Soybeans fall 1% after rains across Midwest

06/23/2021 | 10:47pm

CANBERRA, June 24 (Reuters) - U.S. soybean futures fell nearly 1% on Wednesday as rains across the Midwest, a key growing region, eased fears about crop losses following sustained dry weather.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.9% at $13.73 a bushel by 0234 GMT, having closed down 0.7% on Wednesday.

* The most active corn futures were down 0.5% at $6.61 a bushel, having gained 0.7% in the previous session.

* The most active wheat futures were down 0.9% at $6.69-3/4 a bushel, having closed up 1.3% on Wednesday.

* Soybean under pressure as improving crop prospects in the U.S. Midwest outweigh news of a fresh export sale to China.

MARKET NEWS

* The U.S. dollar vacillated below an 11-week high versus major peers on Thursday as traders attempted to navigate conflicting signals from Federal Reserve officials on the timing of a withdrawal of monetary stimulus.

* Oil prices climbed on Thursday after a sharp drawdown in U.S. crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.

* Wall Street shares were mixed on Wednesday, with the Nasdaq closing at a record high, while other major U.S. indexes ended lower alongside European stocks as traders eyed the latest statements from Federal Reserve officials.

(Reporting by Colin Packham; Editing by Amy Caren Daniel)

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