May 3, 2017 / 3:48 AM / in 3 months

GRAINS-Wheat falls from two-month top, market awaits storm damage reports

3 Min Read

    * Wheat eases for 2nd day as market takes breather after
rally
    * Corn tick up after Tuesday's 1.5 pct decline, soybeans
firm

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 3 (Reuters) - 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
United States. 
    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
Tuesday.
    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
expecting.
    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
 Currencies                                                
 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
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Christian
Schmollinger)
  

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