* Corn up from 1-week trough, market eyes lower U.S. yields
* Wheat eases after Wednesday's gains, soybeans dip
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, Sept 15 Chicago corn futures rose for
a second session on Thursday, recovering from one-week lows on
expectations of further reductions in estimates for U.S. corn
Wheat edged lower after gaining about half a percent in the
last session, although the decline was reined in by prospects of
strong demand for U.S. shipments with lower supplies in Europe.
The Chicago Board of Trade most-active corn contract
had climbed 0.2 percent to $3.32-1/4 a bushel by 0305 GMT, after
hitting a one-week low at $3.26-1/2 a bushel on Wednesday.
Soybeans dipped a quarter of a cent to $9.42-1/2 a
bushel and wheat gave up 0.1 percent to $4.02-1/2 a
"We see scope for a further downgrade in USDA's corn yield
estimates and see continued strength in U.S. corn exports amid a
severe shortage of corn outside the U.S," said Rajesh Singla,
head of agriculture research at Societe Generale.
"La Nina weather can impact LatAm corn production."
The U.S. Department of Agriculture trimmed its corn harvest
outlook slightly from the previous month, but the crop is still
expected to be the largest in history.
The agency on Monday reduced its U.S. corn production
forecast to 383.4 million tonnes from 384.9 million tonnes
estimated in August.
Lower wheat output in Europe is preventing further declines
in wheat prices.
France, Europe's largest grain producer, harvested 28.5
million tonnes of soft wheat this year, down from a record 40.9
million in 2015, FranceAgriMer said on Wednesday after adverse
spring weather hampered crop development.
U.S. soybean processors likely cut back on their pace of
crushing during August as some processors shut down for seasonal
maintenance to ensure plants would be ready to handle the influx
of beans from the upcoming harvest, analysts said.
The National Oilseed Processors Association (NOPA), the
largest U.S. trade group for the industry, is expected to report
that its members crushed 136.233 million bushels of soybeans in
August, based on the average of estimates by six analysts.
The NOPA report is scheduled for release on Thursday at 1600
Commodity funds were net buyers of CBOT corn and wheat
futures contracts on Wednesday and net sellers of soybeans.
Grains prices at 0305 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 402.50 -0.50 -0.12% +0.37% 419.92 45
CBOT corn 332.25 0.50 +0.15% +0.68% 332.73 52
CBOT soy 942.50 -0.25 -0.03% -0.16% 977.37 41
CBOT rice 9.88 -$0.01 -0.15% +2.76% $9.79 58
WTI crude 43.63 $0.05 +0.11% -2.83% $45.33 39
Euro/dlr $1.124 $0.000 -0.04% +0.24%
USD/AUD 0.7460 -0.001 -0.08% -0.03%
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)