May 27, 2014 / 1:07 AM / 4 years ago

GRAINS-Wheat falls to two-month low on U.S. rains

SYDNEY, May 27 (Reuters) - U.S. wheat futures fell as much
as 1.5 percent on Tuesday to a two-month low, as heavy rains
across the southern plains provided much needed moisture to
crops that have wilted under dry weather in recent weeks.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade July wheat fell 1 percent to
$6.46-1/4 a bushel, having hit a low of $6.41-1/4 a bushel, the
lowest since March 6. Wheat closed down 1 percent on Friday. 
    * July corn fell 1 percent to $4.73-1/2 a bushel, just
above the session low of $4.72 a bushel, the lowest since March
4. Corn gained 0.26 percent in the previous session.
    * July soybeans rose 0.28 percent to $15.11-1/4 a
bushel, having slid 0.21 percent on Friday.
    * Wheat under pressure as Southern Plains receive much
needed rain, with the U.S. National Weather Service pegging some
parts of the region recording as much as two inches of rain in
recent days.
    * With prolonged drought, the U.S. Department of Agriculture
last week pegged the condition of the winter wheat crop at 29
percent good to excellent, down 1 percentage point from a week
earlier. 
    * The rains will aid newly planted corn. The USDA also said
the corn crop was 73 percent planted as of Sunday, just behind
the seasonal average of 76 percent.
    * China has imported a small amount of corn from Brazil
since official approval for the purchases went into effect on
March 31, the Asian country's ambassador said on Monday.
 
         
    MARKET NEWS  
    * The euro struggled to gain any momentum early in Asia on
Tuesday after drifting off a three-month low against the dollar
with public holidays in the United States and Britain all but
ensuring an anaemic session overnight.  
    * Brent crude eased to near $110 a barrel on Monday, down
from last week's two-and-a-half month high, as worries over
Ukraine eased slightly following a presidential election. 
    *  The S&P 500 closed at a record high on Friday, buoyed by
a rally in housing stocks after better-than-expected home sales
and a jump in Hewlett-Packard shares a day after the personal
computer maker said it would cut more jobs.  
    
     DATA AHEAD (GMT)
     0645   France      Consumer confidence               May
     0800   Italy       Consumer confidence               May
     1230   U.S.        Durable goods orders              April
     1300   U.S.        Monthly home price index          March
     1300   U.S.        S&P/Case-Shiller home prices      March
     1400   U.S.        Consumer confidence               May
     1400   U.S.        Richmond Fed composite index      May
     1430   U.S.        Dallas Fed manufacturing index    May 
           
  Grains prices at  0035 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     646.25    -6.25  -0.96%    -1.97%     696.63   12
  CBOT corn      473.50    -4.50  -0.94%    -0.68%     499.62   28
  CBOT soy      1511.25    -4.25  -0.28%    -0.49%    1483.84   59
  CBOT rice      $15.21   -$0.04  -0.23%    -0.72%     $15.39   36
  WTI crude     $104.32   -$0.03  -0.03%    +0.56%    $101.90   70
  Currencies                                                
  Euro/dlr       $1.367   $0.002  +0.15%    +0.24%
  USD/AUD         0.926    0.002  +0.25%    +0.36%
  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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