* Soybeans down more than 7 pct in 4 weeks of losses
* Expectations of higher U.S. planting, record LatAm crops
* Wheat also falling for 4th week on abundant supplies
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, March 31 Soybeans were poised on
Friday for a fourth week of decline, with prices hitting their
lowest in five months as expectations of ample world supplies
this year dragged on the market.
Wheat hovered around its lowest since early February,
pressured by favourable weather across the U.S. Plains.
The Chicago Board of Trade most-active soybean contract
has lost more than 7 percent in four consecutive weeks of
decline. Earlier in the session, the market hit its lowest since
Oct. 14, 2016 at $9.60-3/4 a bushel.
On a quarterly basis, soybeans have dropped 4 percent,
losing much of the gains made in the last quarter of 2016.
Wheat has also given up almost 7 percent in the last
four weeks, although prices are up 3.4 percent for the quarter,
the biggest three-month gain since June 2015.
The market is getting ready for the U.S. Department of
Agriculture's annual prospective plantings and quarterly grain
stocks reports later in the day - data releases that typically
result in increased volume and volatility.
The reports could increase supply pressure by showing a jump
in the U.S. soybean planted area and a rise in soybean, corn and
The USDA data released on Thursday showed weekly U.S. corn
export sales of 716,000 tonnes for shipment during the current
marketing season, below estimates for 900,000 to 1.2 million
tonnes. Weekly sales of soybeans and wheat were above estimates.
"The U.S. reported a better-than-expected week of soybean
export sales. The price falls have clearly made the U.S. a more
attractive origin," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
"Nevertheless, competition from Brazil is expected to
intensify over the next few months."
Brazil's 2016-17 soybean crop forecast was raised to a
record 113.3 million tonnes on Thursday compared to 111 million
tonnes seen earlier in March, after independent consultancy
Agroconsult finished a crop tour through main producing areas.
There was also concern about Chinese demand for soybeans as
processing margins for imported soybeans in Shandong province
JCI-SBMG-SHDNI hover around the lowest since August.
Grains prices at 0310 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 422.00 1.00 +0.24% -0.59% 440.28 46
CBOT corn 357.75 0.25 +0.07% +0.00% 367.84 42
CBOT soy 963.75 0.75 +0.08% -0.85% 1011.69 18
CBOT rice 9.86 $0.01 +0.10% +1.03% $9.72 61
WTI crude 50.19 -$0.16 -0.32% +1.37% $50.65 64
Euro/dlr $1.068 -$0.009 -0.80% -1.22%
USD/AUD 0.7644 -0.002 -0.30% +0.14%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)