June 25, 2019 / 2:15 AM / 3 months ago

GRAINS-Corn jumps nearly 1% as adverse weather hits U.S. crops

    SYDNEY, June 25 (Reuters) - U.S. corn futures rose nearly 1% on Tuesday after the U.S. Department of Agriculture (USDA) said the crop's condition
deteriorated last week following wet weather, stoking fears of potential supply disruptions.
         
    FUNDAMENTALS  
    * The most active The most active corn futures on the Chicago Board Of Trade were up 0.8% at $4.50-1/2 a bushel, as of 0051 GMT, having gained 1%
in the previous session.
    * The most soybean futures were up 0.5% at $9.13-3/4 a bushel, having closed up 0.7% on Monday.
    * The most active wheat futures were up 0.3% at $5.44-1/4 a bushel, after ending 2.2% firmer on Monday. 
    * The USDA said 96% of the corn crop has been planted, matching expectations.
    * The USDA said 56% of the corn crop is in good-to-excellent condition, down from 59% reported the week prior and behind market expectations.
    * The USDA said 85% of the soybean crop has been planted, slightly behind market forecasts.
    * The USDA said 54% of the soybean crop is in good-to-excellent condition, behind market expectations.
    * Analysts, on average, expect 96% of U.S. corn to have been planted as of Sunday along with 88% of soybeans. Corn and soy crops were also estimated to
be 59% in good-to-excellent shape.
       
    MARKET NEWS  
    * The dollar softened against a basket of currencies on Monday on bets the U.S. Federal Reserve may lower interest rates more than once this year, while
tensions between Iran and the United States provided safe-haven support for the yen.  
    * Oil prices were steady on Tuesday, supported by worries over conflict between Iran and the United States but pressured by concerns about a potential
decline in demand for crude.  
    * The S&P 500 edged lower on Monday as losses by healthcare companies overshadowed gains in the technology sector, while investors awaited U.S. President
Donald Trump's meeting with Chinese President Xi Jinping at the G20 summit this week.  
        
 Grains prices at 0051 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   544.25    1.75   +0.32%       +2.59%   508.27    70
 CBOT corn    450.50    3.75   +0.84%       +1.87%   419.28    66
 CBOT soy     913.75    4.75   +0.52%       +1.22%   868.78    66
 CBOT rice     11.20   $0.02   +0.13%       -0.89%   $11.46    32
 WTI crude     57.89  -$0.01   -0.02%       +0.80%   $56.61    71
 Currencies                                                      
 Euro/dlr     $1.140  $0.000   +0.03%       +0.29%               
 USD/AUD      0.6961   0.000   +0.00%       +0.55%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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