April 30, 2019 / 1:41 AM / 3 months ago

GRAINS-Wheat hits six-week low on fair crop conditions

    SYDNEY, April 30 (Reuters) - U.S. wheat futures edged down on Tuesday to hit a six-week low as the U.S. Department of Agriculture said the condition of the winter crop
was ahead of market forecasts.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were down 0.4 percent at $4.33-1/2 a bushel, as of 0056 GMT, near the session's low of $4.33 a bushel
- the weakest since March 12. Wheat closed down 2 percent on Monday. 
    * The most active corn futures were down 0.1 percent at $3.61-1/2, having closed up 0.1 percent in the previous session when prices hit a high of $3.66 a bushel -
the firmest since April 22.
    * The most active soybean futures were up 0.2 percent at $8.62-1/4 a bushel, having closed down 0.7 percent on Monday.    
    * USDA says 64 percent of the U.S. winter wheat crop is in good-to-excellent condition, ahead of market forecasts.
    * USDA says 15 percent of the U.S. corn crop has been planted, slightly ahead of market expectations.
    * USDA pegs U.S. soybean planting at 3 percent, slightly behind market forecasts.
    * More rain is expected across the Midwest in the coming days, which could lengthen river flooding woes and is threatening to prolong spring planting delays.
    * Brazil's 2018/19 soybean crop is poised to be the second-largest on record, a Reuters poll showed.
         
    MARKET NEWS  
    * The dollar was all but flatlining in Asia on Tuesday as investors awaited readings on Chinese manufacturing and the European economy to gauge the pulse of the global
economy.  
    * Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions
on Iran, but analysts said markets remained tight.  
    * The S&P 500 set an intraday record high on Monday, bolstering the view that the decade-long bull market has further to run, after consumer spending rose in March and
inflation data was benign.  
    
    DATA/EVENTS (GMT)
0100   China   NBS Manufacturing PMI   April
0530   France  GDP Preliminary QQ      Q1
0645   France  CPI (EU Norm) Prelim YY April
0755   Germany Unemployment Chg SA     April
0755   Germany Unemployment Rate SA    April
0900   EU      GDP Flash Prelim YY QQ  Q1
0900   EU      Unemployment Rate       March
1200   Germany CPI Prelim YY           April
1200   Germany HICP Prelim YY          April
1400   US      Consumer Confidence     April
U.S. Federal Reserve's Federal Open Market Committee 
to commence its two-day meeting on interest rates    
        
 Grains prices at 0056 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   433.50    -1.75   -0.40%      -25.23%  548.20    21
 CBOT corn    361.50    -0.25   -0.07%       +0.07%  371.41    39
 CBOT soy     862.25     1.50   +0.17%       -3.42%  877.98    19
 CBOT rice     10.63    $0.00   +0.00%       +1.58%  $11.42    46
 WTI crude     63.44   -$0.06   -0.09%       +0.22%  $62.54    43
 Currencies                                                      
 Euro/dlr     $1.118   $0.000   -0.01%       +0.32%              
 USD/AUD      0.7058    0.000   +0.04%       +0.27%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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