April 10, 2017 / 3:20 AM / 4 months ago

GRAINS-Corn eases for 3rd session on ample supply, soybean prices tick up

    * Corn drops again on expectations of higher S.America
supply
    * Soybean prices firm on concern over excessive rains in
Argentina

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, April 10 (Reuters) - Chicago corn slid for a
third consecutive session on Monday, dragged down by
expectations of further increases in South American production.
    Soybean prices gained more ground, underpinned by excessive
rains in key exporter Argentina, although abundant world
supplies kept a lid on the market.
    "The USDA and Conab both release updated crop forecasts
tomorrow," said Tobin Gorey, director of agricultural strategy
at Commonwealth Bank of Australia, referring to the U.S.
Department of Agriculture and Brazil's food supply agency.
    "Analysts expect to see the Brazilian (corn) crop get bumped
up into the 92.5-93.5 million tonne range given growing
conditions have been so favourable."
    The Chicago Board of Trade most-active corn contract
had fallen 0.1 percent to $3.59-1/4 a bushel by 0251 GMT, having
slipped 0.3 percent in the previous session when prices hit
their weakest since March 31 at $3.57-1/4.
    Soybeans rose 0.1 percent to $9.43-1/4 a bushel,
having closed little changed on Friday, while wheat was
flat at $4.24 a bushel after closing up 0.2 percent on Friday. 
    The U.S. Department of Agriculture is scheduled to release
its monthly supply-demand report on Tuesday, and analysts
surveyed by Reuters expect the government to raise its estimates
of corn and soybean crops in the Southern Hemisphere.

    Brazil's 2016/2017 crop forecast was raised to 111.6 million
tonnes from the 107 million tonnes seen in March, according to a
statement on Friday from agricultural consultancy firm AgRural,
which cited favourable climate conditions.
    Argentina's 2016/17 soy harvest accelerated in the past week
but there are growing concerns over too much rain over the
weekend.
    Large speculators trimmed their net short position in CBOT
corn futures in the week to April. 4, regulatory data released
on Friday showed.
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and switched to net short
position in soybeans.
    
 Grains prices at  0251 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  424.00  0.00     +0.00%   +0.18%       434.05  45
 CBOT corn   359.25  -0.25    -0.07%   -0.42%       365.29  41
 CBOT soy    943.25  1.25     +0.13%   +0.19%       990.16  21
 CBOT rice   10.22   -$0.02   -0.15%   +0.34%       $9.82   82
 WTI crude   52.35   $0.11    +0.21%   +1.26%       $50.17  76
 Currencies                                                 
 Euro/dlr    $1.058  -$0.001  -0.12%   -0.63%               
 USD/AUD     0.7481  -0.001   -0.19%   -0.85%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
             

 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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