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Grains-soybeans fall to 6-day low as weather fears temper

Reuters, 08.07.20


* Soybeans under pressure from ample global supplies
* Corn edges lower as weather seen as less severe
* Wheat edges higher

SYDNEY, July 8 (Reuters) - U.S. soybean futures fell on Wednesday as concerns over adverse weather in the United States eased, pushing prices to a six-day low.

Corn fell as conditions indicated that the hot, dry weather across the U.S. Midwest would not be as severe as initially feared, while wheat edged higher.

The most active soybean futures on the Chicago Board Of Trade were down 0.5% at $8.98-1/4 a bushel, near the session low of $8.96-3/4 a bushel - the lowest since July 2. Soybeans closed down 0.5% on Tuesday.

"The only thing holding prices up at the moment is the threat of adverse weather and that isn't happening," said Phin Ziebell, agribusiness economist, National Australia Bank.

"The world is awash with supplies, China has killed a lot of pigs so fundamentals are pretty bearish."

Earlier this week, the USDA rated 71% of the U.S. soybean crop as being in good-to-excellent condition, unchanged from the previous week and above analysts' expectations for 70%.

The most active corn futures were down 0.4% at $3.51 a bushel, having closed down 1.1% in the previous session.

The agency said 71% of U.S. corn was in good-to-excellent shape, compared to 73% last week and 72% expected by analysts

The most active wheat futures were up 0.3% at $4.96-1/2 a bushel, having closed up 0.4% in the previous session.

France's farm ministry forecast a near 21% drop in the French soft wheat harvest this year to 31.3 million tonnes.

IKAR, one of Russia's leading agriculture consultancies, cut its estimate for the Russian wheat crop by 1.5 million tonnes to 78 million tonnes.



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