CANBERRA, June 8 (Reuters) – U.S. corn futures rose greater than 0.5% on Tuesday after the U.S. Division of Agriculture (USDA) pegged the situation of U.S. crops beneath market forecasts, stoking considerations about weakening international provide.
FUNDAMENTALS
* Essentially the most lively corn futures on the Chicago Board Of Commerce Cv1 had been up 0.7% at $6.84-3/four a bushel, as of 0147 GMT, having closed 0.5% decrease within the earlier session after costs had hit a Might 13 excessive of $7.06-1/four a bushel.
* Essentially the most lively soybean futures Sv1 had been up 0.6% at $15.69 a bushel, having closed 1.5% decrease on Monday.
* Essentially the most lively wheat futures Wv1 had been up 0.7% at $6.85 a bushel, having closed down 1.1% on Monday.
* The U.S. Division of Agriculture rated 72% of the U.S. corn crop in good-to-excellent situation in its weekly crop progress report, down four proportion factors from every week in the past and beneath the typical of estimates in a Reuters ballot.
* The USDA rated 67% of the soybean crop as good-to-excellent in its first 2021 situation scores for the oilseed, beneath the typical analyst expectations of 70%.
* Dealer focus has shifted to climate forecasts amid considerations that scorching and dry circumstances in key rising areas of the U.S. Midwest might threaten crops as they cross by key levels of improvement.
MARKET NEWS
* The greenback edged decrease on Monday as Treasury yields had been moribund and buyers seemed forward to European and U.S. central financial institution conferences. USD/
* Oil costs misplaced extra floor on Tuesday as considerations in regards to the fragile state of the worldwide restoration in demand for crude and fuels had been heightened by information displaying China’s oil imports fell in Might. O/R
(Reporting by Colin Packham, Modifying by Sherry Jacob-Phillips)
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