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GRAINS-Wheat falls 1 pct as supply worries ease, soybeans near 1-week high
December 8, 2014 / 2:47 AM / 3 years ago

GRAINS-Wheat falls 1 pct as supply worries ease, soybeans near 1-week high

* Wheat falls as Black Sea production concerns ease
    * Soybeans edge lower for first session in four
    * Corn falls, shrugging off export support

    By Colin Packham
    SYDNEY, Dec 8 (Reuters) - U.S. wheat futures fell nearly 1
percent on Monday, losing all their gains from the previous
session, as global supply concerns eased.
    Soybeans edged lower for the first time in four sessions,
though prices continued to hover close to a one-week high on
export demand and soymeal strength. 
    Corn also fell for the first time in four sessions.
    Chicago Board of Trade March wheat futures fell 0.6
percent to $5.90-1/2 a bushel by 0217 GMT, having fallen as low
as $5.88 a bushel earlier in the session. Wheat closed up 0.7
percent on Friday, buoyed by technical buying.
    "Weather forecasters continue to think extremely cold
temperatures in vulnerable zones are unlikely," said Tobin
Gorey, agricultural commodities strategist, Commonwealth Bank of
Australia in a research note, referring to Russia and Ukraine.
    Bigger Canadian wheat production also added pressure,
traders said.
    Statscan pegged the all-wheat crop in the world's
third-largest wheat exporter at 29.28 million tonnes, up 6.5
percent from its October estimate of 27.5 million tonnes and
above the average trade expectation of 27.8 million tonnes.
 
    January soybean futures edged down 0.2 percent to
$10.34 a bushel, having closed up 2.5 percent on Friday.
    Analysts said soybeans were under pressure as the market
readies for the next U.S. Department of Agriculture report later
in the week. 
    USDA is expected to trim its forecast of U.S. 2014/15
soybean ending stocks  and raise its estimates of corn and wheat
ending stocks on December 10. 
    Losses, however, were capped by strong demand for U.S.
supplies.
    U.S. soybean exports totalled 1.17 million tonnes, the USDA
said, surpassing market expectations. 
    March corn futures fell 0.13 percent to $3.94-1/2 a
bushel, having closed up 1.3 percent on Friday.
    Corn shrugged off support from strong U.S. exports and talk
of potential increased Chinese demand.
        
  Grains prices at  0217 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     590.50    -3.50  -0.59%    +0.13%     554.98   67
  CBOT corn      394.50    -0.50  -0.13%    +1.22%     421.45   62
  CBOT soy      1034.00    -2.00  -0.19%    +2.33%    1028.05   57
  CBOT rice      $12.05   -$0.01  -0.12%    -0.58%     $12.22   39
  WTI crude      $65.04   -$0.80  -1.22%    -2.65%     $74.92   23
  Currencies                                                
  Euro/dlr       $1.229   $0.000  +0.02%    -0.72%
  USD/AUD         0.830   -0.002  -0.30%    -0.99%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Editing by Ed Davies)

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