SYDNEY, June 4 (Reuters) – U.S. wheat futures fell for an eleventh straight session on Wednesday, hovering close a three-month low touched in the previous session, as expectations for ample global supplies pulls down prices.
FUNDAMENTALS
* Chicago Board Of Trade July wheat lost 0.12 percent to $6.11-1/4 a bushel, having closed down 1.33 percent on Tuesday when prices hit a low of $6.11 a bushel, the lowest since February 28.
* July corn dipped 0.11 percent to $4.57-3/4 a bushel, having slid 1.6 percent in the previous session when prices hit a low of $4.56 a bushel, the lowest since February 28.
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* July soybeans dropped 0.2 percent to $14.78-1/4 a bushel, having slid 1.3 percent on Tuesday.
* The U.S. Agriculture Department said on Monday afternoon that good-to-excellent ratings for corn were 76 percent, beating market expectations by 6 percentage points.
* The weekly report also showed that the pace of soybean planting surged ahead of the normal pace as northern farmers took advantage of near perfect conditions to make up for their delayed start.
* USDA said good-to-excellent ratings for the winter wheat crop stabilized at 30 percent, 2 percentage points below market forecasts, despite recent heavy rains across some key growing regions.
MARKET NEWS
* The euro clung onto modest overnight gains early on Wednesday, having been squeezed higher in what some traders described as a ‘buy-the-rumour-sell-the-fact’ move in the wake of subdued euro zone inflation data.
* Brent crude steadied and U.S. crude erased earlier losses to push higher on Tuesday as economic data from the United States and China supported prices that have been under pressure recently because of increasing global oil production.
* U.S. stocks dipped in thin volume on Tuesday, with the Dow and the S&P 500 retreating from Monday’s record closing levels as traders found few reasons to buy following a string of gains. A rise in semiconductor companies’ shares limited losses.
DATA/EVENTS (GMT)
0750 France Markit services PMI May
0755 Germany Markit services PMI May
0800 Euro zone Markit services PMI May
0900 Euro zone Revised Q1 GDP
0900 Euro zone Producer prices April
1215 U.S. ADP national employment May
1230 U.S. International trade April
1345 U.S. Markit services PMI May
Grains prices at 0030 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 611.75 -0.75 -0.12% -1.45% 683.11 10
CBOT corn 457.75 -0.50 -0.11% -1.66% 491.94 20
CBOT soy 1478.25 -3.00 -0.20% -1.48% 1484.02 42
CBOT rice $14.56 $0.01 +0.07% -2.05% $15.28 12
WTI crude $102.82 $0.16 +0.16% +0.34% $101.72 49
Currencies
Euro/dlr $1.362 -$0.001 -0.07% +0.18%
USD/AUD 0.926 -0.001 -0.06% +0.10%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Ed Davies)
