July 10, 2019 / 2:36 AM / 6 days ago

CORRECTED-GRAINS-Corn falls 1% to one-week low on easing yield worries

 (Corrects wheat's Tuesday drop in third bullet point to 1.6%,
not 2%)
    SYDNEY, July 10 (Reuters) - U.S. corn futures fell 1% to a
one-week low on Wednesday as fears over potential yield losses
were eased amid forecasts for favourable weather conditions.    
    
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 were down 1% at $4.33 a bushel by 0212 GMT, having earlier
hit a low of $4.31-1/2 a bushel - the lowest since July 3. Corn
fell 1.5% in the previous session.
    * The most active soybean futures were down 0.3
percent to $9.01-1/2 a bushel, having firmed 0.7% on Tuesday.
    * The most active wheat futures were down 0.7% at
$4.95-1/2 a bushel, having closed down 1.6% on Tuesday. 
    * The USDA said in its weekly crop report on Monday that 57%
of the U.S. corn crop was in good to excellent condition, up
from 56% last week and matching analysts' expectations.

    * The USDA said 64% of U.S. winter wheat was in good to
excellent condition, up from 63% last week and above
expectations of 63%. Some 47% of the U.S. winter wheat harvest
was completed, above trade expectations for 45%. 
    * Weather models also call for more favourable conditions
for crops that had previously been struggling following recent
wet weather.
    * The USDA said 53% of U.S. soybeans were in good to
excellent shape, down from 54% last week and bucking analyst
expectations for an improvement.
             
    MARKET NEWS  
    * The dollar edged toward a three-week high against a
basket of major currencies on Wednesday, as an unwinding of bets
on deep U.S. interest rate cuts pushed Treasury yields higher.
  
    * Oil prices gained more than 1% in early trade on
Wednesday, led by U.S. crude after an industry group reported
that U.S. stockpile fell for a fourth week in a row, alleviating
concerns about oversupply.  
    * The S&P 500 ended slightly higher on Tuesday as gains in
tech-related shares offset worries about a weakening outlook for
earnings.  
        
 Grains prices at  0212 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  499.50    -3.25   -0.65%       -2.25%  521.77     39
 CBOT corn   433.00    -4.25   -0.97%       -2.42%  440.38     46
 CBOT soy    901.50    -2.75   -0.30%       +0.42%  908.66     47
 CBOT rice    11.84   -$0.04   -0.38%       +0.94%  $11.78     67
 WTI crude    58.61    $0.78   +1.35%       +1.65%  $55.58     60
 Currencies                                                      
 Euro/dlr    $1.120   $0.000   -0.02%       -0.09%               
 USD/AUD     0.6921   -0.001   -0.09%       -0.70%               
 Most active contracts
 Wheat, corn and soy US cents/bushel.Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Gopakumar Warrier)
  
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