* Chicago wheat dips after climbing 1.2 pct on Wednesday
* Losses is wheat limited by strong demand, fund-buying
* Soybean up for 2nd day, corn eases from 7-month top
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Feb 16 Chicago wheat futures edged
lower on Thursday, as the market took a breather after a rally
in the previous session that was triggered by fund-buying and
Soybean rose for a second day, underpinned by a strong pace
of U.S. processing, while corn slid form its highest since
The Chicago Board of Trade most-active wheat contract
fell 0.3 percent to $4.53-1/2 a bushel by 0320 GMT. The market
hit its highest since late June on Monday at $4.56.
Soybeans added 0.1 percent to $10.62-1/4 a bushel,
having firmed 1.6 percent on Wednesday. Corn gave up 0.3
percent to $3.77-3/4 a bushel after climbing to its highest
since July 14 at $3.79 a bushel on Wednesday.
The wheat market's decline to a 10-year low in 2016 has
discouraged plantings in the United States.
"If U.S. wheat prices do not recover, we are again running
the risk of losing winter wheat planted area in the next
season," said Rajesh Singla, head of agriculture research at
"High quality U.S. milling wheat is very much in demand,
exports are running very strong."
Australian grain exports likely surged to an all-time
monthly high of more than 4 million tonnes last month, smashing
the previous record by a third on strong demand from Saudi
Arabia, China and India and lower prices amid a bumper crop.
Commodity funds were net buyers of CBOT soybean, corn,
soymeal and wheat futures contracts on Wednesday and net sellers
of soyoil futures, traders said.
U.S. soybean processors ramped up their pace of crushing
above market forecasts last month, notching the third busiest
January on record, the National Oilseed Processors Association
said on Wednesday.
Soybean markets have been pressured in recent sessions by
expectations of a bumper South American production.
Grains prices at 0320 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 453.50 -1.25 -0.27% +0.28% 430.27 71
CBOT corn 377.75 -1.00 -0.26% +0.60% 365.20 70
CBOT soy 1062.25 1.00 +0.09% +0.76% 1041.62 64
CBOT rice 9.37 -$0.02 -0.21% -1.21% $9.68 36
WTI crude 53.03 -$0.08 -0.15% -0.32% $52.82 48
Euro/dlr $1.061 $0.002 +0.15% -0.24%
USD/AUD 0.7706 0.007 +0.89% +0.48%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Himani Sarkar)