November 7, 2018 / 1:53 AM / 13 days ago

GRAINS-Wheat drops from one-week high; U.S. crop condition caps losses

SYDNEY, Nov 7 (Reuters) - U.S. wheat futures dropped on Wednesday, retreating from a one-week high touched in the previous session, though losses were checked amid fears over the condition of North American crops.

FUNDAMENTALS

* The most active wheat futures were down 0.2 percent at $5.11-1/4 a bushel, having closed up 0.9 percent on Tuesday when prices hit a high of 5.14 a bushel - their highest since Oct 29.

* The most active soybean futures on the Chicago Board Of Trade slipped 0.1 percent to $8.83 a bushel, having closed down 0.2 percent in the previous session.

* The most active corn futures dropped 0.5 percent to $3.71-1/2 a bushel, having closed 0.2 percent weaker in the previous session.

* U.S. Department of Agriculture late on Monday rated 51 percent of the U.S. winter wheat crop in good-to-excellent condition, down from 53 percent the previous week. Analysts on average had expected a slight improvement.

* The USDA said the winter wheat crop was 84 percent seeded, lagging the five-year average of 90 percent, with cold temperatures in the Plains and Midwest forecast for next week.

* The USDA will publish its November supply/demand reports on Thursday.

* Analysts surveyed by Reuters on average expect USDA to lower its U.S. corn and soybean yield estimates. They also expect the government to trim its forecast of U.S. 2018/19 corn ending stocks, while raising its forecast of U.S. soy stocks.

MARKET NEWS

* The dollar was down against the euro and yen on Wednesday on investor caution as traders awaited U.S. midterm election results for implications on Washington’s broader economic and political agenda.

* Oil prices fell on Wednesday to extend losses from the previous session, with markets well supplied amid rising production and U.S. sanction waivers that allow Iran’s biggest customers to continue buying its crude.

* S&P 500 e-mini futures EScv1 fell 0.3 percent on Tuesday as U.S. election results began to trickle in, with Democrats picking up a House of Representatives seat in Virginia, according to projections from media outlets and data provider DDHQ.

DATA/EVENT AHEAD (GMT) 0700 Germany Industrial output Sept 0900 Italy Retail sales Sept 1000 Euro zone Retail sales Sept

U.S. Federal Reserve starts two-day policy meeting

Reporting by Colin Packham, Editing by Sherry Jacob-Phillips

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