October 5, 2016 / 3:22 AM / 10 months ago

GRAINS-Corn prices drop for first time in four sessions

* Corn falls, ample global supply in focus
    * Soybeans nearly unchanged as U.S. harvest advances
    * Wheat steady for second straight session

    By Colin Packham
    SYDNEY, Oct 5 (Reuters) - U.S. corn edged lower for the
first time in four sessions on Wednesday on ample global supply,
retreating from its highest in more than two months touched the
day before.
    Soybeans were little changed after closing down 1 percent in
the previous session, while wheat was steady.
    The most active corn futures on the Chicago Board of Trade
 fell 0.14 percent to $3.47-3/4 a bushel after closing up
0.65 percent in the last session. Prices on Tuesday hit their
highest since July 20 at $3.49 a bushel.
    Analysts said bumper global corn supplies were weighing on
prices, while moves by Argentina to delay a proposed tax cut was
adding support.
    "Weather permitting, South America is also looking like it
will add to existing supply pressures," said Tobin Gorey,
director of agricultural strategy at Commonwealth Bank of
Australia.
    "Brazil's farmers will respond to very high local prices by
planting more corn and Argentina's maintenance of its current
soybean export tax regime until 2018/19 will likely encourage
more corn production."
    Argentina will not reduce soy export taxes this year or in
2017 as previously announced, President Mauricio Macri said on
Monday. 
    Gains were checked by an advancing U.S. harvest.
    The U.S. Department of Agriculture said the U.S. corn
harvest was 24 percent complete by Sunday, behind the trade
estimates' average of 25 percent and the five-year average of 27
percent.
    The most active soybean futures were little changed at
$9.63 a bushel, having closed down 1 percent on Tuesday.
    Analysts said an advancing U.S. harvest and expectations for
less Argentina exports continued to support the oilseed.
    The U.S. soybean harvest was 26 percent complete as of
Sunday, ahead of the trade estimates' average of 25 percent but
behind the five-year average of 27 percent, the USDA said.
    The USDA also said 74 percent of U.S. soybeans were in good
or excellent shape, up 1 percentage point from a week ago.
    The most active wheat futures were unchanged at
$3.95-1/2 a bushel, having closed steady on Tuesday.
    The U.S. winter wheat crop was 43 percent planted, behind
the five-year average of 45 percent and analysts' average
expectation of 47 percent.
    
 Grains
 prices at
  0250 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  395.  0.00  +0.0  -1.6  403.    40
 whea    50          0%    2%    55  
 t                                   
 CBOT  347.  -0.5  -0.1  +3.2  332.    71
 corn    75     0    4%    7%    83  
 CBOT  963.  -0.5  -0.0  +0.9  964.    50
 soy     00     0    5%    4%    28  
 CBOT  10.0  -$0.  -0.2  +1.8  $9.7    67
 rice     7    03    5%    7%     5  
 WTI   49.2  $0.5  +1.1  +0.8  $45.    69
 crud     3     4    1%    6%    87  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  $0.0  +0.1  -0.1            
 /dlr    22    01    2%    4%        
 USD/  0.76  -0.0  -0.4  -0.2            
 AUD     33    04    8%    7%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
    The USDA said the U.S. corn harvest was 24 percent complete
by Sunday, behind the trade estimates' average of 25 percent and
the five-year average of 27 percent.

 (Reporting by Colin Packham)

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