December 22, 2016 / 4:19 AM / 9 months ago

GRAINS-Wheat falls for fourth sessions, hits 3-week low

* Wheat prices drop on ample global supply
    * Wheat had drawn support from cold U.S. weather
    * Corn unchanged, soybeans hover close to one-month low

    By Colin Packham
    SYDNEY, Dec 22 (Reuters) - U.S. wheat edged towards its
lowest in nearly three weeks on Thursday, falling for a fourth
consecutive session on ample global supply.
    Corn prices were little changed, while soybeans were flat,
lingering near a one-month low.
    The most active wheat futures on the Chicago Board of Trade
 dropped 0.31 percent to $3.98-1/4 a bushel - the lowest
since Dec. 2. Wheat closed down 0.93 percent on Wednesday.
    "There is ample global supply of wheat, while the concerns
over the cold weather impact on yields in the United States were
probably overdone," said Phin Ziebell, agribusiness economist,
National Australia Bank. 
    Despite edging lower, U.S. wheat remains uncompetitive in
key markets, underscored by the result of Egypt's latest tender.
 
    Egypt, the world's biggest wheat importer, on Tuesday said
it had bought 360,000 tonnes of wheat from Russia, Argentina and
Romania in a tender, and none from the United States.
 
    The most active corn futures were unchanged at
$3.47-1/4 a bushel, having closed down 0.86 percent in the
previous session.
    The most active soybean futures futures eased 0.1
percent to $10.05-3/4 a bushel, having closed up 0.15 percent on
Wednesday.
     Soybeans were under pressure as rain was forecast for
Argentina's dry crop belts, boosting South American production
prospects.  
    The U.S. Department of Agriculture said exporters had struck
deals to sell 132,000 tonnes of U.S. soybeans to China, the
world's top soybean importer.
        
 Grains prices at  0320 GMT
 Contract         Last  Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat     398.25   -1.25   -0.31%       -1.24%  413.84    48
 CBOT corn      347.25    0.00   +0.00%       -0.86%  354.55    43
 CBOT soy      1005.75   -1.00   -0.10%       +0.05%  1021.2    37
                                                           6  
 CBOT rice        9.37   $0.01   +0.05%       -0.95%   $9.65    32
 WTI crude       52.66   $0.17   +0.32%       +0.82%  $49.06    65
 Currencies                                                       
 Euro/dlr       $1.044  $0.001   +0.12%       +0.49%              
 USD/AUD        0.7239   0.000   +0.06%       -0.28%              
 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)

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