GRAINS-Wheat falls for second session on US crop prospects; corn slips
SINGAPORE, June 4 (Reuters) - Chicago wheat futures slid on Wednesday, with improved condition of the U.S. crop boosting supply prospects and putting pressure on prices.
Soybeans and corn eased amid crop-friendly weather in the U.S. Midwest.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.3% to $5.34-1/2 a bushel, as of 0010 GMT, corn Cv1 gave up 0.1% to $4.38-1/4 a bushel and soybeans Sv1 fell 0.1% to $10.39-1/2 a bushel.
* The U.S. Department of Agriculture's weekly crop progress report showed on Monday 50% of U.S. spring wheat and 52% of winter wheat in good to excellent condition, exceeding analyst expectations.
* Favourable U.S. weather has also bolstered corn and soybean production prospects, keeping a lid on prices.
* On Tuesday, higher crude oil prices CLc1 lifted the soybean complex as well as corn, given both crops' role in production of biofuels.
* On the trade front, U.S. President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions
* Worries about demand for U.S. soybeans from the world's biggest oilseed consumer have hung over soybean futures.
* Ukraine's 2025 grain harvest may decrease by 10% to around 51 million metric tons compared to 56.7 million metric tons in 2024, according to the most pessimistic estimates, Ukrainian agriculture minister Vitaliy Koval said.
* Commodity funds were net buyers of CBOT soyoil and soybean futures contracts on Tuesday and net sellers of soymeal, wheat and corn futures, traders said. COMFUND/CBT
MARKET NEWS
* U.S. stocks advanced and the dollar rebounded on Tuesday as investors weighed progress in ongoing U.S. tariff talks and lowered economic expectations ahead of Friday's crucial U.S. employment report. MKTS/GLOB
DATA/EVENTS (GMT)
0750 France HCOB Services, Composite PMI May
0755 Germany HCOB Services, Composite Final PMI May
0800 EU HCOB Services, Composite Final PMI May
0830 UK S&P GLOBAL PMI: COMPOSITE - OUTPUT May
0830 UK Reserve Assets Total May
1345 US S&P Global Comp, Svcs PMI Final May
1400 US ISM N-Mfg PMI May
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