October 22, 2019 / 2:59 AM / 2 months ago

GRAINS-Corn drops for 3rd session on U.S. harvest progress; wheat eases

    * U.S. farmers harvest 30% of corn crop, 46% soybeans
    * Chicago wheat futures decline from highest since late June

 (Adds details of price changes, analyst quote)
    By Naveen Thukral
    SINGAPORE, Oct 22 (Reuters) - Chicago corn futures slid for
a third consecutive session on Tuesday with prices under
pressure from U.S. harvest progress, although losses were
limited by concerns over lower yields.
    Wheat lost ground after climbing to its highest since late
June in the last session on worries about lower production in
Australia and Argentina.
    The Chicago Board of Trade most-active corn contract
lost 0.4% at $3.85-3/4 a bushel, as of 0232 GMT. Wheat
gave up 0.9% at $5.19 a bushel and soybeans lost 0.2% at
$9.31-3/4 a bushel.
    The U.S. Department of Agriculture (USDA) said 30% of the
corn crop has been harvested, compared with 22% a week ago, but
below the average pace of 47%.
    U.S. soybean harvest stood at 46%, up from 26% a week ago,
but lower than the average pace of 64%, the agency said after
the market closed on Monday.
    Lower yields for both corn and soybeans are supporting
prices.
    Six more U.S. Crop Watch corn and soybean fields were
harvested in the latest week, the busiest one yet for the
participating growers, and the results reduced the overall yield
scores for both crops, Karen Braun, a market analyst for
Reuters, wrote in a column.
    "Particularly for corn, it appears that largely favourable
weather during the growing season could not outweigh some of the
earlier problems with moisture during and just after planting,"
Braun wrote.
    Snowfall and freezing temperatures in northern U.S. states
have raised additional risks.
    The USDA has said it will collect extra data on corn and
soybean acreage in Minnesota and North Dakota following the
recent snow.
    "The harvest is progressing now, which is good but not great
if you look at the historic pace," said one Singapore-based
trader. "We will have an idea about the size of the crop in a
few weeks time."
    Brisk weekly U.S. export sales reported on Friday are
supporting the soybean market.
    The wheat market has been underpinned by expectations of
lower production in the Southern Hemisphere.
    Australia's wheat production is expected to drop to 15.5
million tonnes, National Australia Bank said on Friday as it cut
its forecast to well below recent market estimates.
    In Argentina, recent rains have not been strong enough to
help wheat fields after weeks of dryness, the Buenos Aires
Grains Exchange said on Thursday.
    Commodity funds were net sellers of CBOT wheat, corn,
soybean and soymeal futures contracts on Monday and net buyers
of soyoil futures, traders said.
    
 Grains prices at 0232 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  519.00  -4.50   -0.86%   -2.49%       495.93  61
 CBOT corn   385.75  -1.50   -0.39%   -1.34%       381.91  45
 CBOT soy    931.75  -1.50   -0.16%   -0.24%       909.53  59
 CBOT rice   11.80   $0.01   +0.04%   -0.92%       $12.00  41
 WTI crude   53.37   $0.06   +0.11%   -0.76%       $55.10  
 Currencies                                                
 Euro/dlr    $1.115  $0.000  +0.03%   -0.16%               
 USD/AUD     0.6869  0.000   +0.04%   +0.20%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu and
Shounak Dasgupta)
  
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