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GRAINS-Wheat drops for 3rd session on easing weather concerns

* Wheat falls to lowest since June 6 on improved weather
* Soybeans, corn rebound; near-perfect U.S. weather caps

(Adds details, quotes)
By Naveen Thukral
SINGAPORE, June 12 (Reuters) - Chicago wheat slid for a
third consecutive session on Tuesday to its lowest in almost one
week with improved weather in parts of Australia and Europe
easing supply concerns.
Soybean and corn prices bounced back following last
session's deep losses although gains were limited as rains
across the U.S. Midwest boosted expectations of higher yields.
The most-active wheat contract on the Chicago Board of Trade
was down 0.5 percent at $5.12 a bushel by 0255 GMT, after
dropping to its lowest since June 6 at $5.10-1/4 a bushel.
Soybeans added 0.7 percent at $9.60-3/4 a bushel. The
market closed down 1.6 percent on Monday, when prices touched
their lowest since Jan. 12 at $9.53 a bushel.
Corn gained 0.7 percent at $3.69-3/4, having closed
down 2.8 percent in the previous session.
"The market's weather worries are still with us, even if
they have been somewhat alleviated since late last week," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia.
"Australia remains a worry but has received some rain.
Eastern Europe did get some needed rain over the weekend too.
Southern parts of the Black Sea though remain a little dry."
Farmers in the export-focused western part of Australia
received beneficial rains at the end of the winter wheat
planting window, although conditions remained parched in eastern
Grain trade association Coceral cut its outlook for the
European Union's soft wheat harvest this year, joining other
forecasters in warning of stress to crops from dry weather in
northern parts of the bloc.
After the market closed on Monday, the U.S. Department of
Agriculture said 74 percent of the U.S. soybean crop was in
good-to-excellent condition as compared with 75 percent a week
The USDA said 77 percent of the U.S. corn crop is in
good-to-excellent condition, slightly below 78 percent a week
Traders were turning their focus to the USDA's monthly crop
supply and demand report scheduled for release on Tuesday.
Commodity funds were net sellers of CBOT corn, wheat,
soybean and soymeal futures contracts on Monday and net buyers
of soyoil futures, traders said.
Trader estimates of net fund selling in corn ranged from
28,000 to 40,000 contracts.

Grains prices at 0255 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 512.00 -2.50 -0.49% -1.54% 516.87 42
CBOT corn 369.75 2.50 +0.68% -2.12% 395.50 24
CBOT soy 960.75 7.00 +0.73% -0.88% 1013.63 22
CBOT rice 11.64 $0.00 +0.00% +3.79% $12.14 52
WTI crude 66.18 $0.08 +0.12% +0.67% $68.81 44
Euro/dlr $1.177 -$0.001 -0.13% +0.01%
USD/AUD 0.7614 0.001 +0.07% +0.20%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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