By Colin Packham
SYDNEY, Feb 27 U.S. wheat prices were set to
drop for a third straight session on Monday after hitting a
six-day low, with ample global supply weighing on markets.
* The most active wheat futures on the Chicago Board of
Trade fell 0.5 percent to $4.45-3/4 a bushel, after
earlier touching their lowest since Feb. 21 at $4.45-1/2 a
bushel. Wheat closed down 1.2 percent on Friday.
* The most active soybeans futures rose 0.22 percent
to $10.26-1/2 a bushel, having firmed 1.3 percent on Friday.
* The most active corn futures were little changed at
$3.63-3/4, after closing down 0.4 percent in the previous
* Weekly data from the U.S. Commodity Futures Trading
Commission showed non-commercial traders in the week to Feb. 14
built their biggest net long since July in corn, and the
second-biggest since July in soybeans.
* Argentina will likely harvest a record 18.3 million tonnes
of wheat from the 2016/17 crop, 11 to 11.5 million tonnes of
which could be exported, Agriculture Minister Ricardo Buryaile
* The U.S. government projected a 7 percent decline in corn
production in the 2017/18 marketing year to 14.065 billion
bushels, but ending stocks were expected to remain burdensome at
more than 2 billion bushels.
* The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.
* Brent oil prices edged up on Monday and were set to rise
for five out of seven sessions as a global supply glut appears
to ease, but rising U.S. production limited gains.
DATA AHEAD (GMT)
1000 Euro zone Business climate Feb
1000 Euro zone Consumer confidence final Feb
1330 U.S. Durable goods Jan
1500 U.S. Pending homes sales Jan
Grains prices at 0110 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 445.75 -2.25 -0.50% -1.71% 449.13 37
CBOT corn 363.75 -0.25 -0.07% -0.48% 367.32 37
CBOT soy 1026.50 2.25 +0.22% +1.48% 1044.37 32
CBOT rice 9.72 $0.04 +0.36% +2.59% $9.62 46
WTI crude 53.97 -$0.02 -0.04% -0.88% $53.08 58
Euro/dlr $1.057 $0.000 +0.05% -0.13%
USD/AUD 0.7673 0.000 +0.05% -0.52%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Joseph Radford)