SYDNEY, July 31 (Reuters) – U.S. new-crop corn fell on Thursday, with the grain poised to finish the month down 13 percent as expectations for ample supplies weighed on prices.
FUNDAMENTALS
* December corn was down 0.5 percent and heading for a 13 percent monthly fall, the contract’s biggest monthly fall and the third in a row.
* Chicago Board Of Trade November soybeans down nearly 7 percent for the month, the biggest monthly slide for the contract since September, 2011.
* September wheat down nearly 9 percent for the month, and has fallen nearly 28 percent in the past three months.
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* Spring wheat and durum yields are trending above average in Western Canada, but large pockets had no crop after heavy rain earlier this month, observers on a crop tour said on Wednesday.
* Wheat is drawing some support from concern that rain in parts of Europe during harvest time may damage the quality of wheat harvests in large exporters France and Germany.
* The U.S. Agriculture Department’s announcement that private exporters sold 202,500 tonnes of U.S. wheat to Nigeria.
MARKET NEWS
* The U.S. dollar held below a 10-month peak against a basket of major currencies early on Thursday, having soared at first on upbeat growth data only to have a dovish Federal Reserve take some steam out of the rally.
* Oil prices tumbled on Wednesday, with Brent leading the decline weakened by excess supplies in Europe and Asia while U.S. crude followed suit despite a larger-than-expected drop in nationwide stockpiles.
* The S&P 500 and Nasdaq ended higher on Wednesday after the Federal Reserve gave a rosier assessment of the U.S. economy while reaffirming that it is in no hurry to raise interest rates.
DATA/EVENTS (GMT)
0600 Germany Import prices June
1300 U.S. S&P/CaseShiller housing index May
1400 U.S. Consumer confidence July
1430 U.S. Texas services sector outlook July
Grains prices at 0035 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 526.75 -0.50 -0.09% +1.30% 553.23 43
CBOT corn 369.75 -1.75 -0.47% -0.34% 401.03 23
CBOT soy 1078.50 -2.75 -0.25% -1.51% 1129.92 42
CBOT rice $12.97 $0.00 +0.00% +0.35% $13.36 34
WTI crude $99.52 -$0.75 -0.75% -1.44% $103.44 24
Currencies
Euro/dlr $1.340 $0.000 +0.00% -0.10%
USD/AUD 0.932 -0.001 -0.08% -0.64%
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)
