In Commodity News 02/06/2015
U.S. corn eased further on Monday, taking its two-session losses to about 1 percent, as prices came under pressure from a target for lower ethanol usage by the U.S. Environmental Protection Agency.
FUNDAMENTALS
* Chicago Board Of Trade July corn fell 0.4 percent to $3.50 a bushel, having closed down 0.6 percent in the previous session.
* July soybeans fell 0.5 percent to $9.29-1/4 a bushel, having firmed 0.9 percent on Friday.
* July wheat fell 0.5 percent to $4.74-3/4 a bushel, having closed down 2.4 percent on Friday.
* The U.S. EPA unveiled much-anticipated targets for the blending of renewable fuels for the three years to 2016, trimming ethanol quotas for this year and next but raising targets for biomass-based diesel.
* U.S. Department of Agriculture on Friday reported net negative sales last week following the cancellation of purchases by China.
MARKET NEWS
* The euro was on the defensive early on Monday after Greece missed a self-imposed Sunday deadline for reaching an agreement with its lenders to unlock aid, keeping alive fears of a debt default.
* Crude oil prices dipped in early Asian trading on Monday as rising OPEC output and an expectation that the group would keep production high added to sentiment that the market remained over supplied despite falls in U.S. rig operations.
* U.S. stocks closed lower on Friday as data showed the economy contracted in the first quarter but indexes still posted gains for the month.
