June 4, 2018 / 1:00 AM / a year ago

GRAINS-Corn marks lowest in nearly 6 wks on crop-friendly US weather

    SINGAPORE, June 4 (Reuters) - Chicago corn prices slid for a
second session on Monday, dropping to their weakest since April
24 under pressure from favourable weather across the U.S.
    Wheat lost more ground, while soybeans slid to a two-week
    * Corn prices are being dragged down by prospects for a
bumper U.S. crop following favourable growing weather. The
Chicago Board of Trade most-active corn contract dropped
to a low of $3.87 a bushel, its weakest since April 24. 
    * Last Tuesday, the U.S. Department of Agriculture rated 79
percent of the crop in good-to-excellent condition, topping
trade expectations.
    * Weather forecasts called for above-normal temperatures in
the U.S. Midwest, particularly later this week. But periodic
showers should keep conditions favourable in most areas.
    * The wheat market is facing seasonal pressure from the
start of the U.S. hard red winter wheat harvest in the southern
    * The winter wheat harvest was 29 percent complete in Texas
and about 15 percent done in Oklahoma, industry group Plains
Grains Inc said in its first harvest report of the year.
    * In the soybean market, the focus is on U.S.-China trade
    * China's state grains and agricultural trader COFCO has
bought cargoes of soybeans from the United States, two sources
familiar with the matter said, though future purchases may be
jeopardized by renewed trade tensions between them.
    * China last week gave state-controlled companies the nod to
resume buying the oilseed, used in animal feed, after Beijing
agreed on May 19 to import more goods and services from the
United States, its top trading partner, in order to ease the
$335 billion trade gap between the two countries.
    * Large speculators cut their net long position in CBOT corn
futures in the week to May 29, regulatory data released on
Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and raised their net long position
in soybeans.
    * World stocks and the U.S. dollar rose while Treasury debt
prices fell on Friday as investors welcomed a
stronger-than-expected American jobs report and an apparent end
to a political crisis in Italy, although prospects for a
full-blown global trade war limited the gains.
0830  Euro zone              Sentix index        Jun
0900  Euro zone              Producer prices     Apr
1345  U.S.                   ISM-New York index  May
1400  U.S.                   Factory orders      Apr
1400  U.S.                   Employment trends   May    

 Grains prices at  0039 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  519.25   -4.00    -0.76%   -0.53%       510.91   52
 CBOT corn   388.50   -3.00    -0.77%   -1.27%       399.42   33
 CBOT soy    1014.50  -6.75    -0.66%   -0.83%       1027.89  42
 CBOT rice   11.45    $0.00    +0.00%   -1.84%       $12.52   24
 WTI crude   65.83    $0.02    +0.03%   -1.80%       $69.35   27
 Euro/dlr    $1.168   -$0.001  -0.10%   +0.15%                
 USD/AUD     0.7581   0.001    +0.19%   +0.08%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral
Editing by Joseph Radford)
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