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GRAINS-Wheat edges lower; USDA confirms further quality decline
January 29, 2013 / 1:22 AM / 5 years ago

GRAINS-Wheat edges lower; USDA confirms further quality decline

SYDNEY, Jan 29 (Reuters) - U.S. wheat fell on Tuesday,
edging lower on profit taking despite the U.S. Department of
Agriculture confirming further declines in winter wheat quality
during January.
    * Chicago Board Of Trade March wheat fell 0.22 percent
to $7.77-1/2 a bushel, having closed up 1.04 percent on Monday. 
    * March soybeans fell 0.14 percent to $14.45-3/4 a
bushel, having firmed 0.45 percent on Monday.
    * March corn fell 0.17 percent to $7.28 a bushel,
having gained 1.18 percent in the previous session.
    * Winter wheat conditions across the U.S. Plains worsened in
January as the drought in that key production region showed no
signs of ending, according to reports by the USDA's National
Agricultural Statistics Service (NASS) issued on Monday.
    * In Kansas, the top winter wheat-production state in the
country, the crop was rated 20 percent good to excellent as of
Jan. 27, down 4 percentage points from the end of December.
    * Weekly U.S. export inspections were 22.3 million for
wheat, above expectations for 16 million to 20 million, and 21.1
million bushels for corn, above expectations of 8 million to 11
    * Australian wheat transport likely to avoid disruption from
heavy storm that has lashed the Australian east coast, bulk
grain handlers said. Rains will likely aid 2012/13 planting
prospects, analysts said.
    * After more than a month of almost unrelenting Southern
Hemisphere summer sunshine, corn and soy fields need new
moisture to ensure their healthy development. 
    * Soybeans supported by firm cash prices and talk that China
will need to source higher volumes from the United States in the
near term as infrastructure bottlenecks delay shipments from
    * Brazil is forecast to surpass the United States as the No.
1 exporter and producer of soybeans this season, with a record
85-million-tonne crop which has already begun to be harvested in
the top soy growing state Mato Grosso. 
    * Brazil's crop is 30 percent bigger than last year's, which
is good news for big importers like China. However, the South
American farming giant has added no new capacity to its ports.
    * Private exporters struck deals to sell 220,000 tonnes of
U.S. soybeans to China for delivery in the next marketing year,
the U.S. Department of Agriculture said on Monday. 
    * The USDA said separately that 40.7 million bushels of U.S.
soybeans were inspected for export last week, within
expectations for 39 million to 43 million bushels.
    * Sterling took the spotlight on Tuesday, though for all the
wrong reasons, as a dour economic background and persistent
rumours of a possible credit downgrade dragged the British
currency to a 13-month trough on the euro and a five-month low
on the dollar.  
    * Oil prices rose on Monday, led by a 2 percent gain in U.S.
gasoline following news that Hess Corp will close a New
Jersey refinery, tightening supplies in the giant Northeast
gasoline market.  
    * The S&P 500 eased slightly on Monday after an eight-day
run of gains, while the Nasdaq edged higher as Apple shares
0700  Germany  GFK Consumer sentiment           
0745  France   Consumer confidence                 
1245  U.S.     ICSC weekly chain store sales    
1355  U.S.     Redbook weekly retail sales      
1400  U.S.     CaseShiller                      
1500  U.S.     Consumer confidence              
2130  U.S.     API weekly crude stocks          
  Grains prices at  0039 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     777.50    -1.75  -0.22%    +0.13%     776.21   54
  CBOT corn      728.00    -1.25  -0.17%    +1.01%     709.43   60
  CBOT soy      1445.75    -2.00  -0.14%    +0.33%    1421.73   54
  CBOT rice      $15.32   -$0.03  -0.20%    -1.10%     $15.17   56
  WTI crude      $96.53    $0.09  +0.09%    +0.68%     $92.61   74
  Euro/dlr       $1.345   $0.000  -0.04%    -0.07%
  USD/AUD         1.043    0.002  +0.17%    +0.12%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 (Reporting by Colin Packham; Editing by Tom Hogue)

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