SYDNEY, July 23 (Reuters) – U.S. new-crop corn futures fell for a fourth straight session to a fresh contract low on Wednesday as forecasts for ideal crop producing weather added to expectations for bumper production.
FUNDAMENTALS
* Chicago Board Of Trade December corn fell 0.1 percent to $3.67-3/4 a bushel by 0038 GMT, just above the session low of $3.67-1/4 a bushel, a contract low. Corn closed down 1 percent in the previous session.
* November soybeans rose 0.1 percent to $10.57 a bushel, having slid 1.3 percent on Tuesday to hit a contract low.
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* September wheat fell 0.1 percent to $5.23-3/4 a bushel, having closed down 1 percent on Tuesday.
* The U.S. Department of Agriculture late on Monday rated 76 percent of the U.S. corn crop in good to excellent condition, the highest for this time of year in a decade.
* Some analysts are projecting a national corn yield of 170 bushels per acre, above the USDA’s current forecast for a record high 165.3.
* USDA rated 73 percent of the soy crop good to excellent, up 1 point from last week and the highest soybean rating since 1994.
* The USDA on Monday reported sales of 120,000 tonnes of U.S. soybeans to China for delivery in the 2013/14 marketing year that ends Aug. 31.
* Big spring wheat yields were projected in southern North Dakota as abundant soil moisture and cool weather helped foster crop development following an uneven planting season, scouts on an annual crop tour found on Tuesday.
* Egypt’s main state grain buyer said it was seeking wheat for early September deliver.
MARKET NEWS
* The euro languished at multi-month lows against many of its peers early on Wednesday, having moved decisively lower overnight along with an eye-catching fall in the Swiss franc.
* Brent and U.S. crude settled lower after a choppy trading session on Tuesday as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
* U.S. stocks rose on Tuesday as some positive earnings and economic data pointed to a market that still had room to rise despite the S&P 500 hitting an intraday record.
DATA/EVENTS (GMT) 1430 U.S. EIA weekly crude stocks Weekly 1430 U.S. EIA weekly dist. stocks Weekly 1430 U.S. EIA weekly gasoline stk Weekly 0200 Eurozone Consumer confidence Grains prices at 0038 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 523.75 -0.75 -0.14% -1.60% 567.30 36 CBOT corn 367.75 -0.50 -0.14% -5.04% 419.78 11 CBOT soy 1059.00 1.25 +0.12% -3.20% 1170.90 16 CBOT rice $13.14 -$0.03 -0.23% -1.09% $13.48 33 WTI crude $102.07 -$0.32 -0.31% -2.41% $104.42 42 Currencies Euro/dlr $1.347 -$0.006 -0.41% -0.43% USD/AUD 0.939 0.000 -0.03% +0.36% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)
