GRAINS-Soybeans slip on weaker crude, firmer dollar; wheat buoyed by supply worries
BEIJING, June 25 (Reuters) - Chicago soybean futures inched lower on Thursday, pressured by weaker crude oil prices and a stronger U.S. dollar.
Corn declined for a fifth straight session amid technical selling, while wheat gained on supply concerns in Western Europe and Russia.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.04% at $11.34-1/2 a bushel, as of 0056 GMT, while corn Cv1 edged 0.18% lower to $4.06-1/4 a bushel. Wheat Wv1 climbed 0.34% to $5.98 a bushel.
* Weaker crude oil prices continued to weigh on soybeans and corn, as both are widely used as feedstocks for biofuels. O/R
* The dollar hit a 13-month high overnight, dampening prospects of U.S. exports by making them more expensive for overseas buyers.
* Wheat found support from potential heatwave damage in Western Europe and mixed harvest prospects across the Northern Hemisphere. Additional support came from reports that Russian farmers may have planted the smallest wheat acreage in 12 years.
* U.S. President Donald Trump on Wednesday asked Congress to approve more than $11 billion in additional aid for farmers facing high fuel and fertiliser costs since the Iran war, according to a White House supplemental funding request reviewed by Reuters.
* The U.S. Department of Agriculture is set to release its quarterly grain stocks report at 12 p.m. EDT (1600 GMT) on Tuesday, June 30.
* Commodity funds were net sellers of CBOT corn and soy futures, traders said on Wednesday. CBOT/FUNDS
MARKET NEWS
* Stocks fell on Wednesday, erasing early Wall Street gains and leaving European shares little changed, as valuation worries continued to weigh on sentiment. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Leading Indicator Revised Apr
1230 US Consumption, Adjusted MM May
1230 US Core PCE Price Index MM, YY May
1230 US PCE Price Index MM, YY May
1230 US Durable Goods May
1230 US GDP Final Q1
1230 US Initial Jobless Clm 20 Jun, w/e
