November 15, 2017 / 4:36 AM / 3 months ago

GRAINS-Corn prices slip for 3rd session as near-record U.S. crop weighs

    * Corn prices fall as harvest of bumper U.S. crop almost
    * Wheat loses ground after rally, abundant supplies weigh

 (Adds comment, detail)
    By Naveen Thukral
    Nov 15 (Reuters) - Chicago corn slid for a third consecutive
session on Wednesday, hitting a one-year low as harvest of the
second-largest U.S. crop on record boosts global supplies.
    Wheat prices lost ground, falling for two out of three
sessions, with abundant global supply giving stiff competition
to U.S. exporters.
    The Chicago Board of Trade most-active corn contract
had fallen 0.1 percent to $3.37-1/4 a bushel by 0256 GMT, after
earlier in the session dropping to its weakest since Nov. 14,
2016, at $3.37 a bushel. Corn closed down 1.4 percent in the
previous session.
    Wheat gave up 0.3 percent to $4.26-3/4 a bushel, after
closing up 0.9 percent in the previous session, while soybeans
 were little changed at $9.68 a bushel, having finished
down 0.7 percent on Tuesday.
    "U.S. corn yields have been better than expected and
Brazilian weather is improving," said one India-based
agricultural commodities analyst. "The bearish trend in corn
prices is expected to continue in 2018 as well."
    The U.S. Department of Agriculture late on Monday said the
corn harvest was 83 percent complete and the soybean harvest was
93 percent finished.
    There was additional downward pressure on corn and soybean
prices from rains across Brazilian growing areas.
    Rains in Mato Grosso have convinced the market that the rest
of the Brazilian planting process will be wrapped up in the next
few weeks, analysts said. This will also allow farmers to plant
the second corn crop in a timely manner.
    Still, dry conditions were expected next week in Argentina's
main agricultural area, which could delay soybean planting.

    The National Oilseed Processors Association's October crush
report is expected to show that U.S. processors crushed their
fourth-largest monthly volume of soybeans last month and the
second-biggest October volume on record, analysts said.
    Analysts are expecting an October crush of 164.475 million
bushels, according to the average of seven estimates given in a
Reuters survey.
    Commodity funds were net sellers of CBOT soybean, corn,
soyoil and soymeal futures contracts on Tuesday, traders said.
They were net buyers of wheat.
    Trader estimates of net fund selling in corn ranged from
10,000 to 16,000 contracts, and in soybeans from 5,000 to 7,000
contracts. Estimates of net buying in wheat ranged from 1,000 to
6,000 contracts.

 Grains prices at  0256 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  426.75  -1.25   -0.29%   +0.59%       430.84  45
 CBOT corn   337.25  -0.25   -0.07%   -1.46%       347.68  24
 CBOT soy    968.00  0.25    +0.03%   -0.64%       987.44  32
 CBOT rice   11.54   $0.04   +0.39%   +1.58%       $11.91  45
 WTI crude   55.11   -$0.59  -1.06%   -2.91%       $53.38  47
 Euro/dlr    $1.179  $0.000  -0.03%   +1.10%               
 USD/AUD     0.7582  -0.005  -0.62%   -0.51%               
 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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