Corn prices down ahead of US acreage report; wheat firms
SINGAPORE, June 27 (Reuters) -Chicago corn lost ground on Thursday, with prices falling for a second session, while soybeans were largely subdued as traders positioned themselves ahead of U.S. acreage data.
Wheat prices edged higher after closing almost flat in the previous session.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.1% at $4.36 a bushel, as of 0055 GMT, and soybeans Sv1 were flat at $11.07 a bushel. Wheat Wv1 edged 0.1% higher to $5.61-1/4 a bushel.
* Traders were positioning ahead of the release of data by the U.S. Department of Agriculture (USDA). The agency is scheduled to release its next quarterly stocks report for June and its 2024 acreage report on Friday at 1600 GMT.
* The market continues to weigh the impact of flooding and extreme heat in top corn and soybean growing areas of the central U.S.
* The wheat market recovered after tumbling earlier in the week as a rapidly advancing U.S. harvest showed good yields and weather stabilized in Russia and the Black Sea.
* India on Wednesday allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the tariff-rate quota (TRQ), where importers pay nil or lower duty, as New Delhi tries to bring down food inflation.
* Commodity funds were net sellers of CBOT corn, soybeans and soymeal futures contracts on Wednesday, traders said. They were net buyers of wheat and soyoil. COMFUND/CBT
MARKET NEWS
* The U.S. dollar on Wednesday hit its highest level against the Japanese yen in nearly 38 years, and investor speculation was high that authorities in Japan could intervene to strengthen the country's currency, while major U.S. stock indexes climbed. MKTS/GLOB
DATA/EVENTS (GMT)
0900 EU Consumer Confid. Final June
1230 US Durable Goods May
1230 US GDP Final Q1
1230 US Initial Jobless Clm Weekly
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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