SYDNEY, Aug 13 (Reuters) – U.S. corn futures fell on Wednesday as the U.S. Department of Agriculture’s forecast for record domestic production weighed on prices, although losses were capped as the estimate fell below market expectations.
* Chicago Board Of Trade December corn fell 0.75 percent to $3.66-1/4 a bushel, having gained 0.13 percent in the previous session.
* November soybeans little changed at $10.59-3/4 a bushel, having closed down 1.3 percent on Tuesday.
* September wheat little changed at $5.37-3/4 a bushel, having closed down 1.6 percent on Tuesday.
* U.S. corn production in 2014 was pegged by the USDA at 14.03 billion bushels, below trade estimates averaging at 14.25 billion.
* Ending stocks were seen at 1.8 billion bushels, also below estimates.
* USDA estimated lower-than-expected corn yields.
* The USDA estimated the U.S. soybean crop at a record of 3.82 billion bushels, up 16 percent on the year and close to trade expectations.
* Projected U.S. wheat ending stocks were little changed on the month, but global wheat stocks jumped to almost 193 million tonnes, above expectations.
* Russia’s wheat crop rose by 6 million tonnes on the month, crisis-torn Ukraine’s production was forecast 1 million tonnes higher, and the Chinese crop was raised by 2 million.
* Consultancy UkrAgroConsult revised its outlook for Ukraine’s grain exports in the 2014/15 season 2.5 percent higher to 32.5 million tonnes on Tuesday.
* The euro nursed only modest losses early on Wednesday, having regained quite a bit of ground as markets got over a closely watched report that showed a slump in German economic sentiment.
* Brent crude oil fell to a 13-month low on Tuesday as increased OPEC production helped dampen concerns over potential supply disruptions in Iraq and Libya.
* U.S. stocks ended lower on Tuesday, snapping a two-day rally as energy shares tumbled on sliding oil prices. The pullback occurred on light volume typical of mid-August.
DATA AHEAD (GMT)
Wholesale price index
0900 Euro zone Industrial production
Grains prices at 0031 GMT Contract
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
542.88 44 CBOT corn
379.68 38 CBOT soy
1087.38 62 CBOT rice
$13.26 31 WTI crude
$97.22 -$0.15 -0.15%
$100.85 31 Currencies
$1.337 $0.000 -0.03%
+0.15% 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)