* Corn drops again on expectations of higher S.America
* Soybean prices firm on concern over excessive rains in
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, April 10 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
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
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
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)