GRAINS-Wheat firms, rains across Midwest cap gains
CANBERRA, June 23 (Reuters) - U.S. wheat futures rose 0.5% on Wednesday, although the gains were capped amid expectations that rains across a key growing region were expected to have provided much-needed moisture.
FUNDAMENTALS
* * The most-active wheat futures on the Chicago Board of Trade were up 0.5% at $6.58 a bushel a bushel by 0139 GMT, having closed down 1.5% on Tuesday.
* Soybean futures were up 0.5% at $14.01 a bushel, having closed down 1.5% in the previous session.
* Corn futures were little changed at $6.60 a bushel, having closed flat on Tuesday.
* Rains over the weekend were seen boosting crops in U.S. Midwest.
* A U.S. Department of Agriculture (USDA) report that pegged the condition of crops below market forecasts, stoking concerns about global supplies.
MARKET NEWS
* The U.S. dollar remained on the back foot against major peers on Wednesday after a two-day drop as U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off.
* Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains.
(Reporting by Colin Packham)
