SYDNEY, Aug 18 (Reuters) – U.S. wheat futures dropped nearly 1 percent on Monday, giving back nearly half their gains from the previous session as fears over potential disruptions to supply from the Black Sea region eased.
FUNDAMENTALS
* Chicago Board of Trade September wheat fell 0.91 percent to $5.41-1/4 a bushel, having closed up 2.6 percent on Friday.
* November soybeans inched down 0.43 percent to $10.43-1/2 a bushel, having firmed 0.38 percent the previous session.
* December corn fell 0.13 percent to $3.76-1/2 a bushel, after gaining 0.94 percent on Friday.
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* Ukrainian forces have raised their national flag over a police station in the city of Luhansk that was for months under rebel control, Kiev said on Sunday, in what could be a breakthrough in Ukraine’s efforts to crush pro-Moscow separatists.
* The U.S. Department of Agriculture, in a monthly report last week, put the U.S. corn harvest at a record 14.032 billion bushels, below analysts’ consensus estimate of 14.253 billion, and the soybean crop at a record 3.82 billion bushels, near estimates.
* The National Oilseed Processors Association on Friday reported a surprise increase in the amount of soybeans crushed in July.
MARKET NEWS
* Sterling rose on Monday after the Bank of England indicated that UK interest rates may have to rise even before wage growth recovers, backtracking from earlier comments that prompted markets to push out the risk of a rate hike.
* U.S. stocks ended mixed on Friday, paring an earlier selloff sparked by reports of Ukraine shelling a Russian armored column.
DATA AHEAD (GMT)
0130 China
House prices
July
0200 China
Foreign direct investment
July
0900 Euro zone
Eurostat trade
June
1400 U.S.
NAHB housing market index
Aug Grains prices at 0104 GMT Contract
Last
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
546.25
-5.00 -0.91%
+1.68%
539.98 53 CBOT corn
376.50
-0.50 -0.13%
+0.80%
376.08 54 CBOT soy
1047.50
-4.50 -0.43%
-0.80%
1078.78 21 CBOT rice
$12.73 -$0.02 -0.16%
-0.70%
$13.12 44 WTI crude
$96.87 -$0.48 -0.49%
-0.49%
$99.91 41 Currencies
Euro/dlr
$1.339 -$0.001 -0.07%
+0.20% USD/AUD
0.932
0.000 +0.03%
+0.02% 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)
