March 27, 2017 / 2:50 AM / 9 months ago

GRAINS-Soybeans extend losses, near 5-month low

    * Ample global supplies pressure soybeans
    * Corn rebounds from two-month low
    * Wheat falls nearly 0.5 percent

    By Colin Packham
    SYDNEY, March 27 (Reuters) - U.S. soybeans edged lower on
Monday, hovering close to a five-month low amid ample global
supplies of the oilseed and strong South American production.
    Corn edged higher, rebounding from a two-month low touched
in the previous session, while wheat fell nearly 0.5 percent.
    The most active soybean futures on the Chicago Board Of
Trade fell 0.1 percent to $9.74-1/2 a bushel, having
closed down 1.6 percent on Friday when prices hit $9.72-1/4 a
bushel, the lowest since October last year.
    "Brazil's large soybean harvest is now almost 70 percent
complete, Argentina's forecasters just raised their estimate of
the 2016 crop significantly higher and the U.S. is gearing up
for its farmers to plant yet another record setting soybean crop
in 2017," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    The Buenos Aires Grains Exchange last week raised its
outlook for Argentina's 2016/17 soy crop to 56.5 million tonnes
from 54.8 million previously, the latest in a series of upgrades
for harvests in South America.
    Large South American production is expected to be
supplemented by U.S. production, which the U.S. Department of
Agriculture is expected to confirm at the end of the week.
    U.S. farmers are expected to plant 88.2 million acres of
soybeans, a Reuters poll showed.
    The most active corn futures rose 0.2 percent to $3.57
a bushel, having closed down 0.1 percent in the previous session
when prices hit a low of $3.55-1/4 a bushel, the lowest since
Jan. 13.
    The most active wheat futures fell 0.4 percent to 
$4.23 a bushel, having closed up 0.8 percent on Friday, with
analysts pointing favourable weather forecasts.
    The outlook for U.S. wheat production has improved after
forecasts for rain this week in the six to 10 days.
 Grains prices at  0233 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   423.00    -1.75   -0.41%       +0.48%   444.73    42
 CBOT corn    357.00     0.75   +0.21%       +0.07%   370.33    38
 CBOT soy     974.50    -1.25   -0.13%       -1.66%  1021.42    21
 CBOT rice      9.73   -$0.05   -0.56%       -1.27%    $9.71    54
 WTI crude     47.85   -$0.12   -0.25%       +0.31%   $51.13    35
 Euro/dlr     $1.085   $0.005   +0.44%       +0.60%               
 USD/AUD      0.7624    0.000   +0.03%       -0.03%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Richard Pullin)

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