June 26, 2020 / 11:38 AM / 16 days ago

GRAINS-Corn set for weekly loss on favourable U.S. crop weather

    * Rains across U.S. Midwest seen boosting corn, soy production
    * IGC raises forecasts for 2020/21 global wheat, corn crops
    * Grain markets turn focus to USDA June 30 acreage, stocks reports

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, June 26 (Reuters) - Chicago corn futures steadied on Friday
after a six-week low in the previous session, but stayed on course for a weekly
drop as crop-friendly U.S. weather reinforced expectations of a bumper harvest.
    Soybeans edged lower as favourable growing conditions in the U.S. Midwest
also curbed the oilseed market.
    Wheat inched down as it remained capped by improving prospects for northern
hemisphere harvests, although it was set to rise over the week after hitting a
nine-month low last Friday.
    Grain markets were also turning their attention towards U.S. Department of
Agriculture planting and stocks estimates next Tuesday.
    Analysts are expecting, on average, the USDA to show a modest shift from
corn to soybeans compared with the agency's previous area projections.

    "Crop conditions in the U.S. corn belt are pretty good and likewise for corn
in Ukraine," Nathan Cordier of consultancy Agritel said.
    "With the big supply coming in corn, even with a reduced U.S. plantings
estimate the market is going to be heavy."
    The most-active corn contract on the Chicago Board Of Trade was up
0.2% at $3.28-3/4 a bushel, as of 1115 GMT.  
    CBOT wheat was down 0.2% at $4.87-1/4 a bushel while CBOT soybeans
 inched down 0.1% to $8.67-3/4.
    Forecasts of rains across the U.S. Midwest have supported prospects of a
large harvest, although latest weather outlooks also showed high temperatures
expanding to part of the belt next week.
    The International Grains Council on Thursday raised its forecast for global
wheat and corn production.
    In soybeans, traders were continuing to assess exports to China, setting a
run of recent U.S. sales for next season against large Chinese purchases of
Brazilian soybeans for this season.
    
 Prices at 1115 GMT                                                   
                                  Last  Change    Pct     End  Ytd Pct
                                                 Move    2019     Move
  CBOT wheat                    487.25   -1.00  -0.20  558.75   -12.80
  CBOT corn                     328.75    0.75   0.23  387.75   -15.22
  CBOT soy                      867.75   -0.50  -0.06  955.50    -9.18
  Paris wheat December          180.00    0.00   0.00  188.75    -4.64
  Paris maize Aug               166.00    0.25   0.15  180.00    -7.78
  Paris rape Aug                372.50   -2.25  -0.60  411.50    -9.48
  WTI crude oil                  39.04    0.32   0.83   61.06   -36.06
  Euro/dlr                        1.12    0.00   0.06  1.1210     0.12
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 
    
    

 (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by
Sherry Jacob-Phillips and Louise Heavens)
  
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