May 8, 2018 / 1:02 AM / 4 months ago

GRAINS-Wheat drops to 1-wk low as US crop condition improves, soybean prices firm

    SINGAPORE, May 8 (Reuters) - Chicago wheat futures slid for
a third consecutive session on Tuesday, hitting a one-week low
as a slight improvement in U.S. winter crop ratings and ample
world supplies weighed on prices.
    Soybeans edged higher following last session's deep losses,
with record Brazilian supplies and slow demand from top importer
China expected to keep a lid on the market.
    
    FUNDAMENTALS
    * After the Chicago Board of Trade close on Monday, the U.S.
Department of Agriculture (USDA) in its weekly crop progress
report rated 34 percent of the U.S. winter wheat crop in
good-to-excellent condition, up from 33 percent a week earlier.
    * There are forecasts of more rains in the U.S. southern
Plains for the Hard Red Winter wheat crop which has suffered due
to dry weather.
    * Russia is on track for a record wheat crop, while Ukraine
is expecting a bumper harvest in the months head.
    * Soybean prices are expected to face pressure from a record
Brazilian crop and weak demand from top importer China.
    * Brazilian consultancy AgRural raised its estimate of
Brazil's 2017-18 soybean harvest to a record-high 119.2 million
tonnes, up from 119 million in April.
    * Worries also persist about export demand for U.S. soybeans
after trade talks between U.S. and China officials ended last
week without major agreements. China's top economic envoy will
visit Washington next week to resume trade talks with the Trump
administration, the White House said.
    * The USDA said the U.S. corn crop was 39 percent planted,
up from 17 percent the previous week and above an average of
analyst expectations for 37 percent.
    
    MARKET NEWS
    * The dollar rose to fresh 2018-highs on Monday, while oil
prices climbed to their highest since late 2014, driven by
declining Venezuelan crude production and worries the United
States could re-impose sanctions on Iran.
    
 Grains prices at  0043 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  509.00   -2.50    -0.49%   -5.39%       490.50   58
 CBOT corn   399.75   -1.00    -0.25%   -2.02%       395.31   52
 CBOT soy    1014.25  2.75     +0.27%   -3.70%       1046.19  33
 CBOT rice   12.78    $0.01    +0.04%   -1.84%       $12.99   31
 WTI crude   70.05    -$0.68   -0.96%   +0.47%       $66.72   65
 Currencies                                                   
 Euro/dlr    $1.193   -$0.006  -0.52%   -0.21%                
 USD/AUD     0.7515   -0.001   -0.19%   +0.28%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral
Editing by Joseph Radford)
  
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