SYDNEY, Aug 12 (Reuters) – U.S. wheat futures fell for the fourth straight session on Tuesday, the longest slide in a month, as exports from the Black Sea region surge.
FUNDAMENTALS
* Instead of tensions between Russia and Ukraine curbing Black Sea wheat exports, the situation is pushing Ukrainian exports to a multi-year high as toughened borrowing conditions for farmers prompt them to accelerate sales.
* Chicago Board of Trade September wheat dropped 0.46 percent to $5.44 a bushel, having closed down 0.5 percent on Monday.
* December corn eased 0.54 percent to $3.66-1/4 a bushel, after gaining 1.3 percent the session before.
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* November soybeans stood unchanged at $10.73-1/4 a bushel, having closed down 1 percent on Tuesday.
* The U.S. Department of Apiculture’s weekly crop progress and conditions report showed that good-to-excellent ratings for soybeans were 70 percent as of Aug. 10, down 1 percentage point from a week earlier. Analysts had been expecting soybean conditions to remain steady.
* Good-to-excellent ratings for corn came in at 73 percent, a 10-year high for mid-August. The ratings were steady with a week earlier and matched market forecasts.
* Forecasting the size of this year’s mammoth U.S. corn crop may pose a challenge for the USDA this year because favorable growing conditions are producing ears of corn that could have the largest average size on record, private analysts and crop experts said.
* U.S. soybean production and yield forecasts are both expected to be revised upwards by the USDA, according to the average trade estimate in a Reuters survey.
MARKET NEWS
* The U.S. dollar started trade in Asia on Tuesday in familiar territory, holding flat after a listless session overnight void of any meaningful economic data or market-moving events.
* U.S. crude oil edged up on Monday on an expectation of further draws in U.S. crude inventory, while Brent trended down despite a number of geopolitical risks.
* U.S. stocks ended higher on Monday, extending the rally from Friday as investors hoped that Russia’s move to send humanitarian aid to Ukraine would ease tensions between the two countries.
DATA AHEAD (GMT)
0645 France
Current account
June
0900 Germany
ZEW economic sentiment
Aug
1130 U.S.
NFIB business optimism
July
1800 U.S.
Federal budget
July
1600 World agricultural supply and demand estimates Aug
Grains prices at 0035 GMT Contract
Last
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
544.00
-2.50 -0.46%
-0.96%
544.23 50 CBOT corn
366.25
-2.00 -0.54%
+0.76%
381.41 38 CBOT soy
1073.25
0.00 +0.00%
-1.06%
1090.76 75 CBOT rice
$12.73
$0.00 -0.04%
-0.39%
$13.26 28 WTI crude
$97.90 -$0.18 -0.18%
+0.26%
$101.14 34 Currencies
Euro/dlr
$1.338 -$0.001 -0.06%
-0.25% USD/AUD
0.925 -0.001 -0.15%
-0.32% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)
