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GRAINS-Corn eases from 3-week peak, soybeans face supply pressure
April 4, 2017 / 1:46 AM / 8 months ago

GRAINS-Corn eases from 3-week peak, soybeans face supply pressure

    SINGAPORE, April 4 (Reuters) - Chicago corn futures edged
lower on Tuesday, with the market taking a breather after
climbing to its highest in more than three weeks with support
from a U.S. government forecast of lower plantings this year.
    * Corn climbed to its highest since March 9 at
$3.71-3/4 a bushel on Monday. 
    * The market was supported by the U.S. Department of
Agriculture's projection on Friday that U.S. farmers would plant
89.996 million acres of corn. The figure fell below a range of
trade expectations.
    * The agency forecast U.S. soybean plantings at 89.482
million acres, above trade expectations.
    * Soybean futures are struggling as record supplies from
Brazil hit the market.
    * Brazilian soybean exports totalled 9.7 million tonnes in
March, the highest on record for the month, according to grain
export association Anec, which warned of the potential stresses
of a bumper crop on the country's major ports.
    * After the close on Monday, the USDA rated 51 percent of
the U.S. winter wheat crop as good to excellent, compared with
59 percent a year earlier.
    * But the USDA's state reports showed week-on-week
improvements in crop ratings for several key winter wheat
states, including Kansas, Texas, Oklahoma and Colorado.
    * Russian wheat export prices fell last week, hit by weaker
demand from Egypt and Turkey and the rouble's strength against
the dollar, an agricultural consultancy said on Monday.

    * Commodity funds were net buyers of Chicago Board of Trade
corn and wheat futures contracts on Monday and net sellers of
soybeans, traders said.
    * Trade estimates of net fund buying in corn ranged widely
from 5,000 to 25,000 contracts.
    * Asian share markets were down in skittish early trade on
Tuesday as investors held their breath ahead of a potentially
tense meeting between U.S. President Donald Trump and his
Chinese counterpart Xi Jinping later this week.
0900  Euro zone   Retail sales         Feb 
1230  U.S.        International trade  Feb 
1345  U.S.        ISM-New York index   Mar 
1400  U.S.        Factory orders       Feb
 Grains prices at  0129 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  426.75  -1.00   -0.23%   +1.37%       438.03   48
 CBOT corn   367.50  -0.25   -0.07%   +2.80%       367.08   65
 CBOT soy    939.25  1.00    +0.11%   -2.47%       1004.57  11
 CBOT rice   10.09   $0.02   +0.15%   +2.44%       $9.74    76
 WTI crude   50.24   $0.00   +0.00%   -0.71%       $50.44   60
 Euro/dlr    $1.067  $0.002  +0.16%   -0.07%                
 USD/AUD     0.7598  -0.003  -0.39%   -0.55%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford)

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