* Wheat loses more ground on plentiful global supplies
* CBOT soybeans edge up after dropping to 2-week low
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, May 15 Chicago wheat prices slid for
a second session on Monday, pressured by abundant global supply.
Soybeans edged higher as the market rebounded on
bargain-buying after hitting a two-week low in the previous
session, while corn dipped.
The Chicago Board of Trade most-active wheat contract
fell 0.7 percent to $4.29-3/4 a bushel by 0337 GMT, having
closed down 0.2 percent on Friday.
Soybeans rose 0.2 percent to $9.64-1/2 a bushel, after
ending down 0.3 percent on Friday when prices dropped to their
weakest since May 1 at $9.60-1/2 a bushel.
Corn eased 0.1 percent to $3.70-3/4 a bushel, having
gained 0.5 percent in the previous session.
"All the talk about lower planting in the United States and
then storm damage have had limited impact on wheat supplies,"
said Phin Ziebell, agribusiness economist, National Australia
"We don't see much upside to prices as there are plenty of
supplies. Look at the Black Sea region, a lot of supplies are
The U.S. Department of Agriculture has estimated global
wheat stocks at the end of the crop year in June 2018 at a
record 258.29 million tonnes.
For corn, Informa Economics lowered its projection of U.S.
2017 plantings to 89.7 million acres, trade sources said, below
the USDA's March 31 figure of 90.0 million acres.
Informa raised its forecast of U.S. 2017 soybean plantings
to 89.662 million acres, above the USDA's March figure of 89.5
Brazil's statistics agency Conab on Thursday raised its
estimate of the country's 2016-17 crop to a record of 113
million tonnes, from 110.2 million last month.
Large speculators increased their net short position in CBOT
corn futures in the week to May. 9, regulatory data released on
The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and trimmed their net short
position in soybeans.
Grains prices at 0337 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 429.75 -3.00 -0.69% -0.92% 437.88 56
CBOT corn 370.75 -0.25 -0.07% +0.41% 370.01 61
CBOT soy 964.50 1.50 +0.16% -0.18% 961.78 59
CBOT rice 10.46 $0.04 +0.43% -1.74% $10.13 76
WTI crude 48.55 $0.71 +1.48% +1.51% $49.71 58
Euro/dlr $1.093 $0.000 +0.00% +0.62%
USD/AUD 0.7398 0.001 +0.18% +0.30%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)