May 16, 2017 / 3:15 AM / 2 months ago

GRAINS-Wheat at 3-week low on abundant world supplies, corn eases for 2nd day

4 Min Read

    * Wheat at lowest since April 25, falls for 3rd straight day
    * Concerns ease about U.S. storm damage, ample global
supplies
    * Corn loses more ground on rapid pace of U.S. planting

 (Recasts on wheat; adds comment, detail)
    By Naveen Thukral
    SINGAPORE, May 16 (Reuters) - Chicago wheat slid for a third
consecutive session on Tuesday to its weakest since April 25,
with easing concerns about crop-damage from a snowstorm in the
United States and plentiful global supplies weighing on the
market. 
    Corn slipped for a second session as U.S. farmers plant the
crop at a faster pace than average, while soybean prices edged
lower after closing marginally higher.
    "The wheat market seems to be 'disappointed' with how little
crop damage was done by storms a few weeks back," said Tobin
Gorey, director of agricultural strategy at Commonwealth Bank of
Australia.
    "Canada's prairies and some of China's wheat regions remain
on our watchlist, but neither is important enough for now to add
any premium to prices."
    The Chicago Board of Trade most-active wheat contract
had fallen 0.2 percent to 4.22-1/4 a bushel by 0251 GMT. That
was near its session-low of $4.21-1/4 a bushel, the weakest
since April 25. 
    Corn fell 0.3 percent to $3.66-3/4 a bushel, after
earlier touching its lowest since May 10 at $3.66-1/2 a bushel.
Soybeans gave up 0.1 percent to $9.64-1/2 a bushel.
    Historically high wheat stockpiles across most exporting
countries are likely to keep a lid on wheat futures. 
    The U.S. Department of Agriculture said the U.S. corn crop
was 71 percent planted, just ahead of the five-year average of
70 percent and above the average analyst estimate in a Reuters
poll of 68 percent.
    Improved U.S. weather in recent days helped corn planting in
the Midwest, although showers will return this week.
    The agency said soybean planting was 32 percent complete,
matching the five-year average and above the average expectation
of 28 percent in the Reuters poll.
    CBOT soybeans face pressure from a smaller-than-expected
monthly U.S. soybean crush figure.
    The National Oilseed Processors Association said its members
crushed 139.1 million bushels of soybeans in April, down from
153.06 million bushels in March. 
    Analysts had been expecting an April crush of 145.7 million
bushels, based on an average of estimates in a Reuters survey.
    NOPA's crush figure suggests the USDA may make a downward
revision to U.S. soy crush estimate for the 2016-17 marketing
year, analysts said.
    Commodity funds were net sellers of CBOT corn and wheat
futures on Monday and net buyers of soybeans, traders said.

    
 Grains prices at  0251 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  422.25  -1.00   -0.24%   -2.65%       437.63  46
 CBOT corn   366.75  -1.00   -0.27%   -0.68%       369.88  56
 CBOT soy    964.50  -0.75   -0.08%   -0.18%       961.78  59
 CBOT rice   10.68   $0.04   +0.42%   +0.33%       $10.14  80
 WTI crude   49.03   $0.18   +0.37%   +2.49%       $49.67  61
 Currencies                                                
 Euro/dlr    $1.098  $0.006  +0.50%   +1.12%               
 USD/AUD     0.7412  0.003   +0.37%   +0.49%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
   

 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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