June 24, 2020 / 12:22 AM / 10 days ago

GRAINS-Corn falls for 3rd session on U.S. weather; wheat climbs

SINGAPORE, June 24 (Reuters) - Chicago corn futures lost more ground on Wednesday, with prices under pressure from improved crop weather across the U.S. Midwest.

Wheat ticked higher while soybeans were little changed.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade slid 0.2% to $3.24-1/2 a bushel, as of 0007 GMT, wheat added 0.2% to $4.92 a bushel and soybeans were flat at $8.75 a bushel.

* Selling in corn and soybeans is being fuelled by recent U.S. crop-boosting rains and expectations that a high-pressure ridge forecast to bring crop-stressing heat next week could be short-lived.

* The USDA rated 72% of the U.S. corn crop in good to excellent condition in its weekly crop progress report, up 1 percentage point from a week ago. Analysts polled by Reuters had expected a slight decline.

* China’s soybean buyers are asking exporters to sign a letter guaranteeing their cargoes are not contaminated with the novel coronavirus, U.S., Brazilian and Canadian soy industry officials said on Tuesday.

* Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Tuesday and net buyers of wheat, traders said.

MARKET NEWS

* Asian stocks were expected to come under pressure on Wednesday, as a spike in new coronavirus infections weighed on sentiment, although U.S. assurances that the China trade deal was intact and upbeat economic data provided some reasons for optimism.

DATA/EVENTS (GMT, June) 0645 France Business Climate Mfg 0800 Germany Ifo Business Climate New 0800 Germany Ifo Curr Conditions New 0800 Germany Ifo Expectations New 1300 Federal Economy Minister gives a news conference on Germany’s economic situation and its position as a business location in international competition (Reporting by Naveen Thukral; editing by Uttaresh.V)

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