* Argentina expects to harvest more wheat in 2017-18 season
* Firmer dollar eating into U.S. competitiveness - CBA
(Adds comment, updates prices)
By Manolo Serapio Jr
MANILA, April 20 U.S. grains futures were
largely steady on Thursday although wheat hovered near a
2-1/2-week low, pressured by plentiful global supply that could
curb demand for U.S. cargoes.
Chicago Board of Trade wheat for May delivery briefly
touched $4.17-3/4 a bushel, a tad off Wednesday's trough which
was the lowest since March 31. It was steady at $4.19 by 0227
"There are lots of wheat around," said Kaname Gokon from
brokerage Okato Shoji in Tokyo, adding he doesn't see any
weather threats to wheat production from Russia and the rest of
the Black Sea region.
In Argentina, farmers are expected to harvest 17.5 million
tonnes of wheat in the upcoming 2017-18 season compared with
16.3 million tonnes in 2016-17, the Buenos Aires Grains Exchange
said in a report released on Wednesday.
Commonwealth Bank of Australia analyst Tobin Gorey said U.S.
wheat exports for the 2016 season looked likely to be, at best,
1 million tonnes below the USDA's current forecasts "unless
there are chunky late sales."
Gorey also said the firmer dollar is "eating into U.S.
competitiveness against almost every other major competitor with
the exception of the European Union."
Chicago corn was also flat at $3.61-3/4 per bushel
while soybeans eased 0.2 percent to $9.48-1/2.
Cheaper corn and soybeans from big producers such as Brazil
is cutting demand for U.S. cargoes, said Gokon. He said he sees
further downside for U.S. prices over the next months.
The Brazilian government will offer up to $159 million in
subsidies to help corn producers sell their large crop in the
(Reporting by Manolo Serapio Jr.; Editing by Subhranshu Sahu
and Gopakumar Warrier)