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GRAINS-Corn falls ahead of USDA report, wheat rebounds after 2-day decline
November 9, 2017 / 3:31 AM / a month ago

GRAINS-Corn falls ahead of USDA report, wheat rebounds after 2-day decline

    * Chicago corn falls as USDA seen boosting yield estimate
    * Wheat rises on bargain-buying after 2 days of losses

 (Adds details, quote)
    By Naveen Thukral
    Nov 9 (Reuters) - Chicago corn futures lost ground on
Thursday, falling for four out of five sessions with pressure on
the market ahead of a key U.S. government report that is
expected to boost production estimate.
    Wheat edged higher on bargain-buying after two days of
decline although prices were capped by lack of demand for U.S.
cargoes and soybeans ticked lower following gains in the past
three days.
    The most-active corn contract on the Chicago Board Of Trade
 slipped 0.2 percent to $3.47-1/2 by 0254 GMT. Corn closed
up 0.1 percent on Wednesday after earlier dropping to 3.45-3/4 a
bushel, the lowest since Nov. 1. 
    Wheat added 0.2 percent to $4.27-1/2 a bushel, having
closed down 0.1 percent on Wednesday, while soybean was
down 0.1 percent to $9.98 a bushel, having firmed 0.3 percent on
Wednesday.
    Market focused on the U.S. Department of Agriculture report,
which is expected to show higher U.S. corn yields, lower soybean
yields and still ample global supplies of grains and oilseeds.

    Argentina's Rosario exchange raised its 2017/18 corn crop
estimate to at least 41.5 million tonnes versus 41 million
tonnes, it said on Wednesday, citing good climate conditions.
    In the soybean market, the spotlight is on Brazil where
much-needed rains are expected.
    "Weather forecasters are more confident that soybean regions
in Mato Grosso, Brazil will get enough rain this weekend to
boost soil moisture," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
    The forecasts could lead to some fall in prices, Gorey said.
    China imported 5.86 million tonnes of soybeans in October,
down 28 percent from the previous month and well below market
expectations, customs data showed on Wednesday, after some
shipments were delayed.
    Wheat faces pressure from poor demand for U.S. cargoes.
    Egypt's GASC, the world's top state buyer of wheat, said it
bought 120,000 tonnes of Russian wheat in a snap tender.
    India has doubled its import tax on wheat to 20 percent,
according to a government order on Wednesday, as the world's
second biggest producer tries to rein in imports to support
local prices.
    This could be bearish for wheat futures as last year India
turned into a net importer after two years of adverse weather.
    Commodity funds were net buyers of CBOT soyoil, soybeans,
corn and wheat futures contracts on Wednesday and net sellers of
soymeal, traders said.
    
 Grains prices at  0254 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  427.50  0.75    +0.18%   -0.75%       434.15  47
 CBOT corn   347.50  -0.75   -0.22%   -0.07%       349.34  43
 CBOT soy    998.00  -0.50   -0.05%   +0.20%       987.31  61
 CBOT rice   11.41   $0.00   +0.00%   -0.95%       $12.05  25
 WTI crude   56.92   $0.11   +0.19%   -0.49%       $52.65  79
 Currencies                                                
 Euro/dlr    $1.160  $0.000  +0.02%   +0.09%               
 USD/AUD     0.7686  0.001   +0.14%   +0.55%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Gopakumar Warrier)
  

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