* Chicago wheat falls on profit-taking after 4-day rally
* Soybean fall for 3rd day on outlook for Argentina rains
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, Dec 14 Chicago wheat futures lost
ground on Wednesday, with the market taking a breather after
four sessions of gains driven by short-covering and improved
demand for U.S. cargoes.
Soybeans slid for a third consecutive session as forecasts
of rains in Argentina's key producing regions weighed on the
market, while corn was steady after climbing to a five-month
high on Tuesday.
The most-active wheat contract on the Chicago Board of Trade
had fallen 0.4 percent to $4.16 a bushel by 0335 GMT,
having closed marginally higher on Tuesday.
Soybeans gave up 0.1 percent to $10.26-3/4 a bushel,
having closed down 0.3 percent in the previous session. Corn
was flat at $3.61 a bushel, after climbing to its highest
since mid-July on Tuesday at $3.64-3/4 a bushel.
"Export business for U.S. wheat is improving and there are
some issues with dryness in the U.S. Plains which have been
supportive for prices," said Kaname Gokon at brokerage Okato
Shoji in Tokyo.
"Looking at other exporting nations like Russia and
Australia, there is big production expected."
The wheat market had been supported by Egypt buying some
But early forecasts have projected another big Russian wheat
harvest next year, while a first official reading of soft wheat
sowings in France on Tuesday estimated that the area would equal
an 80-year high of 5.2 million hectares harvested this
Forecasts of rains in dry areas of Argentina's crop-belt are
taking out some of the weather premium that was being built into
There could be support for soybeans with expectations of
strong domestic demand in the United States.
U.S. soybean processors likely boosted their November
crushing pace by 4.1 percent from a year earlier, with a record
harvest providing ample fuel for the plants, traders and
The National Oilseed Processors Association, the largest
U.S. trade group for the industry, is expected to report that
its members crushed 162.568 million bushels of soybeans in
November, based on the average of estimates given by six
Commodity funds were net buyers of CBOT wheat and corn
futures contracts on Tuesday. The funds were net sellers of
soybeans, soyoil and soymeal.
Grains prices at 0335 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 416.00 -1.50 -0.36% -0.06% 420.58 56
CBOT corn 361.00 0.00 +0.00% +0.42% 355.74 66
CBOT soy 1026.75 -1.25 -0.12% -1.04% 1015.62 45
CBOT rice 9.73 -$0.06 -0.61% -1.97% $9.72 47
WTI crude 52.36 -$0.62 -1.17% +1.67% $47.46 65
Euro/dlr $1.064 $0.008 +0.72% +0.19%
USD/AUD 0.7489 0.004 +0.51% +0.40%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral)