August 7, 2018 / 1:18 AM / a year ago

GRAINS-Soybeans firm as USDA pegs condition of the crop below forecasts

    SYDNEY, Aug 7 (Reuters) - U.S. soybeans edged higher on
Tuesday, rebounding from losses in the previous session, after
the U.S. Department of Agriculture pegged the condition of the
crop below market expectations.
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.5 percent to $8.98-3/4 a bushel by 0051
GMT, having closed down 1 percent on Monday.
    * The most active wheat futures were up 0.1 percent at
$5.75 a bushel, having closed up 3.2 percent on Monday. 
    * The most active corn futures were little changed at
$3.85-1/2 a bushel, having gained 0.3 percent in the previous
    * The USDA said 67 percent of the soybean crop is in good to
excellent condition, lagging behind market expectations.

    * The USDA said 74 percent of the U.S. spring wheat crop is
in good to excellent condition, falling short of market
    * The USDA said 71 percent of the corn crop was in good to
excellent condition, matching analysts' expectations.
    * Wheat supported by concerns about tightening global
supplies as harsh weather slashed harvest prospects around the
    * Soybeans weighed down by a trade dispute between
Washington and Beijing that has stoked fears of a lengthy
disruption of massive U.S. exports to China.
    * Chinese state media reported that the country could cut
its soybean imports by 10 million tonnes this year by relying
instead on other feed sources like sunflower and palm.

    * The pound remained weak on Tuesday after dropping to an
11-month low against the dollar overnight on worries over a
'hard' Brexit from the European Union, while simmering
U.S.-China trade tensions helped support the greenback.  
    * Oil futures gained on Monday after OPEC sources said Saudi
crude production unexpectedly fell in July, raising concerns
about global oil supplies as the United States prepares to
reinstate sanctions against major exporter Iran.  
    * The three major U.S. stock indexes closed higher on Monday
as investors applauded a strong U.S. earnings season with
results from Berkshire Hathaway impressing and Facebook
lifting Nasdaq after a report it was planning new services.
0600  Germany               Industrial output             Jun
0600  Germany               Trade data                    Jun
0645  France                Trade data                    Jun
0645  France                Current account               Jun
 Grains prices at  0051 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  575.00    0.50    +0.09%       +3.37%  515.37     79
 CBOT corn   385.50    0.25    +0.06%       +0.33%  369.98     66
 CBOT soy    898.25    4.75    +0.53%       -0.44%  875.44     54
 CBOT rice    11.29   $0.01    +0.09%       -1.83%  $11.80     19
 WTI crude    68.90  -$0.11    -0.16%       +0.60%  $70.54     48
 Euro/dlr    $1.156  $0.000    +0.02%       -0.10%               
 USD/AUD     0.7384   0.000    -0.03%       -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 Amrutha Gayathri)
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