GRAINS-Wheat rebounds, global supplies cap gains

SYDNEY, June 23 (Reuters) – U.S. wheat futures rose on Monday, rebounding from losses of nearly 1.5 percent, as unfavorable weather across the U.S. Midwest and Plains continued to stoke fears over quality downgrades, though expectations for ample global stocks provided a cap to gains.

FUNDAMENTALS

* Front-month wheat rose 0.38 percent to $5.87-1/2 a bushel, having closed down 1.4 percent on Friday.

* Egypt’s state grain buyer, the General Authority for Supply Commodities, said on Saturday it bought 180,000 tonnes of Russian and Romanian wheat for shipment Aug. 1-10.

* Concerns about recent rains in the U.S. Midwest and Plains hurting the quality of the mature wheat crop limited declines in wheat despite expectations of ample supplies following harvest.

* Chicago Board Of Trade November soybeans rose 0.18 percent to $12.33-3/4 a bushel, having firmed 0.35 percent on Friday.

* Spot soybeans rose 0.23 percent to $14.19 a bushel after closing down 0.35 percent in the previous session.

* Spot corn fell 0.36 percent to $7.53-3/4, having gained 0.61 percent in the previous session.

* New-crop soybean contracts closed firm on the unwinding of bull spreads as well as signs of overseas demand.

* The U.S. Agriculture Department on Friday morning said exporters sold 110,000 tonnes of U.S. soybeans to unknown destinations for delivery in the 2014/15 crop year.

MARKET NEWS

* The euro dipped ever so slightly early on Monday in the wake of dovish comments from the European Central Bank but investors struggled for conviction ahead of a report on China’s manufacturing sector.

DATA AHEAD (GMT)

0145 China

HSBC Manufacturing Flash PMI

June

0700 France

Markit Manufacturing Flash PMI

June

0730 Germany

Markit Manufacturing Flash PMI

June

0800 Euro zone

Markit Manufacturing Flash PMI

June

1230 U.S.

National activity index

May

1300 U.S.

Markit Manufacturing Flash PMI

June

1400 U.S.

Existing home sales

May

Grains prices at 0024 GMT Contract

Last

Change Pct chg MA 30 RSI CBOT wheat

587.50

2.25 +0.38%

629.65 30 CBOT corn

452.50

-0.75 -0.17%

463.90 50 CBOT soy

1233.75

2.25 +0.18% 1457.71 36 CBOT rice

$13.84

$0.08 +0.62%

$14.79 55 WTI crude

$107.12

$0.29 +0.27% $104.14 73 Currencies

Euro/dlr

$1.359 -$0.001 -0.08%

USD/AUD

0.939

0.000 +0.00%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Michael Perry)

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