GRAINS-Corn falls, set for 13 percent monthly slide

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.

* 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)

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