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GRAINS-Soybeans fall for 2nd day on supply pressure, weaker Brazilian real
May 18, 2017 / 3:44 AM / in 7 months

GRAINS-Soybeans fall for 2nd day on supply pressure, weaker Brazilian real

    * Soybeans fall 1 pct as record Brazilian supplies hit
    * Corn, wheat ease as White House turmoil hits risk

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 18 (Reuters) - Chicago soybeans slid 1
percent on Thursday, down a second session as pressure from a
weaker Brazilian real is likely to prompt farmers to sell their
freshly harvested record crop.
    Corn and wheat also eased on plentiful supplies, with
additional pressure from investors cutting risk exposure as the
U.S. political crisis appeared to deepen.
    The Chicago Board Of Trade most-active soybean contract
 fell 1 percent to $9.65-3/4 a bushel by 0319 GMT after
closing marginally lower on Wednesday.  
    Corn lost 0.7 percent to $3.68-3/4 a bushel, having
gained 1 percent in the previous session. Wheat gave up
0.4 percent to $4.25-1/2 a bushel, having closed up 0.6 percent
the day before. 
    "The Brazilian crop is getting bigger, we hear everyday
people increasing their estimates. The top-end of the estimate
is around 113 million tonnes, which is huge," said one
agricultural commodities analyst.
    "There is no reason for soybeans to rally. We also have
risk-off trade because of the U.S. political crisis." 
    Asian stocks fell on Thursday and the dollar was
stuck near six-month lows against a basket of currencies as
uncertainty mounted over U.S. President Donald Trump's future
following reports that he allegedly tried to interfere with a
federal investigation.
    Soybeans were weighed down by a weaker Brazilian real, which
is expected encourage farmers to sell their ample supplies. The
currency eased after a six-session advance that had discouraged
growers from selling their dollar-denominated stocks.
    On the physical front, trade news supported U.S. wheat. 
    Egypt's main state wheat buyer purchased two cargoes of U.S.
hard red winter wheat in an international tender along with
cargoes from Romania, Ukraine and Russia. Egypt's General
Authority for Supply Commodities said it bought a total of
295,000 tonnes of wheat.
    Commodity funds were net buyers of CBOT corn
and wheat futures contracts on Wednesday and small net sellers
in soybeans, traders said. 

 Grains prices at  0319 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  425.50  -1.50   -0.35%   +0.29%       435.73  49
 CBOT corn   368.75  -2.75   -0.74%   +0.27%       369.70  57
 CBOT soy    965.75  -10.00  -1.02%   -1.08%       964.00  53
 CBOT rice   10.78   -$0.14  -1.24%   +1.41%       $10.17  73
 WTI crude   48.96   -$0.11  -0.22%   +0.62%       $49.52  58
 Euro/dlr    $1.116  $0.000  -0.01%   +0.68%               
 USD/AUD     0.7450  0.002   +0.26%   +0.32%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Tom Hogue)

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