June 12, 2018 / 3:12 AM / 8 days ago

GRAINS-Wheat drops for 3rd session on easing weather concerns

    * Wheat falls to lowest since June 6 on improved weather
    * Soybeans, corn rebound; near-perfect U.S. weather caps
gains

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 12 (Reuters) - Chicago wheat slid for a
third consecutive session on Tuesday to its lowest in almost one
week with improved weather in parts of Australia and Europe
easing supply concerns.
    Soybean and corn prices bounced back following last
session's deep losses although gains were limited as rains
across the U.S. Midwest boosted expectations of higher yields.
    The most-active wheat contract on the Chicago Board of Trade
 was down 0.5 percent at $5.12 a bushel by 0255 GMT, after
dropping to its lowest since June 6 at $5.10-1/4 a bushel.
    Soybeans added 0.7 percent at $9.60-3/4 a bushel. The
market closed down 1.6 percent on Monday, when prices touched
their lowest since Jan. 12 at $9.53 a bushel.
    Corn gained 0.7 percent at $3.69-3/4, having closed
down 2.8 percent in the previous session.
    "The market's weather worries are still with us, even if
they have been somewhat alleviated since late last week," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia.
    "Australia remains a worry but has received some rain. 
Eastern Europe did get some needed rain over the weekend too. 
Southern parts of the Black Sea though remain a little dry."
    Farmers in the export-focused western part of Australia
received beneficial rains at the end of the winter wheat
planting window, although conditions remained parched in eastern
states.
    Grain trade association Coceral cut its outlook for the
European Union's soft wheat harvest this year, joining other
forecasters in warning of stress to crops from dry weather in
northern parts of the bloc. 
    After the market closed on Monday, the U.S. Department of
Agriculture said 74 percent of the U.S. soybean crop was in
good-to-excellent condition as compared with 75 percent a week
ago.
    The USDA said 77 percent of the U.S. corn crop is in
good-to-excellent condition, slightly below 78 percent a week
ago.
    Traders were turning their focus to the USDA's monthly crop
supply and demand report scheduled for release on Tuesday. 
    Commodity funds were net sellers of CBOT corn, wheat,
soybean and soymeal futures contracts on Monday and net buyers
of soyoil futures, traders said.
    Trader estimates of net fund selling in corn ranged from
28,000 to 40,000 contracts.

 Grains prices at 0255 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  512.00  -2.50    -0.49%   -1.54%       516.87   42
 CBOT corn   369.75  2.50     +0.68%   -2.12%       395.50   24
 CBOT soy    960.75  7.00     +0.73%   -0.88%       1013.63  22
 CBOT rice   11.64   $0.00    +0.00%   +3.79%       $12.14   52
 WTI crude   66.18   $0.08    +0.12%   +0.67%       $68.81   44
 Currencies                                                  
 Euro/dlr    $1.177  -$0.001  -0.13%   +0.01%                
 USD/AUD     0.7614  0.001    +0.07%   +0.20%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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