June 18, 2020 / 1:37 AM / 19 days ago

GRAINS-Wheat hits 8-month low on ample global stocks

SYDNEY, June 18 (Reuters) - U.S. wheat futures hit an eight-month low on Thursday due to bumper global crop stocks.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.5% at $4.86-1/2 a bushel by 0113 GMT, near the session low of $4.86 a bushel - their lowest since October 2019. Wheat closed down 1.5% on Wednesday.

* The most active soybean futures were down 0.1% at $8.70-1/2 a bushel, after closing 0.5% higher in the previous session.

* The most active corn futures were up 0.2% at $3.29-1/2, having gained 0.4% in the previous session.

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

* 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.

* U.S. Midwest weather forecasts for rain and easing temperatures in the week ahead tempered concern about stressed corn after a recent hot, dry spell.

MARKET NEWS

* The dollar held onto gains on Thursday as growing concerns about a rise in coronavirus cases underpinned safe-haven demand for the U.S. currency.

* Oil prices fell more than 1% in early trade on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home and stall a recovery in fuel demand even as lockdowns ease.

* The S&P 500 closed lower on Wednesday as news of spiking pandemic data and the prospect of a new round of economic lockdowns dampened investor optimism over signs of economic recovery.

Reporting by Colin Packham; Editing by Rashmi Aich

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