GRAINS-Corn edges lower on U.S. crop tour findings

SYDNEY, Aug 20 (Reuters) – U.S. corn futures fell on Wednesday, giving back all of the gains from the previous session, as findings from a widely watched U.S. crop tour reaffirmed bumper supplies.

FUNDAMENTALS

* Chicago Board of Trade December corn fell 0.2 percent to $3.71-1/2 a bushel, having gained 0.2 percent in the previous session.

* November soybeans rose 0.17 percent to $10.54-1/2 a bushel, having slid 0.48 percent on Tuesday.

* December wheat climbed 0.22 percent to $5.59-1/2 a bushel after closing up 0.77 percent on Tuesday.

* On Monday, the U.S. Department of Agriculture rated the condition of U.S. soybean crops as 71 percent good-to-excellent, up from 70 percent a week earlier.

* The Pro Farmer Midwest Crop Tour on Tuesday projected Indiana’s corn yield at 185.03 bushels per acre (bpa), up from last year’s tour average of 167.36 bpa and the three-year tour average of 141.24, according to data provided by the tour.

* Corn and soybean fields northwest of Indianapolis consistently showed robust yield potential on Tuesday, with rains this week likely to enhance already bin-busting prospects for the crops, participants on the tour found.

* On Monday the tour estimated South Dakota’s corn yield at 152.71 bushels per acre, below the 161.75 bushels estimated by the tour last year, but above its three-year average of 125.7 bushels.

MARKET NEWS

* The U.S. dollar hit nine-month highs against the euro and rose against a basket of major currencies on Tuesday after strong U.S. housing data bolstered expectations for an earlier-than-expected rate hike from the Federal Reserve.

* U.S. crude oil dropped nearly $2 on Tuesday, falling for a second straight day as a rush of selling ahead of the session close brought the contract to its lowest price since January.

* U.S. stocks ended higher for the second straight session on Tuesday, as the robust housing data and strong earnings from Dow component Home Depot overshadowed lingering concerns about the conflict in Ukraine.

DATA AHEAD (GMT)

0600 Germany

Producer prices

July

1800 Federal Reserve releases minutes of July 29-30 meeting

Grains prices at 0045 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

559.75

1.25 +0.22%

+3.18%

539.80 55 CBOT corn

371.50

-0.75 -0.20%

+0.00%

373.97 47 CBOT soy

1054.50

1.75 +0.17%

-0.31%

1075.36 28 CBOT rice

$12.93 -$0.03 -0.23%

+1.45%

$13.09 56 WTI crude

$94.85

$0.37 +0.39%

-1.62%

$99.56 34 Currencies

Euro/dlr

$1.332 $0.000 +0.01%

-0.31% USD/AUD

0.930

0.000 -0.02%

-0.21% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)

About the author

Comments

explore

Stories from our other publications