GRAINS-U.S. corn ticks up after losses, wheat near 1-year low
SINGAPORE, Aug 8 (Reuters) - Chicago corn edged higher on Thursday as the market took a breather after sliding for five consecutive sessions on ideal crop weather across the U.S. grain belt. Wheat was little changed, trading near its lowest level since June, 2012 as it faced pressure from weaker corn prices and slowing demand for U.S. supplies.
* The positive harvest outlook in the United States is continuing to provide bearish sentiment in soybean and corn markets.
* Moderate temperatures and overall satisfactory soil moisture will boost corn and soybean crop development in the U.S. crop belt over the next two weeks, an agricultural meteorologist said on Wednesday.
* Commodity funds sold a net 4,000 Chicago Board of Trade corn contracts on Wednesday, trade sources said. They were even in soybeans and sold 4,000 wheat.
* The wheat market is being weighed down by weakness in corn and soybeans. There is additional pressure as U.S. exporters face stiff competition from rival Black Sea and Australian suppliers.
* Iraq's state grains board bought 150,000 tonnes of wheat from Australia and Canada, European traders said on Wednesday. Egypt and Jordan also bought wheat this week, bypassing U.S. supplies for cheaper offers from countries such as Romania and Ukraine.
* Brazil will likely produce between 83.28 million and 85.57 million tonnes of soybeans in the upcoming 2013/14 season, beating the 2012/13 record as farmers favour soy over corn, FCStone analysts said on Wednesday.
* The area planted with soy will be between 28.19 million hectares and 28.54 million hectares, up to 3 percent larger than the area sowed last season in Brazil, which could surpass the United States as the top soybean producer this season.
* The dollar crumbled to seven-week lows on Thursday after the yen ploughed through major resistance levels in a stop-loss frenzy, while sterling joined the fight as the market brought forward the day when UK rates might start to rise.
* Oil slid for a fourth straight session on Wednesday, driven lower by an expected increase in North Sea crude output next month and by worries about how soon the Federal Reserve will end its U.S. economic stimulus.
* U.S. stocks lost ground for a third consecutive session on Wednesday on growing uncertainty over when the Federal Reserve may start to wind down its stimulus, which has been a driving force behind the rally in equities this year.
DATA/EVENTS (GMT) China Exports yy Jul China Imports yy Jul China Trade balance Jul
Prices at 0031 GMT
Contract Last Change Pct chg MA 30 RSI CBOT wheat 643.25 -0.25 -0.04% 865.85 36 CBOT corn 459.25 1.00 +0.22% 757.22 21 CBOT soy 1167.75 2.00 +0.17% 1569.47 28 CBOT rice $15.42 $0.07 +0.49% $15.48 30 WTI crude $104.49 $0.12 +0.11% $89.46 46
Euro/dlr $1.333 $0.104 +8.49% USD/AUD 0.903 -0.153 -14.47%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Richard Pullin)