June 17, 2020 / 1:21 AM / 25 days ago

GRAINS-Wheat drops for 2nd session on harvest pressure, soybeans fall

SINGAPORE, June 17 (Reuters) - Chicago wheat futures slid for a second session on Wednesday on expectations of abundant supplies due to bumper harvests across the Northern Hemisphere.

Soybeans slid for a third consecutive session, while corn lost more ground.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade fell 0.2% to $4.95-1/4 a bushel, as of 0102 GMT. Soybeans lost 0.1% to $8.66-1/4 a bushel and corn gave up 0.5% to $3.27-1/2 a bushel.

* Harvest of wheat crops in top exporting countries has picked up and is weighing on prices.

* Russia’s grain exports will not be subjected to any quotas from July to December, the agriculture ministry said on Tuesday, citing its initial plan.

* The Ukrainian government has raised its grain crop forecast for this year to 68 million tonnes from 65-68 million tonnes, Economy Minister Ihor Petrashko told reporters on Tuesday.

* Corn prices have come under pressure even as the U.S. Department of Agriculture (USDA) cut crop rating.

* The USDA on Monday rated 71% of the U.S. corn crop in good-to-excellent condition as compared with 75% a week ago.

* The agency said 95% of the corn crop has been planted, up from 89% a week ago.

MARKET NEWS

* Asian stocks were set to climb on Wednesday after another late Wall Street surge in response to upbeat trial results for a COVID-19 treatment and data showing U.S. consumers spent big in May.

DATA/EVENTS (GMT) (May) 0600 UK CPI YY 0900 EU HICP Final MM, YY 1230 US Housing Starts Number (Reporting by Naveen Thukral; Editing by Amy Caren Daniel)

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