GRAINS-Soybeans fall for third session, hit three-month low

SYDNEY, June 18 (Reuters) – U.S. soybean futures fell for the third straight session on Wednesday to hit a fresh near three-month low as expectations for a bumper crop continued to drag on prices.

FUNDAMENTALS

* Chicago Board Of Trade front-month soybeans fell 0.18 percent to $13.95-3/4 a bushel, the lowest since March 24. Soybeans slumped 1.65 percent on Tuesday.

* Spot corn rose 0.34 percent to $4.40-1/4 a bushel, having slid 0.34 percent in the previous session when prices hit a low of $4.35-1/2 a bushel, the lowest since February 4.

* Front-month wheat rose 0.39 percent to $5.84 a bushel, having closed up 0.13 percent on Tuesday when prices hit a low of $5.76-3/4 a bushel, the lowest since February 10.

* The U.S. corn crop was rated 76 percent good to excellent as of June 15, the best mid-June rating for the crop since a 77 percent reading in 1994, according to USDA’s weekly crop conditions and progress report.

* Soybean ratings weakened by 1 percentage point, dropping below analysts’ expectations, to 73 percent good to excellent. That was still the best mid-June rating for soybeans on record.

MARKET NEWS

* The U.S. dollar held onto modest gains early on Wednesday, having risen broadly after U.S. consumer prices recorded their largest increase in more than a year in May.

* Brent oil held steady above $113 per barrel and U.S. crude weakened slightly on Tuesday as fears over oil supply disruptions from Iraq offset the possibility of increased supply due to a thawing of relations between Iran and the West.

* U.S. stocks rose on Tuesday as data pointing to higher inflation lifted financial shares while high-growth tech names attracted renewed attention.

DATA/EVENTS AHEAD (GMT)
     0130  China       House prices                   May
     1230  U.S.        Current account                Q1
     1800  Federal Reserve announces outcome of policy meeting
     1830  Fed Chair Janet Yellen holds news briefing 
        
  Grains prices at  0033 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     584.00     2.25  +0.39%    -0.34%     649.10   14
  CBOT corn      440.25     1.50  +0.34%    -1.51%     472.54   28
  CBOT soy      1395.75    -2.50  -0.18%    -2.10%    1470.39   23
  CBOT rice      $14.62   -$0.03  -0.20%    +0.76%     $14.93   55
  WTI crude     $106.67    $0.31  +0.29%    -0.22%    $103.30   76
  Currencies                                                
  Euro/dlr       $1.355  -$0.002  -0.18%    +0.04%
  USD/AUD         0.933   -0.007  -0.73%    -0.72%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Michael Perry)

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