July 17, 2019 / 2:31 AM / 4 months ago

GRAINS-Corn, soybeans drop for third session on improved U.S. weather

    * Corn, beans down as Midwest rains boost crop prospects
    * Wheat loses ground as ample supplies keep lid on market

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, July 17 (Reuters) - Chicago corn and soybean futures slid for a third consecutive
session on Wednesday as improved weather in parts of the U.S. Midwest boosted crop prospects.
    Wheat lost ground as abundant world supplies continued to weigh on the market.
    The most-active corn contract on the Chicago Board Of Trade was down 0.3% at $4.40 a
bushel, as of 0207 GMT, having closed 1.3% lower in the previous session. 
    Prices hit a five-year high of $4.64-3/4 a bushel on Monday.
    Soybeans were down 0.1% at $9.05 a bushel, having closed 1.5% weaker on Tuesday; while
wheat lost 0.5% to $5.05 a bushel, having closed little changed on Tuesday.
    "Corn and beans are facing pressure as there have been some beneficial rains but there could be
trouble if it gets hot," said Phin Ziebell, agribusiness economist, National Australia Bank.
    The USDA surprised traders on Monday afternoon by raising its condition rating for U.S. corn to
58% good-to-excellent in a weekly report. That was up from 57% a week earlier and above market
expectations for 56%.
    U.S. soybeans were rated 54% good-to-excellent, up from 53% last week and above analysts'
expectations for 53%.
    Ukraine, which expects its 2019 grain crop to remain steady at last year's level of about 70
million tonnes, has harvested 17.4 million tonnes of early grains as of July 15, the agriculture
ministry said on Tuesday.
    Farmers have threshed 5.1 million hectares of grains or 52% of the early grains sown area, the
ministry said in a statement.
    Wheat traders are awaiting the results of a tender from Egypt's General Authority for Supply
Commodities.
    Commodity funds were net sellers of CBOT wheat, corn, soybean, soymeal and soyoil contracts on
Tuesday, traders said.
  
 Grains prices at 0207 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  505.00  -2.50   -0.49%   -0.54%       522.18  38
 CBOT corn   440.00  -1.25   -0.28%   -1.57%       442.73  48
 CBOT soy    905.00  -1.00   -0.11%   -1.63%       911.21  48
 CBOT rice   11.81   $0.02   +0.17%   -0.67%       $11.76  69
 WTI crude   57.72   $0.10   +0.17%   -3.12%       $56.29  
 Currencies                                                
 Euro/dlr    $1.121  $0.000  +0.04%   -0.39%               
 USD/AUD     0.7017  0.000   +0.07%   -0.31%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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