US wheat futures drop to 3-week low, soy rises, corn weak

On Tuesday, that old adage applied to NY cotton which - having soared 11.5% in three sessions for July delivery, after strong USA export data spurred ideas of a market squeeze - succumbed to gravity in a big way. Soybeans emerged was at 6 percent.

He also noted that stocks certified for delivery against NY futures rose some 25,000 bales on Monday, to take two-day expansion to 55,000 contracts.

"We don't see much upside to prices as there are plenty of supplies".

All eyes will be on the USDA's weekly export report on Thursday. The massive selling of Wheat, said brokers, led to the fall of its prices. The Illinois state report did not provide a specific reason for wheat dropping to 52% good/excellent from last week's 60%, but the state had about 0.9 in. of rain over the past week and 1.9 days suitable for fieldwork.

July wheat delivery was up 1 cents, or 0.24 percent, to close at 4.2425 dollars per bushel.

It was Kansas City hard red winter wheat, in which managed money had rebuilt a net long, that took the hit, falling 1.2% to $4.23 ½ a bushel.

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Winter wheat condition rated 2 percent very poor, 12 poor, 40 fair, 41 good, and 5 excellent. Livestock conditions were reported as good.

Wheat, corn and soy United States cents/bushel.

The most active Corn contract for July delivery fell 3.25 cents, or 0.88%, to settle at 3.6775 bu. The spotty showers prevented producers from making significant progress on planting.

Weather summary for IowaFor the week ending May 14, "it was a warm week across Iowa with temperatures ranging from 2 to 3 degrees above normal over parts of northeast Iowa to around 7 degrees above normal over the far southwest, with a statewide average of 4.7 degrees warmer than usual", says Harry Hillaker, state climatologist for IDALS.

The real gained 0.4% against the dollar, to R$3.0978 to $1, while the greenback itself fell 0.8% against a basket of currencies to a six-month low, boosting the affordability of U.S. exports. The dry and warm weather also aided crop emergence.

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