* Soybeans fall from 2-week top, eyes on Chinese demand
* Large Argentina, Brazil production seen weighing on
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Feb 9 Chicago soybean futures lost
ground on Thursday, snapping three sessions of gains and falling
from a two-week high as the market took a breather ahead of a
key U.S. global supply and demand report.
Corn and wheat slid following two sessions of gains.
The Chicago Board Of Trade most-active soybean contract
fell 0.4 percent to $10.54-3/4 a bushel by 0312 GMT,
having firmed 1.5 percent on Wednesday when prices hit a high of
$10.59-3/4 a bushel - the strongest since Jan. 25.
Corn fell 0.5 percent to $3.69 a bushel and wheat
lost 0.5 percent to $4.30-1/2 a bushel.
"Soybeans are being supported by Chinese buying after the
break, but overall the weather looks good for harvest in Brazil
and crop development in Argentina," said Rajesh Singla, head of
agriculture research at Societe Generale.
"The key to watch in the USDA report is Chinese demand
estimates for soybeans."
Soybeans have been drawing support from speculation that
China, which imports roughly two-thirds of global soy exports,
has bought several U.S. bulk cargoes.
Expectations of record production in Brazil and improved
crop conditions in Argentina are likely to provide headwinds to
the soybean market.
Brazil's 2016-17 soybean crop will reach a record 104.7
million tonnes, favoured by good weather as the harvest gains
pace in important growing regions, according to an average of 19
analysts and groups polled by Reuters on Wednesday.
The latest estimate is up from a January poll that put the
crop at 103.5 million tonnes. It would represent an increase of
9.7 percent over the 2015-16 harvest.
The U.S. Department of Agriculture in its monthly supply and
demand report due on Thursday was expected to trim its U.S. and
global soybean ending stocks estimate and make minor adjustments
to its corn and wheat outlooks, according to a Reuters poll of
Commodity funds were net buyers of CBOT soybean, corn,
soymeal and soyoil futures contracts on Wednesday, traders said.
Grains prices at 0312 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 430.50 -2.00 -0.46% +1.89% 422.95 56
CBOT corn 369.00 -1.75 -0.47% +1.44% 361.45 59
CBOT soy 1054.75 -4.00 -0.38% +1.81% 1034.21 61
CBOT rice 9.56 $0.01 +0.05% +0.79% $9.69 48
WTI crude 52.57 $0.23 +0.44% -0.83% $52.89 45
Euro/dlr $1.068 -$0.010 -0.90% -0.69%
USD/AUD 0.7609 -0.007 -0.96% -0.60%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Christian