July 10, 2019 / 5:06 AM / 3 months ago

GRAINS-Corn prices drop to 1-week low as U.S. weather improves

    * Market fears over U.S. crops ease 
    * Wheat prices fall to 1-mth low, soybeans edge down 

    By Colin Packham
    SYDNEY, July 10 (Reuters) - U.S. corn futures fell as much
as 1% on Wednesday to hit a one-week low, pressured as forecasts
of improved weather for U.S. crops eased fears of widespread
yield losses.
    Wheat prices dropped more than 0.5% to their weakest in a
month, while soybeans edged lower.
    The most active corn futures on the Chicago Board of Trade
 were down 0.9% at $4.33-1/4 a bushel by 0356 GMT. They
earlier touched their lowest since July 3 at $4.31-1/2 a bushel.
Corn fell 1.5% in the previous session.
    Analysts said easing concerns about U.S. production were
weighing on prices.
    "Weather forecasters expect a somewhat better turn in U.S.
Midwest crop conditions. That at least means that corn crops are
unlikely to suffer any further setbacks," said Tobin Gorey,
director, agricultural strategy, Commonwealth Bank of Australia.
    The U.S. Department of Agriculture said in its weekly crop
report on Monday that 57% of the U.S. corn crop was in
good-to-excellent condition, up from 56% last week and matching
analyst expectations. 
    The most active wheat futures were down 0.8% at $4.99
a bushel. That was near their session-low of $4.98-1/4 a bushel,
the weakest since June 10. Wheat closed down 1.6% on Tuesday.
    The USDA said 64% of U.S. winter wheat was in
good-to-excellent condition, up from 63% last week and above
expectations of 63%. Some 47% of the U.S. winter wheat harvest
was completed, above trade expectations for 45%.
    The most active soybean futures were down 0.3 percent
at $9.01-3/4 a bushel, having firmed 0.7% on Tuesday.
    The USDA said 53% of U.S. soybeans were in good-to-excellent
shape, down from 54% last week and bucking analyst expectations
for an improvement.
        
 Grains prices at  0356 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   499.00   -3.75   -0.75%       -2.35%  521.75     39
 CBOT corn    433.25   -4.00   -0.91%       -2.37%  440.39     46
 CBOT soy     901.75   -2.50   -0.28%       +0.45%  908.67     47
 CBOT rice     11.84  -$0.04   -0.38%       +0.94%  $11.78     67
 WTI crude     58.60   $0.77   +1.33%       +1.63%  $55.58     60
 Currencies                                                      
 Euro/dlr     $1.121  $0.000   +0.01%       -0.06%               
 USD/AUD      0.6919  -0.001   -0.12%       -0.73%               
 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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