November 7, 2016 / 4:11 AM / a year ago

GRAINS-U.S. soybeans up for 3rd day on demand hopes, wheat eases

* Traders cautious ahead of U.S. elections, USDA report
    * Strong demand underpins soybeans, wheat dips after gains

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Nov 7 (Reuters) - Chicago soybeans rose for a
third consecutive session on Monday as higher demand for U.S.
shipments buoyed the market, although gains were limited due to
caution ahead of U.S. elections and a key supply-demand report. 
    Wheat edged lower, giving up some of the prior session's
gains, while corn lost ground after closing marginally higher in
the past two sessions. 
    The Chicago Board of Trade most-active soybean contract
 climbed 0.7 percent to $9.97-3/4 a bushel by 0331 GMT, the
strongest since Nov. 1. 
    Corn eased 0.1 percent to $3.48-1/2 a bushel and wheat
 fell 0.2 percent to $4.13-1/2 a bushel.
    "I think this week's USDA report and U.S. elections are in
focus," said Kaname Gokon at brokerage Okato Shoji, Tokyo.
    "But there is no change in fundamentals, there is aggressive
export demand for U.S. soybeans and cash market is a bit tight.
In Argentina, farmers are likely to plant more corn and less
soybeans which is supportive for prices."
    Investors in global financial and commodity markets are
unlikely to make big bets ahead of the U.S. presidential
elections due on Tuesday.
    Initial results of the vote are expected to begin rolling
out by Wednesday morning Asia time.
    The market is also awaiting U.S. Department of Agriculture
(USDA) supply-demand report, which is due on Wednesday. 
    Analysts polled by Reuters expected the USDA to raise its
forecast for U.S. soybean production to a new record high and
slightly reduce its outlook for U.S. corn output. Analysts also
predicted the agency would narrowly increase U.S. wheat ending
stocks.   
    Brazil's soy, coffee and sugar cane crops are off to a good
start to the season that will harvest in 2017, after wet spring
weather breathed life into farms that have struggled with
drought over the past few years. 
    Large speculators trimmed their net short position in CBOT
corn futures in the week to Nov. 1, regulatory data showed.
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and raised their net long position
in soybeans.
    
 Grains prices at  0331 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  413.50  -0.75    -0.18%   +0.36%       408.81  51
 CBOT corn   348.50  -0.25    -0.07%   +0.14%       346.89  47
 CBOT soy    997.75  7.00     +0.71%   +0.83%       982.68  54
 CBOT rice   9.84    -$0.04   -0.46%   +0.31%       $10.27  39
 WTI crude   44.57   $0.50    +1.13%   +1.13%       $48.71  25
 Currencies                                                 
 Euro/dlr    $1.108  -$0.006  -0.52%   -0.23%               
 USD/AUD     0.7676  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 Himani Sarkar)

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