SYDNEY, July 16 (Reuters) – U.S. new-crop corn futures rose on Wednesday, rebounding from losses of more than 1 percent in the previous session when the contract hit a all-time low, though gains were capped by the U.S. Department of Agriculture pegging the crop condition at the best in 20 years.
FUNDAMENTALS
* Chicago Board Of Trade December corn rose 0.39 percent to $3.83-1/4 a bushel, having slid 1.4 percent in the previous session when prices hit a contract low of $3.78-1/4 a bushel.
* September wheat rose 0.33 percent to $5.39-1/2 a bushel, having closed little changed in the previous session.
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* November soybeans unchanged at $10.86-1/4 a bushel, having firmed 1 percent on Tuesday.
* The U.S. Department of Agriculture, in a weekly report on Monday, unexpectedly raised its condition rating for the U.S. corn crop by 1 percentage point to 76 percent good to excellent. Condition ratings for soybeans held steady at 72 percent good to excellent, with both crops off to their best start since 1994.
* The National Oilseed Processors Association on Tuesday said its U.S. members crushed a smaller-than-expected 118.718 million bushels of soybeans in June, down 7.8 percent from May and nearly 800,000 bushels below the average trade estimate.
* Importers are cautious about booking deals for U.S. corn because they think prices will continue to decline, traders said. However, private exporters struck deals to sell 120,000 tonnes of U.S. soybeans to top importer China for delivery in the 2014-15 marketing year, which will start on Sept. 1.
MARKET NEWS
* The dollar clung to modest gains early on Wednesday after bulls latched onto a comment by the head of the Federal Reserve that rates could rise sooner if employment continued to improve, while strong inflation sent sterling to a six-year high.
* Oil prices dropped by as much as $2 on Tuesday, deepening their biggest slide this year as rising Libyan supplies and downbeat economic data sharpened concerns the global market was heading into a near-term glut.
* U.S. stocks pulled back on Tuesday after Federal Reserve Chair Janet Yellen and her fellow Fed policymakers raised concerns about “substantially stretched valuations” in some sectors.
DATA/EVENTS AHEAD (GMT)
0200 China Q2 GDP
0200 China Industrial output June
0200 China Retail sales June
0200 China Urban investment June
0900 Euro zone Eurostat trade May
1315 U.S. Industrial output June
1400 U.S. NAHB housing market index July
1400 U.S. Federal Reserve Chair Janet Yellen
delivers the semi-annual monetary
policy report before the House
Financial Services Committee
Grains prices at 0055 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 539.50 1.75 +0.33% +2.57% 580.73 41
CBOT corn 383.25 1.50 +0.39% -0.39% 429.67 9
CBOT soy 1086.25 0.00 +0.00% +1.05% 1196.80 7
CBOT rice $12.90 $0.03 +0.23% -2.31% $13.51 14
WTI crude $100.20 $0.24 +0.24% -0.62% $104.45 23
Currencies
Euro/dlr $1.356 -$0.001 -0.05% -0.40%
USD/AUD 0.936 -0.001 -0.09% -0.37%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Jacqueline Wong)
