GRAINS-Wheat falls for 11th session, near 3-month low

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.

* 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)

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