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GRAINS-Wheat eases on supply pressure, soybeans hit one-week high
May 17, 2017 / 3:02 AM / 6 months ago

GRAINS-Wheat eases on supply pressure, soybeans hit one-week high

    * Wheat drops, falls for three out of four sessions; corn
    * Soybeans rise for third session as strong U.S. exports

 (Recasts with wheat; adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 17 (Reuters) - Chicago wheat futures edged
lower on Wednesday, falling for three out of four sessions as
storms in the United States caused little damage and global
supplies remain ample.
    Soybeans rose for a third consecutive session to a one-week
high on support from strong demand for U.S. shipments. 
    The most-active wheat contract on the Chicago Board of
Trade slid 0.2 percent to $4.23-1/4 a bushel by 0239 GMT, while 
   corn added 0.2 percent to $3.68-1/2 a bushel.
    Soybeans added 0.2 percent to $9.77-3/4 a bushel after
earlier in the session hitting $9.78 a bushel, the highest since
May 10.
    "Wheat has some downward pressure as there was not much
impact from weather conditions in the United States," said
Kaname Gokon from Tokyo brokerage Okato Shoji. "Crops in the
Black Sea region are looking pretty good."
    The wheat market is also under pressure from plentiful
global supplies.
    The U.S. Department of Agriculture said on Tuesday that
private exporters reported the sale of 132,000 tonnes of
soybeans for delivery to unknown destinations during the 2016/17
marketing year.
    It said on Monday that the U.S. corn crop was 71 percent
planted as of May 15, up from only 47 percent the previous week
and above analysts' estimates of 68 percent in a Reuters poll.
    Commodity funds were net buyers of CBOT soybean, wheat and
soymeal futures contracts on Tuesday, traders said. They were
net even in soyoil and corn.
 Grains prices at  0239 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  423.25  -1.00   -0.24%   +0.00%       436.30  47
 CBOT corn   368.50  0.75    +0.20%   +0.20%       369.68  60
 CBOT soy    977.75  1.50    +0.15%   +1.30%       963.70  71
 CBOT rice   10.67   $0.04   +0.42%   +0.38%       $10.15  79
 WTI crude   48.18   -$0.48  -0.99%   -1.37%       $49.57  51
 Euro/dlr    $1.111  $0.003  +0.23%   +1.23%               
 USD/AUD     0.7416  -0.001  -0.13%   +0.05%               
 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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