GRAINS-New-crop corn drops to one-week low as weather threat eases
* Weather forecasts ease threat to new-crop corn
* Wheat falls despite supportive USDA forecasts
(Updates prices, adds quotes, background) PARIS/SYDNEY, July 15 (Reuters) - U.S. new-crop corn fell to a one-week low on Monday, pulling wheat and soybeans in their wake, as updated weather forecasts eased concerns over potential crop damage. Chicago Board of Trade December corn fell 1.7 percent to $5.00-1/2 a bushel by 1112 GMT, having hit a session low of $4.98-1/4 a bushel, the weakest since July 8. Corn fell 3.4 percent on Friday, pushing two-day losses to nearly 4 percent, the biggest two-session slide in two weeks. "We are looking at less sinister conditions across the United States to what the market was expecting a week or so ago... this has pushed prices lower," said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia. Corn has come under sustained pressure amid updated weather models that forecast less unfavorable crop weather. The closely watched Global Forecast System released by the U.S. National Weather Service eased trader concerns over the threat of crop damage from hot, dry weather across much of the U.S. corn belt. "Once again, the weather is treating corn and soybean prices to a roller coaster ride," Commerzbank said in a note. After an unusually late and speedy spring planting season, 40 percent or more of the U.S. corn crop is expected to pollinate between next week and early August, which means the world's corn supply will depend heavily on how much rain falls on the U.S. Midwest in the final 10 days of July. The weakness in corn comes despite confirmation of Chinese demand for U.S. stocks. China's Sinograin bought more than 1 million tonnes of U.S. new-crop corn for shipment in the 2013/14 year, sources said, as the state stockpiler took advantage of cheap prices to boost stocks amid damage to its grain crops from bad weather.
September wheat fell 1.7 percent to $6.82 a bushel, having closed down 0.29 percent on Friday. Wheat had drawn support last week from USDA's supply/demand report on July 11, which forecast China's wheat imports at 8.5 million tonnes in 2013/14, up 5 million tonnes on the month and up from 3.2 million in 2012/13. Russia's Agriculture ministry offered to hold discussions on possible humanitarian deliveries of wheat to Egypt, the world's biggest importer, which has less than two months' supply of the imported grain left in its stocks. November soybeans fell 0.5 percent to $12.51 a bushel, having closed down 2.6 percent on Friday.
Prices at 1125 GMT
Product Last Change Pct Move End 2012 Ytd Pct Paris wheat 194.25 -3.50 -1.77 250.25 -22.38 Paris maize 220.50 -0.50 -0.23 237.75 -7.26 Paris rape 386.75 -5.75 -1.46 456.25 -15.23 CBOT wheat 669.25 -11.75 -1.73 778.00 -13.98 CBOT corn 500.25 -9.00 -1.77 698.25 -28.36 CBOT soy 1428.00 -1.00 -0.07 1418.75 0.65 WTI crude oil 105.38 -0.57 -0.54 91.82 14.77 Euro/dlr 1.30 -0.30 * CBOT futures prices are in cents per bushel, Paris futures in
euros per tonne, WTI crude oil in dollars per barrel.
(Editing by James Jukwey)