July 13, 2020 / 12:56 AM / a month ago

GRAINS-Corn drops 2.5% on U.S. rain relief

SYDNEY, July 13 (Reuters) - U.S. corn futures fell more than 2% on Monday to hit a two-week low as scattered rains across key growing regions improved prospects for drought-hit crops, easing fears about potential yield losses.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 2.5% at $3.36-1/4 a bushel by 0022 GMT, near the session low of $3.35 a bushel - the lowest since June 30. Corn fell 3.4% in the previous session.

* The most active soybean futures were down 0.7% at $8.84-1/2 a bushel, near the session low of $8.81 a bushel - the lowest since July 1. Soybeans fell 1.2% on Friday.

* The most active wheat futures were down 1.5% at$5.26-1/4 a bushel, having closed up 1.7% on Friday.

* The U.S. government lowered its forecast for the corn harvest by 6.2% on Friday as farmers dialled back their planting from their original plans, though the largest-ever yields were still projected.

* Traders are paying close attention to weather forecasts because the U.S. corn crop is in a key stage for development.

MARKET NEWS

* Asian shares got off to a firm start on Monday as investors wagered U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.

Reporting by Colin Packham, Editing by Sherry Jacob-Phillips

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