July 30, 2019 / 3:45 AM / in 20 days

GRAINS-Corn falls for 5th session on improved U.S. crop condition

    * Corn loses more ground as USDA rates crop in better
condition
    * Wheat falls after Monday's gain, harvest pressure weighs 

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, July 30 (Reuters) - Chicago corn futures slid for
a fifth consecutive session on Tuesday after a weekly U.S.
government report rated the crop condition above market
forecasts.
    Wheat fell as ample supplies from the northern hemisphere
flood the market, while soybeans were little changed with the
focus on U.S.-China trade talks.
    The most-active corn contract on the Chicago Board of
Trade was down 0.4% at $4.25-1/4 a bushel by 0315 GMT, having
closed down 1.8% in the previous session when prices hit a low
of $4.12 a bushel - the weakest since June 11.
    Wheat fell 0.6% at $5.00-1/2 a bushel, having closed
up 1.5% on Monday, and soybeans were up 0.03% at $9.04-1/2
a bushel, having firmed 0.4% in the previous session.
    "The corn crop is looking better than what had been feared,"
said Phin Ziebell, agribusiness economist, National Australia
Bank. "Especially, given the challenging rains and then heat."
    The U.S. Department of Agriculture on Monday released a
weekly crop progress report that raised the good to excellent
rating for corn by 1 percentage point to 58%. Analysts had
expected it to stay unchanged.
    The rating for spring wheat declined 3 percentage points to
73%, below analyst expectations for an unchanged rating.
    The rating for Soybeans was unchanged, at 54% good to
excellent condition, on par with analysts' estimates.
    In the soybean market, the spotlight was on
Washington-Beijing trade talks. 
    U.S. government data on Monday showed exports of soybeans to
China picking up to the most in five months last week ahead of
trade talks between the two countries in Shanghai, although the
shipments were for beans bought months ago and new purchases
have proven elusive.
    The share of milling wheat in Ukraine's 2019 wheat harvest
is likely to rise to as much as 70% from around 55% in 2018 due
to hot and dry weather, analysts and traders said on Monday.
    Hot conditions across Ukraine in May and June were ideal for
a high-quality wheat harvest, pushing up the proportion of
food-grade wheat in the crop and creating a shortage of grain
for animal feed, which has seen a consequent rise in prices.
    SovEcon, one of Russia's leading agriculture consultancies,
said on Friday it had lowered its forecast for Russia's grain
exports in the 2019/20 marketing season, which started on July
1, by 7 million tonnes to 41.9 million tonnes.
    Commodity funds were net buyers of CBOT corn, soybean, wheat
and soymeal futures contracts on Monday, traders said, and net
sellers of soyoil futures contracts.
    
 Grains prices at 0315 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  500.50  -3.00   -0.60%   +0.20%       515.44  47
 CBOT corn   425.25  -1.75   -0.41%   -0.53%       441.06  34
 CBOT soy    904.50  0.25    +0.03%   +0.53%       913.79  46
 CBOT rice   12.31   -$0.01  -0.04%   +1.48%       $11.77  83
 WTI crude   57.17   $0.30   +0.53%   +2.05%       $57.21  
 Currencies                                                
 Euro/dlr    $1.114  $0.002  +0.14%   -0.04%               
 USD/AUD     0.6905  0.000   -0.04%   -0.65%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below