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IKAR in Mass Media

GRAINS-Corn eases for 2nd day on improved US weather, wheat at 2-wk low

16 июня 2016 года

SINGAPORE, July 8 Chicago wheat lost more ground on Wednesday as drier weather boosts harvest of the U.S. winter crop and Greece's financial crisis continues to roil global financial markets.

Soybeans dropped for a fifth consecutive session to a one-week low with additional pressure from turmoil in Chinese markets.

Asian shares fell as investors fretted over Greece's debt crisis and a recent plunge in Chinese stocks.

"The main driver looks to be economic concerns specifically focussing on Greece and Chinese domestic weakness," said Simon Clancy of IKON Commodities.

"Wheat is under a bit of pressure as any improvement in weather is going to help the crop at this early stage of U.S. harvest."

Chicago Board Of Trade September wheat slid 0.5 percent to $5.82-1/4 a bushel by 0418 GMT, having closed down 2 percent on Tuesday.

August soybeans fell as much as 0.7 percent to $9.88 a bushel, the lowest since June 30, and corn gave up 0.1 percent to $4.22-3/4 a bushel.

Soybeans are being weighed down by worries over deepening stock market losses in China which buys more than 60 percent of the commodity traded worldwide.

Soybean futures on the Dalian Commodity Exchange slid to their lowest since August 2013 and soybean oil lost 4 percent to its lowest since mid-March.

Dry weather after excessive rains across the U.S. grain belt is prompting farmers to harvest the wheat crop while lifting condition of the corn crop.

The U.S. agriculture department on Monday rated the corn crop as 69 percent good to excellent, up 1 point from a week earlier, and ahead of market forecasts.

There were reports of higher production in the other northern hemisphere wheat producers, providing headwinds to the market.

France should harvest 37.9 million tonnes of soft wheat this year, up 1 percent compared with 2014, the farm ministry said on Tuesday in its first estimate of the 2015 crop in the European Union's top producer and exporter.

Most of Ukraine's grain growing regions have started the country's 2015 grain harvest, threshing about 2 million tonnes of grain from 620,000 hectares, the agriculture ministry said on Tuesday.

The grain yield averaged 3.05 tonne per hectare against 2.85 tonne at the same date last year, it said in a statement.

The market's attention is also focused on a tender issued by top importer Egypt to buy an unspecified amount of wheat from global suppliers.

The United States is unlikely to win business as it faces competition from European and the Black Sea producers.

  Grains prices at  0418 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     582.25    -3.00  -0.51%    -1.40%     528.53   62
  CBOT corn      432.25    -0.75  -0.17%    -1.14%     388.50   77
  CBOT soy       983.75    -2.00  -0.20%    -4.51%     947.92   47
  CBOT rice      $10.89    $0.00  -0.05%    +2.40%     $10.17   79
  WTI crude      $52.05   -$0.28  -0.54%    -0.91%     $58.75   19
  Currencies                                                
  Euro/dlr       $1.100  -$0.006  -0.54%    -1.05%
  USD/AUD         0.741   -0.008  -1.08%    -1.25%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential

Source: Reuters  |  #grain   |  Comments: 0   Views: 85

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