GRAINS-Wheat falls for fifth session on USDA forecast

SYDNEY, May 13 (Reuters) – U.S. wheat futures fell for a fifth straight session on Tuesday, as forecasts for ample global stocks weigh on prices, though losses were capped by confirmation of further damage to the U.S. crop from recent unfavourable weather.

FUNDAMENTALS

* Chicago Board Of Trade July wheat fell 0.21 percent to $7.13-1/2 a bushel, having closed down 1 percent on Monday when prices hit a two-week low.

* July soybeans were little changed at $14.64-3/4 a bushel, having closed down 1.5 percent on Monday.

* July corn was also steady at $4.99-3/4 a bushel, having slipped 1.6 percent in the previous session.

* Corn planting was 59 percent complete as of May 11, up from 29 percent a week earlier and 1 percentage point ahead of the average mid-May pace from 2009 to 2013, the U.S. Department of Agriculture said.

* Soybean planting was 20 percent complete, up 15 percentage points from last week and 1 percentage point behind the five-year average. A year ago, soybean planting was 5 percent complete.

* Analysts had expected corn planting to be 55 percent complete and soybean planting 17 percent

* USDA said 30 percent of the winter wheat crop was rated good to excellent, down 1 percentage point from a week earlier and the lowest for this time of year since 1996. The rating matched analysts’ expectations.

* Wheat continues to come under pressure from the USDA global wheat production forecast of 697 million tonnes and forecast that world stocks would rise by almost 1 million tonnes to 187.4 million tonnes by the end of the crop year.

MARKET NEWS

* The euro stabilised near one-month lows against the dollar on Tuesday, although it remains under pressure as investors expect the European Central Bank to try to limit its longer-term strength in a bid to boost the euro-zone economy.

* Crude oil futures rose on Monday as tensions in Ukraine prompted the European Union to widen sanctions, while Russia reiterated that it could cut off Kiev’s natural gas supplies.

* The Dow and the S&P 500 ended at record highs on Monday while the Nasdaq rallied as shares of Internet and biotech shares advanced.

DATA EVENTS

0530 China

Industrial output

April

0530 China

Retail sales

April

0530 China

Urban investment

April

0900 Germany

ZEW economic sentiment

May

1130 U.S.

NFIB business optimism

April

1230 U.S.

Import prices

April

1230 U.S.

Export prices

April

1230 U.S.

Retail sales

April

1400 U.S.

Business inventories

March

Grains prices at 0050 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

713.50

-1.50 -0.21%

-1.25%

700.24 47 CBOT corn

499.75

0.25 +0.05%

-1.53%

507.64 43 CBOT soy

1464.75

-0.50 -0.03%

-1.50%

1474.93 51 CBOT rice

$15.34

$0.02 +0.13%

-0.58%

$15.51 33 WTI crude

$100.58 -$0.01 -0.01%

+0.59%

$101.44 54 Currencies

Euro/dlr

$1.376 $0.001 +0.05%

+0.04% USD/AUD

0.935

0.000 -0.04%

-0.07% 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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