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GRAINS-Soybeans rebound, crop-friendly U.S. weather cap gains

* Soybeans tick up after dropping to over 1-week low * Wheat futures ease for 4th session on harvest pressure (Adds details, quote) By Naveen Thukral SINGAPORE, July 18 (Reuters) - Chicago soybean futures edged higher on Thursday, after dropping earlier in the session to their lowest in more than a week on pressure from forecasts for cooler crop-friendly weather across the U.S. Midwest. Wheat slid for a fourth consecutive session as freshly harvested grain weighed on markets across the northern hemisphere. The most-active soybean contract on the Chicago Board Of Trade was up 0.2% at $9.02-1/2 a bushel, as of 0310 GMT. Earlier in the session, it dropped to its lowest since July 9 at $8.96-1/2 a bushel. Corn shed 0.2% to $4.40-3/4 a bushel, while wheat slid 0.1% to $5.05 a bushel. Last week, grain markets were underpinned by fears that U.S. crops could suffer from prolonged hot and dry weather condition. Corn prices climbed for the last two weeks and hit a five-year high of $4.64-3/4 a bushel on Monday amid concerns over hot weather shortly after rain-plagued planting delays. Updated weather models call for temperatures to exceed 90 degrees Fahrenheit (32°C) in much of the Midwest for a few days before easing. The market is awaiting the U.S. Department of Agriculture (USDA) report next month for a price direction. "Crops that are well behind normal development schedules can be vulnerable to only slightly abnormal weather," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "The USDA will publish new survey data in August. Those survey data carry the potential to substantially alter our understanding of the impact of late planting. The potential means the market will be putting its collective mind to guessing the outcome." Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 60,000 tonnes of Russian wheat in a tender on Wednesday. As in recent Egyptian tenders, wheat from Black Sea suppliers Ukraine, Russia and Romania dominated the bidding, with no U.S. or western European wheat offered. Commodity funds were net sellers of CBOT wheat, corn, soybean, soymeal and soyoil contracts on Wednesday, traders said. Grains prices at 0310 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 505.00 -0.50 -0.10% -0.49% 522.53 39 CBOT corn 440.75 -0.75 -0.17% -0.11% 443.38 50 CBOT soy 902.50 2.00 +0.22% -0.39% 911.38 47 CBOT rice 11.76 -$0.05 -0.47% -0.21% $11.76 63 WTI crude 56.79 $0.01 +0.02% -1.44% $56.43 Currencies Euro/dlr $1.124 $0.001 +0.12% +0.25% USD/AUD 0.7031 0.002 +0.31% +0.27% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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