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