Top Stories
Top Stories
Wires

GRAINS-Corn falls 1% to one-week low on easing yield worries

SYDNEY, July 10 (Reuters) - U.S. corn futures fell 1% to a one-week low on Wednesday as fears over potential yield losses were eased amid forecasts for favorable weather conditions.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 1% at $4.33 a bushel by 0212 GMT, having earlier hit a low of $4.31-1/2 a bushel - the lowest since July 3. Corn fell 1.5% in the previous session.

* The most active soybean futures were down 0.3 percent to $9.01-1/2 a bushel, having firmed 0.7% on Tuesday.

* The most active wheat futures were down 0.7% at $4.95-1/2 a bushel, having closed down 2% on Tuesday.

* The USDA said in its weekly crop report on Monday that 57% of the U.S. corn crop was in good to excellent condition, up from 56% last week and matching analysts' expectations.

* The USDA said 64% of U.S. winter wheat was in good to excellent condition, up from 63% last week and above expectations of 63%. Some 47% of the U.S. winter wheat harvest was completed, above trade expectations for 45%.

* Weather models also call for more favorable conditions for crops that had previously been struggling following recent wet weather.

* The USDA said 53% of U.S. soybeans were in good to excellent shape, down from 54% last week and bucking analyst expectations for an improvement.

MARKET NEWS

* The dollar edged toward a three-week high against a basket of major currencies on Wednesday, as an unwinding of bets on deep U.S. interest rate cuts pushed Treasury yields higher.

* Oil prices gained more than 1% in early trade on Wednesday, led by U.S. crude after an industry group reported that U.S. stockpile fell for a fourth week in a row, alleviating concerns about oversupply.

* The S&P 500 ended slightly higher on Tuesday as gains in tech-related shares offset worries about a weakening outlook for earnings.

Grains prices at 0212 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 499.50 -3.25 -0.65% -2.25% 521.77 39CBOT corn 433.00 -4.25 -0.97% -2.42% 440.38 46CBOT soy 901.50 -2.75 -0.30% +0.42% 908.66 47CBOT rice 11.84 -$0.04 -0.38% +0.94% $11.78 67WTI crude 58.61 $0.78 +1.35% +1.65% $55.58 60

Currencies

Euro/dlr $1.120 $0.000 -0.02% -0.09%USD/AUD 0.6921 -0.001 -0.09% -0.70%

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

(Reporting by Colin Packham; editing by Gopakumar Warrier)