GRAINS-Corn prices drop 1 percent, retreat from…

GRAINS-Corn prices drop 1 percent, retreat from two-week high

SYDNEY, July 24 (Reuters) – U.S. corn futures fell 1 percent on Tuesday, retreating from a two-week high touched in the previous session as the U.S. Department of Agriculture pegged the condition of the U.S. crop above market expectations. FUNDAMENTALS * The most active corn futures on the Chicago Board of Trade were down 1.2 percent at $3.67 a bushel by 0022 GMT. They gained 0.1 percent in the last session, when prices marked their highest since July 9 at $3.69 a bushel. * The most active soybean futures were down 0.5 percent at $8.58-1/4 a bushel, having closed down 0.2 percent on Monday. * The most active wheat futures were down 0.6 percent at $5.10-1/2 a bushel. They closed down 0.4 percent on Monday, after earlier hitting their strongest since June 13 at $5.23 a bushel. * The USDA said 72 percent of the U.S. corn crop was in good-to-excellent condition, slightly ahead of market expectations. * The USDA also said 70 percent of the U.S. soybean crop was in good-to-excellent condition, ahead of market expectations. * Wheat has drawn support in recent days on concerns about dry weather in Australia, Europe and the Black Sea region crimping output. MARKET NEWS * The U.S. dollar marched steadily higher on Monday, helped by a rise in Treasury yields on expectations that the Federal Reserve would continue raising interest rates despite criticism from President Donald Trump. * Oil prices edged lower on Monday as the focus turned to oversupply worries, moving away from escalating tensions between the United States and Iran, which had driven prices higher early in the session. * The benchmark U.S. S&P 500 index and the Nasdaq index rose on Monday as a jump in 10-year bond yields boosted financial sector stocks and investors anticipated continued strength in corporate earnings and U.S. economic growth. Grains prices at 0022 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 510.50 -3.25 -0.63% -1.07% 501.18 58 CBOT corn 367.00 -4.25 -1.14% -0.54% 370.52 56 CBOT soy 858.25 -4.50 -0.52% -0.75% 886.33 45 CBOT rice 11.99 $0.00 +0.00% +1.05% $11.94 52 WTI crude 67.81 -$0.08 -0.12% -3.76% $69.67 37 Currencies Euro/dlr $1.169 $0.000 -0.01% -0.25% USD/AUD 0.7374 0.000 -0.07% -0.63% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham Editing by Joseph Radford)


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