June 11, 2019 / 1:43 AM / 2 months ago

GRAINS-Corn prices fall amid better-than-expected U.S. crop condition ratings

    SYDNEY, June 11 (Reuters) - U.S. corn futures fell on
Tuesday after the U.S. Department of Agriculture pegged the
condition of crops in the country above market forecasts, though
ongoing planting delays kept losses in check.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 0.5 percent at $4.13-1/2 a bushel by 0104 GMT,
having closed the previous session unchanged.
    * The most active soybean futures were down 0.4
percent at $8.55 a bushel, having firmed 0.3 percent on Monday.
    * The most active wheat futures were down 0.8 percent
at $5.03-1/4 a bushel.
    * The USDA in its weekly crop report said corn planting was
83% complete, up from 67% a week ago and matching analyst
expectations.
    * The agency rated 59% of the crop as good-to-excellent,
ahead of market expectations. 
    * Soybeans, which are usually planted later than corn, were
60% planted, slightly ahead of market forecasts. That was up
from 39% a week earlier and below the average for 88%.
    * The USDA on Tuesday is expected to trim its estimates for
corn and soybean yields in its monthly supply and demand report.
However, some traders said the cuts will likely be too small to
reflect the full impact of late planting.
    * The USDA said 81% of the spring wheat crop is in
good-to-excellent condition, slightly below market forecasts.   
 
    
    MARKET NEWS  
    * The dollar gained on Monday after the United States and
Mexico reached a deal to avoid tariffs, while the euro faltered
after sources said European Central Bank policymakers were open
to cutting interest rates should economic growth slow.  
    * Oil prices stabilised on Tuesday on expectations that
producer group OPEC and its allies will keep withholding supply
to prevent prices from tumbling amid a broad economic slowdown
which has started eating away at fuel demand growth.  
    * U.S. stocks extended their recent climb on Monday, with
the Dow reaching its longest daily winning streak in 13 months.
  
    
    DATA/EVENTS (GMT)
0830    UK      Claimant Count Unem Chng      May
    
 Grains prices at  0104 GMT
 Contract      Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat  503.25   -4.25   -0.84%        -0.25%  470.94     55
 CBOT corn   413.50   -2.25   -0.54%        -0.54%  391.10     51
 CBOT soy    855.00   -3.50   -0.41%        -0.15%  844.33     46
 CBOT rice    11.72  -$0.05   -0.47%        -0.09%  $11.25     66
 WTI crude    53.59   $0.33   +0.62%        -0.74%  $59.16     35
 Currencies                                                      
 Euro/dlr    $1.131  $0.000   +0.02%        -0.15%               
 USD/AUD     0.6956  -0.001   -0.07%        -0.60%               
 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)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below