GRAINS-Soybeans fall as USDA pegs crop condition above market forecast

Mon Aug 4, 2014 8:56pm EDT

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SYDNEY, Aug 5 (Reuters) - U.S. new-crop soybeans dipped on
Tuesday after the U.S. Department of Agriculture said the
condition of the crop was above market expectations.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade November soybeans fell 0.5
percent to $10.74 a bushel, having firmed 2 percent on
Wednesday. Soybeans remain just above contract lows.
    * September wheat rose 0.1 percent to $5.44-3/4 a
bushel, having closed up 1.8 percent on Monday when the grain
hit a two-week high of $5.53-1/4 a bushel
    * December corn fell 0.3 percent to $3.68 a bushel,
having firmed 1.9 percent in the previous session.
    * Soybeans were 71 percent good-to-excellent, unchanged from
a week ago and up from 64 percent from a year ago. The results
beat analysts' expectations of 70 percent good-to-excellent,
according to the average of estimates in a Reuters poll.
 
    * Good-to-excellent ratings for corn stood at 73 percent as
of Aug. 3, down 2 percentage points from a week earlier.
Analysts on average had been expecting corn's good-to-excellent
ratings to come in at 74 percent. Corn was rated 64 percent
good-to-excellent a year ago.
    * Spring wheat ratings also held steady at 70 percent
good-to-excellent. The spring wheat crop was rated 68 percent
good-to-excellent a year ago.
    * Repeated rain that has spoiled part of the French wheat
crop is threatening to cause quality problems in Germany and
Poland, increasing the likelihood the European Union will have
more feed wheat and less milling crop to sell this season.
 
    * Commodity brokerage INTL FCStone on Monday
estimated U.S. 2014 corn production at 14.455 billion bushels,
with an average yield of 172.4 bushels per acre.
         
    MARKET NEWS  
    * The U.S. dollar was stuck below a 10-1/2 month peak
against a basket of major currencies early on Tuesday, having
lapsed into uneventful trade in the usual post-payrolls data
lull.  
    *  Oil prices on both sides of the Atlantic climbed on
Monday, as investors shifted their attention from worries about
swelling supplies to concerns about ongoing violence in Libya
and other global hotspots.  
    * U.S. stocks closed higher on Monday, lifted in a late
rally driven by earnings from Warren Buffett's Berkshire
Hathaway and broad gains across most sectors that helped the S&P
500 rebound from its largest weekly drop since 2012.  
    
    DATA AHEAD (GMT)
     0145   China         HSBC Services PMI                 July
     0750   France        Markit Services PMI               July
     0755   Germany       Markit Services PMI               July
     0800   Euro zone     Markit Services PMI               July
     0900   Euro zone     Retail sales                      June
     1400   U.S.          Durable goods orders              June
     1400   U.S.          Factory orders                    June
     1400   U.S.          ISM-non manufacturing PMI         July
     1400   U.S.          IBD economic optimism             Aug 
        
  Grains prices at  0027 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     544.75     0.75  +0.14%    +1.97%     548.58   59
  CBOT corn      368.00    -1.25  -0.34%    +1.59%     392.83   31
  CBOT soy      1074.00    -5.50  -0.51%    +1.46%    1114.16   48
  CBOT rice      $13.07    $0.05  +0.38%    +0.65%     $13.43   35
  WTI crude      $98.31    $0.02  +0.02%    +0.44%    $102.55   23
  Currencies                                                
  Euro/dlr       $1.342   $0.000  -0.01%    -0.07%
  USD/AUD         0.933   -0.001  -0.08%    +0.20%
  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)
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