* Soybeans lose more ground, hit weakest since October
* Chicago corn, wheat futures ease ahead of USDA report
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, March 30 Chicago soybeans slid for a
second session on Thursday, falling to a five-month low as
expectations of higher U.S. plantings and a record Brazilian
crop weighed on the market.
Corn and wheat also lost ground as investors squared
positions ahead of a key U.S. Department of Agriculture (USDA)
report on Friday.
The upcoming report is expected to show increased U.S.
soybean plantings and reduced seedings of corn, as well as
bigger year-on-year U.S. stockpiles of corn, soybeans and wheat
as of March 1, according to analysts polled by Reuters.
"I think investors are squaring things away before the USDA
report," said Phin Ziebell, agribusiness economist at National
"When you look at the data that has come out in the last one
month, there are plenty of supplies. The market is expecting to
confirm this from the USDA tomorrow."
The Chicago Board of Trade most-active soybean contract
fell 0.4 percent to $9.65-1/2 a bushel by 0312 GMT, lowest
since Oct. 17. Soybeans closed down 0.3 percent on Wednesday.
Crush margins for imported soybeans in China's Shandong
province JCI-SBMG-SHDNI slid to negative 166 yuan, the lowest
since August. Negative processing margins could impact China's
booming soybean demand.
Corn slid 0.1 percent to $3.58 a bushel and wheat
gave up 0.1 percent to $4.25 a bushel.
Forecasts of crop-friendly rainfall in the southern U.S.
Plains wheat belt have weighed on wheat futures so far this
week, while bumper soybean and corn harvests in South America
pressured futures for those crops.
Commodity funds were net sellers of CBOT soybean futures
contracts on Wednesday and net buyers of corn and wheat futures,
Grains prices at 0312 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 425.00 -0.50 -0.12% +0.12% 440.38 48
CBOT corn 358.00 -0.50 -0.14% +0.07% 367.85 45
CBOT soy 965.50 -3.50 -0.36% -0.67% 1011.75 18
CBOT rice 9.87 $0.01 +0.05% +1.18% $9.72 65
WTI crude 49.48 -$0.03 -0.06% +2.29% $50.73 60
Euro/dlr $1.075 -$0.002 -0.18% -0.60%
USD/AUD 0.7658 -0.001 -0.12% +0.33%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Kenneth Maxwell)