GRAINS-Chicago corn, soybeans rise ahead of US sales, stocks reports

Credit: REUTERS/FLORENCE LO

June 29 (Reuters) - Chicago corn futures rose in early Asian trading on Thursday after two sessions of sharp losses, with traders awaiting U.S. weekly export sales data later in the day and U.S. acreage and quarterly grain stocks reports on Friday for further direction.

Soybean and wheat futures were also firmer.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 1.1% at $5.42-1/2 a bushel, as of 0134 GMT, after tumbling more than 4% in the previous session.

* Soybeans Sv1 gained 0.7% to $12.73-3/4 a bushel, also rebounding from a two-session slump.

* Wheat Wv1 added 0.5% at $6.72-3/4 a bushel after a four-session sell-off.

* Corn and soybeans tumbled on Wednesday as forecasts for beneficial rains in the Midwest tempered worries about dry conditions in the grain belt, while wheat was pressured by an expanding U.S. winter wheat harvest and a larger-than-expected Canadian acreage estimate.

* CBOT corn, soybeans and wheat were on track for weekly losses as brokers are seen squaring positions ahead of the U.S. acreage and quarterly stocks reports due on Friday from the U.S. Department of Agriculture.

* The condition of U.S. soybean and corn crops deteriorated to the worst in decades, U.S. government data showed on Monday, as major producing areas missed out on much-needed rains.

* Traders also awaited the USDA weekly export sales report due later in the day, with trade expectations for old-crop corn in the week to June 22 ranging from net cancellations of 100,000 tonnes to net sales of 500,000 tonnes. For new-crop corn, traders expected weekly export sales of zero to 200,000 tonnes.

* Commodity funds were net sellers of CBOT corn, soybean, wheat and soymeal futures contracts on Wednesday, and net buyers of soyoil futures, traders said. COMFUND/CBT

MARKET NEWS

* Oil prices eased on Thursday, paring some of the previous day's gains, as investors took profits on concerns that further interest rate hikes by central banks could dampen economic growth and global fuel demand. MKTS/GLOB

DATA/EVENTS (GMT)

0900 EU Consumer Confid. Final June

1200 Germany CPI Prelim YY June

1200 Germany HICP Prelim YY June

1230 US Initial Jobless Clm Weekly

1230 US GDP Final Q1

(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)

((enrico.delacruz@thomsonreuters.com))

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

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