July 24, 2018 / 12:48 AM / 4 months ago

GRAINS-Corn prices drop 1 percent, retreat from two-week high

    SYDNEY, July 24 (Reuters) - U.S. corn futures fell 1 percent
on Tuesday, retreating from a two-week high touched in the
previous session as the U.S. Department of Agriculture pegged
the condition of the U.S. crop above market expectations. 
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 1.2 percent at $3.67 a bushel by 0022 GMT. They
gained 0.1 percent in the last session, when prices marked their
highest since July 9 at $3.69 a bushel.
    * The most active soybean futures were down 0.5
percent at $8.58-1/4 a bushel, having closed down 0.2 percent on
Monday.
    * The most active wheat futures were down 0.6 percent
at $5.10-1/2 a bushel. They closed down 0.4 percent on Monday,
after earlier hitting their strongest since June 13 at $5.23 a
bushel. 
    * The USDA said 72 percent of the U.S. corn crop was in
good-to-excellent condition, slightly ahead of market
expectations.
    * The USDA also said 70 percent of the U.S. soybean crop was
in good-to-excellent condition, ahead of market expectations.
    * Wheat has drawn support in recent days on concerns about
dry weather in Australia, Europe and the Black Sea region
crimping output.
         
    MARKET NEWS  
    * The U.S. dollar marched steadily higher on Monday, helped
by a rise in Treasury yields on expectations that the Federal
Reserve would continue raising interest rates despite criticism
from President Donald Trump.  
    * Oil prices edged lower on Monday as the focus turned to
oversupply worries, moving away from escalating tensions between
the United States and Iran, which had driven prices higher early
in the session.  
    * The benchmark U.S. S&P 500 index and the Nasdaq index rose
on Monday as a jump in 10-year bond yields boosted financial
sector stocks and investors anticipated continued strength in
corporate earnings and U.S. economic growth.  
        
 Grains prices at  0022 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  510.50    -3.25   -0.63%       -1.07%  501.18     58
 CBOT corn   367.00    -4.25   -1.14%       -0.54%  370.52     56
 CBOT soy    858.25    -4.50   -0.52%       -0.75%  886.33     45
 CBOT rice    11.99    $0.00   +0.00%       +1.05%  $11.94     52
 WTI crude    67.81   -$0.08   -0.12%       -3.76%  $69.67     37
 Currencies                                                      
 Euro/dlr    $1.169   $0.000   -0.01%       -0.25%               
 USD/AUD     0.7374    0.000   -0.07%       -0.63%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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