December 19, 2017 / 3:37 AM / a month ago

GRAINS-Soybean prices near lowest since early Oct, S.American weather weighs

    * Soybeans pressured by rains in Argentina, record Brazilian
crop
    * Wheat ticks up as U.S. weather concerns support prices

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Dec 19 (Reuters) - Chicago soybean futures edged
lower on Tuesday, with the market trading near its lowest in
almost 11 weeks as forecasts of rain in Argentina's drought-hit
oilseed growing areas weighed on prices.
    Wheat rose for a second session on concerns over a lack of
snow cover in the U.S. Plains leaving the crop vulnerable to
cold temperatures.
    Rains that fell on Argentina's main farm belt over the
weekend brought relief to parched soybean and corn-growing land,
meteorologists said on Monday, allowing the planting of crops to
resume in most of the affected areas.
    Argentina is the world's top exporter of soymeal used in
livestock feed and the No. 3 corn supplier.
    "South American weather is improving, while U.S. soybean
exports remain weak. The window for recovery in U.S. exports is
closing slowly as by the end of January we will have Brazilian
beans entering the market," said one India-based agricultural
commodities analyst at an international bank.
    "Wheat has some weather issues in the U.S. but the crop has
long way to go before we get too worried."
    The Chicago Board of Trade most-active soybean contract
 slid 0.1 percent to $9.61 a bushel by 0315 GMT, after
hitting on Monday its weakest since Oct. 4 at $9.57-1/4 a
bushel. 
    Wheat added 0.1 percent to $4.21 a bushel and corn
 was unchanged at $3.47 a bushel.
    Brazilian farmers are expected to produce 114.57 million
tonnes of soybeans in the 2017/18 crop cycle, consultancy Safras
& Mercado said on Monday. The figure represents a slight
downward adjustment from an October estimate of 114.7 million
tonnes, although it would still be an all-time high for Brazil.
    Speculation that the U.S. Department of Agriculture may
raise its U.S. corn production estimate next month weighed on
prices after private analytics firm Informa Economics lifted its
estimate on Friday.
    Reviewing the most recent U.S. harvest, it put the 2017 corn
yield at 176.6 bushels per acre, above the USDA's last estimate
of 175.4.
    For wheat, a combination of delays to autumn planting and
dry conditions in the southern U.S. Plains have left the hard
red winter crop vulnerable to freeze damage, crop experts said,
which could further tighten supplies of high-protein wheat.

    Russian wheat export prices fell last week as competition
with Romanian wheat was intensified by the latest Egyptian
purchase, analysts said on Monday.
    Commodity funds were net sellers of Chicago Board of Trade
soybean, corn, soymeal and soyoil contracts on Monday, traders
said.

 Grains prices at  0315 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  421.00  0.50    +0.12%   +0.66%       432.81  70
 CBOT corn   347.00  0.00    +0.00%   -0.14%       353.62  63
 CBOT soy    961.00  -0.50   -0.05%   -0.65%       985.49  26
 CBOT rice   11.81   $0.09   +0.81%   +0.85%       $12.03  42
 WTI crude   57.30   $0.14   +0.24%   +0.00%       $57.07  52
 Currencies                                                
 Euro/dlr    $1.179  $0.000  +0.03%   +0.28%               
 USD/AUD     0.7658  0.000   -0.04%   +0.18%               
 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 and
Sunil Nair)
  
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