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GRAINS-Soybeans down for 2nd day, wheat eases from 7-1/2 month top
February 14, 2017 / 3:37 AM / 10 months ago

GRAINS-Soybeans down for 2nd day, wheat eases from 7-1/2 month top

    * Soybeans lose more ground on record Brazilian output
    * Wheat falls for 1st time in 6 days, corn dips
    * Australia's produced record wheat crop of 35.13 mln T

 (Adds details, quotes)
    SINGAPORE, Feb 14 (Reuters) - Chicago soybean futures slid
for a second session on Tuesday with the rapidly advancing
harvest of a record crop in Brazil and much-needed rains in
Argentina weighing on the market.
    Wheat edged down for the first time in six sessions as ample
global supply pulled the market away from its highest level in
more than seven months, touched the day before.
    The most-active wheat contract on the Chicago Board of Trade
fell 0.2 percent to $4.51-1/4 a bushel by 0307 GMT. The market
closed up 0.7 percent on Monday, after hitting its highest since
late June at $4.56 a bushel on the back of fund buying.
    Soybeans lost 0.5 percent to $10.49-1/2 a bushel and
corn dropped 0.4 percent to $3.74 a bushel.
    Brazil soybean industry group Abiove said it expected local
production of the oilseed to hit 104.6 million tonnes in
2016/17, up from its December forecast of 101.7 million. It
pegged the country's soybean exports at 58.7 million tonnes.

    "Brazil's soybean harvest has picked up the pace and is now
about 18 percent complete as compared to a five-year average of
11 percent," said Tobin Gorey, director of agricultural strategy
at Commonwealth Bank of Australia.
    "Argentina's crop received beneficial rain over the weekend,
with additional showers expected this week."
    The wheat market had rallied to a seven-and-month high as
investors covered short positions. 
    Wheat is facing pressure from plentiful global supplies. The
Australian Bureau of Agriculture, Resource Economics and Rural
Sciences said the country's 2016/17 wheat harvest was a record
35.13 million tonnes.
    The U.S. Department of Agriculture on Monday reported weekly
corn export inspections of 1.256 million tonnes, up from 1.124
million tonnes a week ago. The weekly total topped trade
forecasts for 900,000 to 1.1 million tonnes.
    Commodity funds were net buyers of CBOT corn, wheat, soybean
and soymeal futures contracts on Monday and were net sellers of
soyoil futures.
 Grains prices at  0307 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  451.25   -1.00    -0.22%   +1.75%       427.28   72
 CBOT corn   374.00   -1.50    -0.40%   +1.22%       363.68   66
 CBOT soy    1049.50  -4.75    -0.45%   -0.10%       1037.85  55
 CBOT rice   9.49     $0.01    +0.05%   +0.16%       $9.69    43
 WTI crude   53.13    $0.20    +0.38%   -1.36%       $52.80   50
 Euro/dlr    $1.060   -$0.004  -0.33%   -0.48%                
 USD/AUD     0.7672   0.000    +0.04%   +0.66%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Richard Pullin)

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