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CORRECTED-GRAINS-Corn prices ease for third day on weak demand, ample supply
October 11, 2017 / 12:56 AM / 13 days ago

CORRECTED-GRAINS-Corn prices ease for third day on weak demand, ample supply

 (Corrects to say corn falling for 3rd day, not 2nd, in headline
and 1st paragraph)
    SINGAPORE, Oct 11 (Reuters) - Chicago corn futures slid for
a third session on Wednesday, with plentiful supply and slow
demand for U.S. shipments weighing on the market.
    Soybeans were little changed after closing marginally lower,
with expectations of weaker production in Brazil and strong
demand for cargoes from the United States keeping a floor under
prices.
    
    FUNDAMENTALS
    * The U.S. Department of Agriculture reported export
inspections of corn and wheat in the latest week below
expectations, reflecting sluggish export demand for both grains.

    * But inspections for U.S. soybeans were at more than 1.4
million tonnes, topping a range of trade estimates. 
    * The U.S. soybean harvest was 36 percent complete, behind
the five-year average of 43 percent and an average of trade
expectations for 38 percent, the farm department said after the
market closed on Tuesday.
    * The corn harvest was 22 percent complete, compared with
the five-year average of 37 percent and the average trade
estimate of 27 percent. In Iowa, the top U.S. corn producer, the
corn harvest was 8 percent done, lagging the state's five-year
average of 28 percent.
    * A decline in production in Brazil is underpinning soybean
prices. Brazilian statistics agency Conab forecast the country's
2017-18 soybean crop at between 106 million and 108.2 million
tonnes, down from the 2016-17 crop of 114 million tonnes.

    * The U.S. wheat market is being pressured by stiff
competition from the Black Sea region.
    * Egypt's state buyer said it bought 170,000 tonnes of
Russian wheat in an international purchasing tender where no
U.S. wheat was offered.
    * The USDA is scheduled to release its October supply-demand
reports, including updated estimates of U.S. and global crop
production on Thursday.
    * Commodity funds were net sellers of Chicago Board of Trade
soybean, corn, soyoil and wheat futures contracts on Tuesday and
net even in soymeal, traders said.
    
    MARKET NEWS
    * Stocks around the world rose on Tuesday as Wall Street
eked out record highs ahead of earnings season, while U.S.
Treasury prices pared gains after Catalonia's leader allowed for
talks with Madrid even as he proclaimed independence from Spain.
    
    DATA AHEAD (GMT)
    No major data scheduled for Wednesday, Oct. 11
    
 Grains prices at  0025 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  435.25  0.00    +0.00%   -1.86%       443.65  38
 CBOT corn   348.75  -0.50   -0.14%   -0.36%       352.55  42
 CBOT soy    965.75  -0.25   -0.03%   -0.67%       962.71  52
 CBOT rice   12.08   $0.06   +0.50%   +1.64%       $12.44  51
 WTI crude   50.92   $0.00   +0.00%   +2.70%       $49.77  56
 Currencies                                                
 Euro/dlr    $1.182  $0.001  +0.12%   +0.69%               
 USD/AUD     0.7794  0.002   +0.23%   +0.54%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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