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GRAINS-Wheat falls to 17-day low as rains provide temporary relief
July 17, 2017 / 3:55 AM / 3 months ago

GRAINS-Wheat falls to 17-day low as rains provide temporary relief

    * Wheat down for fourth straight session
    * Corn falls more than 1 pct
    * Soybeans edge lower

    By Colin Packham
    SYDNEY, July 17 (Reuters) - U.S. wheat fell 1 percent to hit
a 17-day low on Monday as rains across a key producing region
weighed on prices, though forecasts for continued dry weather
provided a floor to losses.
    Corn fell 1 percent, returning much of the gains from the
previous session, while soybeans edged lower.
    The most active wheat futures on the Chicago Board of Trade
 were down 1.1 percent at $5.05-1/4 a bushel by 0340 GMT,
near the session-low of $5.02-3/4 a bushel - the weakest since
June 30. Wheat closed down 0.2 percent on Wednesday.
    Analysts said rains across pockets of a key U.S. producing
region were pressuring prices, though the timely moisture has
done little to relive stress on crops.
    "North American spring wheat regions still have large
pockets that were very likely to be seeing yields continue to
decline," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    Weather models call for continued dry weather across the
U.S. Plains, which may see yields fall below official estimates.
    Despite the continued dry weather, the U.S. Department of
Agriculture last week forecast ample global grain and soy
supplies.
    The most active corn futures dropped 1.3 percent to
$3.84-1/2 a bushel, having gained 1.7 percent in the previous
session.
    The most active soybean futures fell 0.4 percent to
$9.97-1/2 a bushel, after firming 1.4 percent on Friday.
    The USDA on Friday said exporters sold 1.3 million tonnes of
soybeans to China, an announcement that followed a Thursday
signing ceremony between Chinese soy buyers and American sellers
in Iowa.
        
 Grains prices at  0340 GMT
 Contract       Last    Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   505.25     -5.50    -1.08%       -1.27%   492.99    53
 CBOT corn    384.50     -5.00    -1.28%       +0.39%   396.64    47
 CBOT soy     997.50     -4.00    -0.40%       +1.01%   959.62    56
 CBOT rice     11.75     $0.07    +0.64%       -0.04%   $11.69    62
 WTI crude     46.64     $0.10    +0.21%       +1.22%   $45.15    63
 Currencies                                                         
 Euro/dlr     $1.146   -$0.001    -0.06%       +0.57%               
 USD/AUD      0.7810    -0.002    -0.23%       +1.09%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Michael Perry)
  

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