* Wheat rebounds from five-day low, corn edges lower
* Soybean prices fall despite Argentina crop concerns
By Colin Packham
SYDNEY, Dec 8 U.S. wheat futures edged up on
Thursday to move away from a five-day low touched in the
previous session, though ample global supply capped gains.
Soybean prices fell 0.5 percent, dropping for the first time
in three sessions, while corn inched lower.
The most active wheat futures on the Chicago Board of Trade
had risen 0.31 percent to $4.02-1/4 a bushel by 0332 GMT.
They closed down 1.4 percent on Wednesday after touching their
lowest since Dec. 2 at $3.99-1/2 a bushel.
But wheat has been under pressure as major exporters report
"Gloom about supply seems to be descending again," said
Tobin Gorey, director of agricultural strategy, Commonwealth
Bank of Australia.
Canada's Statscan on Tuesday put the country's all-wheat
crop at 31.7 million tonnes, up 15 percent from last year and
exceeding the average trade expectation of 30.7 million tonnes.
Australia, another major supplier, this week raised its
official forecast for 2016-17 wheat production to a record 32.64
The most active soybean futures fell 0.45 percent to
$10.45-1/4 a bushel, having closed down 0.1 percent on
The weakness in soybean markets comes despite concerns over
dry weather in Argentina and continued demand for U.S. supplies.
The U.S. Department of Agriculture said on Wednesday that
private exporters in the last day had sold 466,000 tonnes of
U.S. soybeans to China and unknown destinations.
Traders are now awaiting the next USDA report on Friday.
Analysts surveyed by Reuters on average expect the
government to lower its forecast for U.S. 2016/17 soybean ending
stocks and leave its figures for corn and wheat ending stocks
The most active corn futures fell 0.21 percent to
$3.57-1/4 a bushel, having closed down 0.7 percent in the
Grains prices at 0330 GMT
Contract Last Change Pct Two-day chg MA 30 RSI
CBOT wheat 402.25 1.25 +0.31% -1.11% 422.26 42
CBOT corn 357.25 -0.75 -0.21% -0.90% 356.48 59
CBOT soy 1044.25 -4.75 -0.45% -0.33% 1014.56 61
CBOT rice 9.90 -$0.03 -0.30% -0.60% $9.76 60
WTI crude 49.88 $0.11 +0.22% -2.06% $47.05 55
Euro/dlr $1.078 $0.002 +0.22% +0.54%
USD/AUD 0.7494 0.002 +0.20% +0.46%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Joseph Radford)