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Grain and wheat firms for second day as arid,parched weather hits US spring crop

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Singapore, July 29 (Reuters)Chicago wheat futures rose for the second successive session on Thursday, buoyed by a severe drought limiting yields of lofty-quality US spring wheat.

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Corn and soybean futures rose in beforetime Asian trade.

The basics

* The most active wheat contract on the Chicago Board of Trade (CBOT). Wv1 Gaining 0.7% at $6.93-1/4 a bushel, as of 0010 GMT, adding to Wednesday’s 2.1% acquire.

* corn CV1 It rose 0.1% to $5.49 – 1/4 and soybeans Sv1 It rose 0.02% to $13.61-1/4 a bushel.

Scouts said on an annual crop tour Tuesday that spring wheat yields in south and east-central North Dakota are well below average as severe drought slashes production potential in the nation’s largest producing state.

*The Scout Tour projected an average spring wheat crop for southern and eastern central North Dakota at 29.5 bushels per acre on the first day of the three-day tour, below the five-year tour average of 43.3.

* The drought extends to South Dakota and Montana as well as parts of Canada.

* Dry conditions affecting parts of the Midwest crop belt support corn and soybeans.

* In Brazil, low temperatures on Wednesday and Thursday will affect crops such as maize and wheat, according to a warning issued by the state food supply and statistics agency CONAP to farmers.

* In the states of São Paulo and Parana, there is a risk of temperate and severe frosts and this may affect second corn that is in the filling stage of the grain, as well as wheat that is in the flowering stage, Konab said late Tuesday. The second corn is grown following the soybeans are harvested in the alike fields.

– Konab said that maize and wheat in Mato Grosso do Sul could be damaged by frost, albeit in fewer areas.

Commodity funds were net buyers of wheat, soybean, corn and soybean oil futures on Wednesday, and net sellers of soy flour futures, traders said. COMFUND / CBT

market news

US stocks and the dollar fell on Wednesday in tepid trade following the Federal Reserve offered no idea when it might start reducing its purchases of government bonds, even as it said the economic recovery is on the right track. MKTS / GLOB

Data/Events (GMT)

0755 Germany Unemployment Rate Change, SA Jul

0900 EU Consumer Confidence. July final

1200 German CPI, HICP Prelim YY July

1230 US GDP Q2

1230 US Primary Unemployment Weekly Clm

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

((; +65-6870-3829; Reuters correspondent:

The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.


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