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GRAINS-Wheat eases for 2nd day, soybean prices firm after 3-day decline
May 15, 2017 / 4:04 AM / 6 months ago

GRAINS-Wheat eases for 2nd day, soybean prices firm after 3-day decline

    * Wheat loses more ground on plentiful global supplies
    * CBOT soybeans edge up after dropping to 2-week low

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, May 15 (Reuters) - Chicago wheat prices slid for
a second session on Monday, pressured by abundant global supply.
    Soybeans edged higher as the market rebounded on
bargain-buying after hitting a two-week low in the previous
session, while corn dipped.
    The Chicago Board of Trade most-active wheat contract
fell 0.7 percent to $4.29-3/4 a bushel by 0337 GMT, having
closed down 0.2 percent on Friday.
    Soybeans rose 0.2 percent to $9.64-1/2 a bushel, after
ending down 0.3 percent on Friday when prices dropped to their
weakest since May 1 at $9.60-1/2 a bushel.
    Corn eased 0.1 percent to $3.70-3/4 a bushel, having
gained 0.5 percent in the previous session.
    "All the talk about lower planting in the United States and
then storm damage have had limited impact on wheat supplies,"
said Phin Ziebell, agribusiness economist, National Australia
    "We don't see much upside to prices as there are plenty of
supplies. Look at the Black Sea region, a lot of supplies are
coming out."
    The U.S. Department of Agriculture has estimated global
wheat stocks at the end of the crop year in June 2018 at a
record 258.29 million tonnes.
    For corn, Informa Economics lowered its projection of U.S.
2017 plantings to 89.7 million acres, trade sources said, below
the USDA's March 31 figure of 90.0 million acres.
    Informa raised its forecast of U.S. 2017 soybean plantings
to 89.662 million acres, above the USDA's March figure of 89.5
million acres.     
    Brazil's statistics agency Conab on Thursday raised its
estimate of the country's 2016-17 crop to a record of 113
million tonnes, from 110.2 million last month.
    Large speculators increased their net short position in CBOT
corn futures in the week to May. 9, regulatory data released on
Friday 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 trimmed their net short
position in soybeans.

 Grains prices at  0337 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  429.75  -3.00   -0.69%   -0.92%       437.88  56
 CBOT corn   370.75  -0.25   -0.07%   +0.41%       370.01  61
 CBOT soy    964.50  1.50    +0.16%   -0.18%       961.78  59
 CBOT rice   10.46   $0.04   +0.43%   -1.74%       $10.13  76
 WTI crude   48.55   $0.71   +1.48%   +1.51%       $49.71  58
 Euro/dlr    $1.093  $0.000  +0.00%   +0.62%               
 USD/AUD     0.7398  0.001   +0.18%   +0.30%               
 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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