×

GRAINS-Corn falls nearly 1 pct on USDA crop condition report

SYDNEY, Aug 15 (Reuters) - U.S. corn fell nearly 1 percent on Tuesday after a widely watched reported pegged the condition of U.S. crops above market expectations, easing concerns about production losses due to recent dry weather.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade fell 0.8 percent to $3.73-1/4 a bushel by 0111 GMT, having risen 0.4 percent in the previous session.

* The most active soybean futures were down 0.1 percent to $9.37 a bushel, having firmed 0.5 percent on Monday.

* The most active wheat futures were down 0.7 percent to $4.38 a bushel, having closed up 0.4 percent on Monday.

* The U.S. Department of Agriculture said 62 percent of the corn crop was in good to excellent condition, up 2 percent from last week. Analysts had expected the crop to be pegged at unchanged.

* The USDA pegged the soybean crop at 59 percent good to excellent, down 1 percent from the previous week and behind market forecasts for unchanged.

* Rainfall this week should benefit crops. About 70 percent of U.S. corn and soybean growing areas should receive rains in the next five days, according to the Commodity Weather Group.

MARKET NEWS

* The dollar edged higher against the yen on Tuesday, pulling away from a recent four-month low, as concerns over tensions between the United States and North Korea eased for now, supporting risk appetite.

* Oil prices tumbled more than 2.5 percent on Monday in volatile trade, as dollar strength and weak domestic demand data in China hammered prices that had received a short-lived boost from potential reductions in crude supply from Libya.

* U.S. stocks recovered further on Monday from last week's selloff, with the S&P 500 posting its biggest one-day percentage gain since April as worries eased about a conflict between the United States and North Korea.

DATA AHEAD (GMT)

0600 Germany GDP Flash Q2 0830 Britain Consumer prices Jul 0830 Britain Producer prices Jul 1230 U.S. New York Fed manufacturing Jul 1230 U.S. Import prices Jul 1230 U.S. Export prices Jul 1230 U.S. Retail sales Jul 1400 U.S. Business inventories Jun 1400 U.S. NAHB housing market index Aug

Grains prices at 0111 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 438.00 -3.00 -0.68% -0.28% 488.78 24 CBOT corn 373.25 -3.00 -0.80% -0.40% 389.03 39 CBOT soy 937.00 -1.25 -0.13% -0.85% 991.65 28 CBOT rice 12.34 $0.00 +0.00% +0.73% $12.11 54 WTI crude 47.64 $0.05 +0.11% -2.42% $47.49 37

Currencies

Euro/dlr $1.179 $0.001 +0.06% -0.30% USD/AUD 0.7859 0.001 +0.13% -0.38%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Richard Pullin)