July 24, 2018 / 3:34 AM / in 5 months

GRAINS-Corn drops 1 pct, soybeans down 2nd day on crop condition

    * Corn falls on better U.S. crop condition, soybeans ease
    * Wheat dips for 2nd day, lower global output limits decline

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, July 24 (Reuters) - Chicago corn futures slid 1
percent on Tuesday as a better-than-expected U.S. crop rating
weighed on the market, which has gained for the last six
sessions.
    Soybeans fell for a second consecutive session on concerns
over demand amid a U.S.-China trade dispute and wheat eased,
although prices remained supported by lower world production.
    The Chicago Board of Trade most-active corn contract
lost 1.1 percent at $3.67-1/4 a bushel by 0316 022 GMT and
soybeans fell half a percent to $8.58-1/4 a bushel.
    Wheat was down 0.4 percent at $5.11-1/2 a bushel. It
closed down 0.4 percent on Monday, after earlier hitting its 
strongest since June 13 at $5.22-1/2 a bushel.
    "U.S. crop rating was better than what the market was
expecting and that is why there is pressure on prices," said an
India-based agricultural commodities analyst.
    "Still, we are not going to see record U.S. corn yield like
last year, so we are unlikely to see steep decline in prices
from the current levels."
    The USDA said 72 percent of the U.S. corn crop was in
good-to-excellent condition, slightly ahead of market
expectations.
    The agency said 70 percent of the U.S. soybean crop was in
good-to-excellent condition, up from 69 percent a week ago.
    The area planted with soybeans in Brazil for the 2018/2019
season could grow 3 to 5 percent depending on how the world's
top soy exporter fares in a U.S.-China trade dispute, an
executive at Corteva Agriscience said on Monday.
    Wheat has drawn support in recent days on concerns about dry
weather in Australia, Europe and the Black Sea region crimping
output. 
    The European Union's crop monitoring service, MARS, cut its
forecast of EU 2018 winter crop yields again on Monday, citing
exceptionally dry and hot weather in north and central Europe
with little relief in sight. 
    MARS estimated the EU 2018 yield for soft wheat, the most
produced cereal in the bloc, at 5.82 tonnes per hectare (t/ha),
down from 6.04 t/ha last month. This was now 4.9 percent below
2017 and 2.6 percent under the five-year average.
    Commodity funds were net buyers of CBOT corn and soybean
meal futures on Monday and net sellers of soybeans, wheat and
soybean oil, traders said.
    
 Grains prices at  0316 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  511.50  -2.25    -0.44%   +1.44%       501.70  59
 CBOT corn   367.25  -4.00    -1.08%   +0.62%       371.12  56
 CBOT soy    858.50  -4.25    -0.49%   -0.35%       890.11  45
 CBOT rice   11.97   -$0.02   -0.17%   +0.88%       $11.94  51
 WTI crude   67.68   -$0.21   -0.31%   -2.56%       $69.61  36
 Currencies                                                 
 Euro/dlr    $1.169  -$0.003  -0.27%   +0.39%               
 USD/AUD     0.7383  -0.004   -0.51%   +0.34%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Sunil Nair)
  
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