* Wheat supported amid forecasts for unfavourable weather
* USDA pegs export demand at upper-end of forecasts
* Soybeans edge lower despite strong demand export demand
By Colin Packham
SYDNEY, March 7 U.S. wheat rose for a third day
on Tuesday as forecasts for potential unfavourable weather
pushed the grain near a 18-day high.
Corn edged lower, while soybeans also fell despite signs of
strong demand for U.S. supplies.
The most active wheat futures on the Chicago Board Of Trade
rose 0.3 percent to $4.59-3/4 a bushel by 0258 GMT, having
closed up 1.1 percent on Monday when prices hit $4.62-1/2 a
bushel, the highest since Feb. 16.
Wheat was supported by dry conditions hampering crop
development in the U.S. Plains, traders said. Concerns are
increasing about the early emergence of U.S. winter wheat, which
would leave the crop vulnerable to a cold snap in the next few
"The forecasters expect little rain and unseasonably warm
temperatures for the next week or so in U.S. hard red winter
wheat regions," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
"The hard red winter crop still has time on its side but a
consistent rise in night temperatures would transform the lack
of moisture from a worry to a problem."
Wheat also drew support from signs of growing demand for
The U.S. Department of Agriculture on Monday reported that
weekly export inspections of wheat totalled 535,920 tonnes, near
the high end of market forecasts.
Wheat has been under sustained pressure in recent months
amid ample global supplies, though major exporters are likely to
see reduced production next season.
Australia's 2017/18 wheat crop is expected to fall 32
percent on drier conditions, the country's chief commodity
forecaster said on Monday. Farmers in the world's No. 4 exporter
will harvest 23.98 million tonnes of wheat, the Australian
Bureau of Agriculture, Resource Economics and Rural Sciences
The most active corn futures fell 0.1 percent to
$3.78-1/4 a bushel, having closed down 0.6 percent in the
The most active soybean futures fell 0.1 percent to
$10.36 a bushel, having closed little changed on Monday.
Soybean export inspections were a bigger-than-expected
Dry weather improved conditions on a rugged Amazon road that
serves as the key link between soy fields and northern ports,
ending an immense backlog of trucks carrying the beans, the Army
said on Monday.
Grains prices at 0258 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 459.75 1.25 +0.27% +1.55% 450.47 54
CBOT corn 378.25 -0.25 -0.07% -0.33% 374.69 55
CBOT soy 1036.00 -1.25 -0.12% -0.12% 1048.68 47
CBOT rice 9.60 $0.02 +0.21% -0.26% $9.79 37
WTI crude 53.15 -$0.05 -0.09% -0.34% $53.34 45
Euro/dlr $1.059 -$0.004 -0.33% +0.75%
USD/AUD 0.7598 0.000 +0.05% +0.36%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Christian Schmollinger)