June 29, 2020 / 2:49 AM / 13 days ago

GRAINS-Corn rebounds from 6-week low, bearish fundamentals cap gains

SYDNEY, June 29 (Reuters) - U.S. corn futures edged higher on Monday after five consecutive sessions in the red, rebounding from a six-week low touched in the previous session, although ample global supplies and weak demand capped gains.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade rose 0.4% to $3.18-1/4 a bushel by 0218 GMT, having closed 0.1% lower in the previous session, when prices hit a May 12 low of 3.17 a bushel.

* The most-active soybean futures gained 0.24% to $16.73-1/2 a bushel, having closed down 0.5% on Friday.

* The most-active wheat futures inched up 0.2% to $4.76-3/4 a bushel, having closed 2.5% lower on Friday.

* The U.S. Department of Agriculture (USDA) will on Tuesday issue its latest U.S. acreage and quarterly grain stocks reports.

* Analysts expect the USDA reports to show plentiful supplies of grain and a modest shift in U.S. plantings from corn to soybeans.

* Forecasters expect favourable rains across the heart of the U.S. Midwest farm belt through early next week, which would limit the stress on crops when above-normal temperatures move into the region around midweek.

MARKET NEWS

* A firm dollar kept riskier currencies under pressure, as a surge in coronavirus cases and the re-imposition of curbs to stop its spread had investors worried that a global economic recovery could be derailed even before it had taken root.

* Oil prices fell for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel demand.

Reporting by Colin Packham; Editing by Devika Syamnath

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