* Rains across U.S. Midwest seen boosting corn, soy crops
* Grain markets turn focus to USDA acreage, stocks reports
* Wheat plunges on technical selling, harvest pressure (Rewrites throughout with U.S. market, adds quote, updates prices, changes byline, changes dateline from PARIS/SINGAPORE)
By Karl Plume
CHICAGO, June 26 (Reuters) – U.S. corn and soybean futures fell for a fifth straight session on Friday on crop boosting rains across the Midwest and positioning ahead of government reports on U.S. plantings and stocks due next week.
Wheat futures tumbled to contract lows, with soft red winter wheat hitting its lowest in nearly 10 months, pressured by technical selling and liquidation amid an accelerating harvest and abundant global supplies.
All three commodities were on pace for sizable weekly losses as fears of renewed economic damage because rising novel coronavirus cases and lockdowns dented investor risk appetites.
Traders are squaring positions ahead of U.S. Department of Agriculture (USDA) data due on Tuesday, which analysts expect will show plentiful supplies of grain and a modest shift in U.S. plantings from corn to soybeans.
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Forecasters, meanwhile, expect favourable rains across the heart of the Midwest farm belt through early next week, which would limit stress on crops when above-normal temperatures move into the region around midweek.
Corn is entering its pollination stage, when heat and dryness can hurt yield prospects.
“Without any change to the weather pattern, and being so close to corn’s reproductive stage of development, the trade’s going to continue leaning on this market absent any Chinese demand,” said Jim Gerlach, president of A/C trading.
Chicago Board of Trade (CBOT) July soybeans fell 5 cents at $8.64-1/4 a bushel by 12:33 p.m. CDT (1733 GMT), while July corn shed 3/4 cent to $3.16-1/2 a bushel.
CBOT July wheat fell 16-3/4 cents to $4.70 a bushel, the lowest since early September, with selling accelerating as the contract fell below last Friday’s low. The more-than-3% drop was the steepest for a most-active wheat contract in three months.
“Corn had its bath yesterday,” said Terry Reilly, senior commodities analyst with Futures International. “Wheat was in line today.” (Reporting by Karl Plume in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by Louise Heavens and Grant McCool)
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