March 30, 2017 / 3:31 AM / 5 months ago

GRAINS-Soybeans ease for 2nd day, hit 5-month low on supply growth outlook

    * 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 (Reuters) - 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
Australia Bank.
    "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,
traders said.
    
 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
 Currencies                                                  
 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
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)
  

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