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315308

GRAINS-Soybeans hits near 1-week low as rains aid U.S. crops

(Updates prices, adds quote) * Soybeans fall for third session * Corn falls for first time in 4 sessions * Wheat under pressure amid ample supplies CANBERRA/PARIS, June 24 (Reuters) - U.S. soybean futures fell nearly 1% to a near one-week low on Thursday as concerns about U.S. crops eased. Wheat also fell under pressure amid ample global supplies, while corn dipped for the first time in four sessions. The most active soybean futures on the Chicago Board of Trade November fell 0.9% to $12.88-3/4 a bushel by 1050 GMT, after hitting $12.77-1/2 earlier in the session - the lowest since June 18. Soybeans closed down 0.7% on Wednesday Corn futures were down 0.8% at $6.58-3/4 a bushel, having gained 0.7% in the previous session. "North American weather has been more crop friendly," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. Fears over the state of U.S. crops have receded in recent days after rains across the Midwest. Losses have been checked, however, by recent Chinese demand. Wheat futures slid 1.4% at $6.54-1/4 a bushel, having closed up 1.3% on Wednesday. Russia, the world's largest wheat exporter, started harvesting its 2021 grain crop on Wednesday with bright prospects for another year of large production. Sovecon, one of the leading agriculture consultancies in Moscow, on Wednesday raised its forecast for Russia's 2021 wheat crop by 2.2 million tonnes to 84.6 million tonnes. Russia harvested 85.9 million tonnes of wheat in 2020. "The countries in the Black Sea region are thus likely to pose strong competition for other suppliers – for the EU particularly in the case of wheat, and for the U.S. in the case of corn," Commerzbank said in a note. Prices at 1050 GMT Last Change Pct End Ytd Move 2020 Pct Move CBOT wheat 654.25 -9.50 -1.43 640.50 2.15 CBOT corn 658.75 -5.50 -0.83 484.00 36.11 CBOT soy 1284.25 -16.00 -1.23 1311.00 -2.04 Paris wheat 205.75 -1.00 -0.48 213.25 -3.52 Paris maize 243.00 -2.25 -0.92 219.00 10.96 Paris rapeseed 505.25 -2.25 -0.44 418.25 20.80 WTI crude oil 73.06 -0.02 -0.03 48.52 50.58 Euro/dlr 1.19 0.00 0.14 1.2213 -2.22 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Colin Packham in Canberra and Sybille de La Hamaide in Paris; editing by Uttaresh.V and Mark Heinrich)

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