active wheat futures on the Chicago Board Of Trade
 were down 1.2 percent at $4.96-3/4 a bushel by 0326, near
the session low of $4.95 a bushel - the lowest since June 29.
Wheat closed down 0.1 percent on Wednesday. 
    "The USDA report last week has reminded everyone that there
is a lot of wheat in the world," said Angus Thornton, commodity
analyst, Profarmer.
    Wheat is on track to fall for a seventh straight session
after rising sharply several weeks ago on weather fears, which
could reduce global supplies of high quality wheat.
    The most active corn futures eased 0.3 percent to
$3.95 a bushel, having gained 1.4 percent in the previous
session.
    The most active soybean futures dipped 0.3 percent to
$10.09-1/4 a bushel, having firmed 1.1 percent on Wednesday.
    The decline in corn comes despite lingering fears for U.S.
crops from forecasts for continued dry weather across key
growing regions.
    The recent dry weather has already dented the quality of
crops.    
    Corn crop condition ratings declined earlier this week in
top-producing states of Iowa, Illinois and Nebraska, and
extended outlooks for limited rainfall were seen as threatening
to corn plants during their yield-setting pollination phase.
    The U.S. Department of Agriculture on Thursday will release
weekly U.S. grain and soy export sales that will show whether
global importers bought U.S. supplies during a volatile week of
futures trading last week. Analysts said the data will help
determine the trend for the rest of the session.
        
 Grains prices at  0326 GMT
 Contract       Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   496.75    -6.25    -1.24%        -1.39%  497.92    44
 CBOT corn    395.00    -1.25    -0.32%        +1.09%  396.05    55
 CBOT soy    1009.25    -3.25    -0.32%        +0.75%  966.93    59
 CBOT rice     11.78   -$0.09    -0.76%        -0.76%  $11.74    57
 WTI crude     47.07   -$0.05    -0.11%        +1.44%  $45.10    64
 Currencies                                                        
 Euro/dlr     $1.152   $0.000    +0.03%        -0.29%              
 USD/AUD      0.7937   -0.001    -0.15%        +0.28%              
 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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