August 11, 2017 / 3:16 AM / a year ago

GRAINS-Soybeans, corn face 3rd week of losses as US raises output f'cast

    * Soybeans, corn edge up after deep losses, face weekly
    * USDA's outlook for corn, soybean yields above market
    * Wheat set for 5th straight week of decline on ample

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Aug 11 (Reuters) - Chicago soybean and corn
futures edged higher on Friday as the market took a breather
following last session's deep losses, but both commodities are
poised for their third week of decline on a higher U.S.
production outlook.
    Wheat is set for a fifth week of falls with strong global
supplies dragging prices lower. 
    The Chicago Board of Trade most-active corn contract
has given up more than 5 percent in three weeks while soybeans
 are down nearly 8 percent during the period.
    Corn on Thursday hit its lowest since June 30 at $3.70-1/4 a
    Wheat has fallen more than 17 percent in five weeks.
    The U.S. Department of Agriculture on Thursday projected the
U.S. corn yield at 169.5 bushels per acre (bpa), below its
previous forecast of 170.7 but above an average of trade
estimates for 166.2 bpa.
    The USDA pegged soybeans yields at 49.4 bpa, above its
previous forecast of 48.0, surprising analysts who expected a
    "It was a surprising report, despite the drought the USDA is
expecting good production for corn and soybeans," said one
agricultural commodities analyst.
    "There is scope for downgrade in production estimates going
forward as both corn and soybeans estimates above the top end of
the range."
    Both figures implied larger harvests than most analysts
expected, given planting delays and dry conditions in parts of
the Midwest.
    There was more bearish news for soybeans stemming from
    Conab, Brazil's agricultural statistics and food supply
agency, on Thursday raised its estimate for the country's
2016/17 soybean crop to 114 million tonnes from 113.92 million
tonnes in July, citing an increase in planted area.
    The USDA estimated U.S. production of spring wheat other
than durum at 402 million bushels, down from 423 million in July
but well above the average trade estimate of 393 million.
    Commodity funds were net sellers of CBOT corn, soy and wheat
futures contracts on Thursday, traders said.
    Trader estimates of net fund selling in corn ranged from
25,000 to 40,000 contracts, in soybeans from 9,000 to 25,000
contracts, and in wheat from 7,000 to 15,000 contracts.

 Grains prices at  0256 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  442.75  2.25    +0.51%   -3.65%       495.63  26
 CBOT corn   373.75  2.75    +0.74%   -3.24%       390.48  37
 CBOT soy    944.50  4.25    +0.45%   -2.95%       993.64  28
 CBOT rice   12.29   $0.04   +0.33%   -0.16%       $12.09  55
 WTI crude   48.44   -$0.15  -0.31%   -2.26%       $47.40  45
 Euro/dlr    $1.177  $0.000  -0.01%   +0.10%               
 USD/AUD     0.7850  -0.002  -0.30%   -0.46%               
 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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