August 13, 2019 / 12:39 AM / a month ago

GRAINS-Chicago corn prices fall near 3-mth low on U.S. crop outlook

    * Chicago corn futures down 2% to weakest since mid-May
    * Higher U.S. crop forecast drags down market 

    By Naveen Thukral
    SINGAPORE, Aug 13 (Reuters) - Chicago corn futures lost more
ground on Tuesday, dropping to their lowest in nearly three
months after a U.S. government forecast for higher-than-expected
crop volumes.
    Soybeans and wheat also slid in early Asian trade.
    The most-active corn contract on the Chicago Board of Trade
 had given up 2% to $3.85 a bushel by 0011 GMT, the weakest
since May 17. Soybeans fell 0.1% to $8.78-1/4 a bushel,
while wheat declined 0.4% to $4.70 a bushel.
    The U.S. corn harvest will be bigger than previously
forecast, the U.S. Department of Agriculture said on Monday, as
the government issued a surprise boost to its outlook despite
concerns about a wet spring and dry summer.
    For the 2019/20 crop year, the corn harvest will total
13.901 billion bushels, based on an average yield of 169.5
bushels per acre, the USDA predicted in its monthly supply and
demand report. 
    Wheat markets are also facing good world supplies and heavy
export competition. Wheat harvesting in Europe is generally
progressing well, with work in France almost finished.
    European Union soft wheat exports in the 2019/20 season that
started on July 1 had reached 1.33 million tonnes by Aug. 11,
down 30% compared with a year earlier, European Commission data
showed on Monday.
    The USDA lowered its soybean crop estimate to 3.680 billion
bushels from 3.845 billion bushels previously.
    China's agriculture ministry on Monday said it had revised
down its estimate for 2018/19 soybean imports to 83.5 million
tonnes, down 1.5 million tonnes from last month's estimate, due
to lower-than-expected shipments in July.
    The ministry also upgraded its estimate for 2018/19 corn
imports to 4 million tonnes, an increase of 700,000 tonnes from
the previous month. The revised estimate for corn imports was
mainly due to a significant reduction in U.S. sorghum imports,
it said.
 Grains prices at 0011 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  470.00  -1.75   -0.37%   -5.72%       499.36  33
 CBOT corn   385.00  -7.75   -1.97%   -7.95%       427.44  22
 CBOT soy    878.25  -1.00   -0.11%   -0.54%       896.93  45
 CBOT rice   11.57   -$0.01  -0.04%   +1.85%       $11.77  48
 WTI crude   54.87   -$0.06  -0.11%   +4.43%       $56.57  
 Euro/dlr    $1.121  $0.002  +0.13%   +0.31%               
 USD/AUD     0.6754  -0.003  -0.49%   -0.68%               
 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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