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GRAINS-Soybeans firm for first time in 3 sessions
September 11, 2013 / 3:13 AM / 4 years ago

GRAINS-Soybeans firm for first time in 3 sessions

* Soybeans edge higher for first time this week
    * Trading remains quiet ahead of USDA report
    * Corn loses a quarter of the gains from previous session

    By Colin Packham
    SYDNEY, Sept 11 (Reuters) - U.S. soybeans rose for the first
time in three sessions on Wednesday as traders squared positions
ahead of a U.S. Department of Agriculture (USDA) report later
this week, but activity was muted.
    Corn eased, shedding a quarter of the gains from the
previous session, while wheat was little changed.
    Chicago Board of Trade November soybeans rose 0.2
percent to $13.57 a bushel, having dipped 0.1 percent on
Tuesday.
    "It is very quiet today, but beans have been sold off now to
a point where all the activity is position squaring ahead of the
USDA report," said Andrew Woodhouse, grains analyst at Advance
Trading Australasia.
    The USDA is due to release its September production forecast
on Thursday and is expected to trim its soybean yield estimate
to 41.2 bushels per acre from 42.6 bushels in August, according
to a Reuters poll. 
    Weather conditions provided mixed signals to the market with
a blast of late summer heat baking the U.S. Midwest on Tuesday,
putting pressure on farmers, but showers are expected this week,
MDA Weather Services said.      
    December corn fell 0.3 percent to $4.67-1/2 a bushel
by 0242 GMT, having closed up 1.2 percent on Tuesday.
    Analysts said corn fell as traders banked profits ahead of
the USDA report.
    Analysts expect the USDA to cut its estimate for the average
corn yield to 153.7 bushels, down from 154.4 bushels forecast in
August.
    A forecast for a bumper Chinese crop added to pressure on
corn. 
    China is seen producing 4.6 percent more corn this year at
215 million tonnes, while rice output may fall 1.0 percent to
202 million tonnes, the China National Grain and Oils
Information Center said on Wednesday. 
    Argentina is set to raise its limit on 2012/13 corn exports
by about 3 million tonnes from the current ceiling of 17
million, Buenos Aires-based government and market sources told
Reuters on Tuesday. 
    December wheat was little changed at $6.46-3/4 a
bushel, having closed up 0.8 percent on Tuesday. 
        
  Grains prices at  0242 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     646.75     0.25  +0.04%    -0.15%     653.58   44
  CBOT corn      467.50    -1.50  -0.32%    -0.16%     469.84   32
  CBOT soy      1357.00     2.00  +0.15%    -0.79%    1281.40   50
  CBOT rice      $15.42   -$0.02  -0.13%    +0.03%     $15.35   38
  WTI crude     $106.94   -$0.45  -0.42%    -2.36%    $106.91   45
  Currencies                                                
  Euro/dlr       $1.327   $0.001  +0.10%    +0.67%
  USD/AUD         0.929    0.006  +0.67%    +1.17%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Editing by Richard Pullin)

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