GRAINS-Wheat rises after 3 sessions of falls, slower harvest helps
* Wheat rebounds from heavy losses the day before
* USDA confirms slow U.S. wheat harvest
(Updates prices after European markets open) SYDNEY/PARIS, June 25 (Reuters) - U.S. wheat futures rose on Tuesday, after falling for three successive sessions, as a slow pace of harvesting and lower prices attracted buying. Corn tracked wheat higher while soybeans were supported by confirmation from the U.S. Department of Agriculture that planting of the oilseed was progressing at its slowest pace in four years. Chicago Board of Trade July wheat gained 0.81 percent to $6.84-1/2 a bushel by 1014 GMT, after closing down 2.72 percent on Monday when the grain hit a one-week low on reports of stronger-than-expected U.S. winter wheat yields. "It looks like a reversal of fortunes after some heavy losses in the wheat market last night when we got within a whisker of the bottom of the four-month trading range," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia. "We are continuing with this uncertain pattern leading up to the acreage and stocks report on Friday." New-crop December corn climbed 0.64 percent to $5.50 a bushel, after ending down 1.75 percent on Monday when the grain hit a six-day low. Corn and wheat had slumped in recent days after forecasts for near ideal crop weather weighed on prices. November soybeans rose 0.47 percent on Tuesday to $12.79-1/2 a bushel. "The tight availability of soybeans from the old harvest is preventing any more pronounced fall in prices. What is more, sowing for the 2013 crop is still not complete," Commerzbank said in a note.
USDA REPORTS Wheat drew support from continued delays in the harvesting of the crop world's largest wheat exporter, analysts said. The U.S. winter wheat harvest was 20 percent complete by Sunday, up from 11 percent a week earlier but behind the five-year average of 37 percent, the USDA said. The USDA said the condition of the winter wheat crop ratings improved by 1 percent to 32 percent good-to-excellent last week, but analysts said it remains "very poor overall". Warmer, drier weather elsewhere in the Corn Belt bolstered crop growth, the USDA said. The USDA rated U.S. corn and soybean crops 65 percent good-to-excellent, up from 64 percent for both grains a week earlier and matching earlier estimates in a Reuters survey of analysts. U.S. soybeans were 92 percent planted, the lowest for this time of year since 2009, another wet year, but not far from the five-year U.S. average of 95 percent. Traders are also building up towards USDA's acreage and stocks reports due on Friday, which should show the extent to which rain delays affected final corn and soybean planting.
Prices at 1014 GMT:
Product Last Change Pct Move End 2010 Ytd Pct CBOT wheat 684.50 5.50 +0.81 794.25 -13.82 CBOT corn 550.00 3.50 +0.64 629.00 -12.56 CBOT soybeans 1279.50 6.00 +0.47 1393.75 -8.20 Paris wheat 198.00 1.50 +0.76 252.20 -21.49 Paris maize 224.50 0.25 +0.11 235.00 -4.47 Paris rapeseed 405.75 0.75 +0.19 497.25 -18.40 Crude oil 95.81 0.63 +0.66 91.38 4.85 Euro/dlr 1.31 +0.01 * CBOT contracts in cents per bushel except rice which is in
dollars per hundredweight. Paris grains in euros a tonne
(Editing by Anthony Barker)