* Wheat eases for 2nd day as market takes breather after
* Corn tick up after Tuesday's 1.5 pct decline, soybeans
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, May 3 Chicago wheat futures slid for
a second day on Wednesday, retreating further from a two-month
high reached in the last session as abundant global supplies
weighed on prices.
However, wheat traders are awaiting reports on the damage to
the United States' winter wheat crop after a snowstorm hit the
U.S. Plains over the weekend and those concerns are providing
some price support.
Corn edged higher after dropping 1.5 percent on Tuesday
although gains were capped by rapid planting progress in the
The Chicago Board Of Trade most-active wheat contract
fell 0.2 percent to $4.53 a bushel by 0306 GMT. On Tuesday, the
market climbed to $4.61-1/2 a bushel, the highest since March 6.
Corn gained 0.1 percent to $3.72-3/4 a bushel and
soybeans added 0.2 percent to $9.70-1/4 a bushel.
"Market is awaiting to see the extent of damage for the U.S.
hard red winter wheat, but the assessment will take time," said
one agricultural commodities analyst. "The upside is limited as
globally there is enough wheat."
Wheat has been underpinned by the concerns of frost damage
but there are ample grain supplies worldwide to meet any
shortfall in U.S. supplies.
Strong rains expected in Argentina's upcoming 2017-18 crop
year are expected to benefit key soybean, wheat and corn crops
while farmers stay alert for floods that put 1 million hectares
out of production last season, local meteorologists said on
U.S. agricultural trader Archer Daniels Midland Co. said on
Tuesday that massive global grain stocks are making it difficult
to turn a profit trading grain internationally, sending its
shares plummeting by their most in eight years.
For corn, the U.S. Department of Agriculture said on Monday
that U.S. farmers had sown 34 percent of their corn crop, in
line with the five-year average and more than analysts had been
Commodity funds were net sellers of CBOT wheat, corn and
soybeans on Tuesday, traders said. They were also net sellers of
soymeal and net buyers of soyoil.
Grains prices at 0306 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 453.00 -1.00 -0.22% +4.80% 439.13 74
CBOT corn 372.75 0.50 +0.13% +1.71% 368.48 52
CBOT soy 970.25 1.50 +0.15% +1.46% 967.12 55
CBOT rice 9.56 -$0.05 -0.47% +1.43% $10.12 33
WTI crude 48.07 $0.41 +0.86% -2.55% $50.19 31
Euro/dlr $1.093 $0.004 +0.32% +0.35%
USD/AUD 0.7517 -0.001 -0.08% +0.44%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Christian