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GRAINS-Soybeans at 3-wk low on reports of higher yields from early US harvest
October 3, 2017 / 2:36 AM / 2 months ago

GRAINS-Soybeans at 3-wk low on reports of higher yields from early US harvest

    * Soybean prices hit lowest since Sept. 13 on higher yields
    * Addition pressure on Soybean prices from improved Brazil
weather
    * Wheat falls for fourth session, corn extends losses

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Oct 3 (Reuters) - Chicago soybean futures dropped
for a second session on Tuesday, falling to their lowest in
almost three weeks as the harvest of a bumper U.S. crop gathers
pace amid reported higher yields.
    Wheat slid for a fourth consecutive session on pressure from
a U.S. government forecast of a bigger spring wheat crop despite
drought damage.
    The most-active soybean contract on the Chicago Board of
Trade had fallen 0.4 percent to $9.53-3/4 a bushel by 0207
GMT, after dropping earlier in the session to its lowest since
Sept. 13 at $9.52-1/2 a bushel.
    Wheat eased 0.2 percent to $4.44 a bushel and corn
 declined 0.3 percent to $3.50-1/2 a bushel.
    The U.S. Department of Agriculture said the U.S. soybean
harvest was 22 percent complete by Sunday, slightly behind an
average of trade estimates for 25 percent and the five-year
average of 26 percent.
    The corn harvest was 17 percent complete, lagging the
five-year average of 26 percent.
    Brokerage INTL FCStone raised its estimate of the U.S. 2017
corn yield to 169.2 bushels per acre (bpa), from 166.9 bpa in
its previous monthly report released Aug. 31.
    The firm also raised its forecast of the U.S. 2017 soybean
yield to 49.9 bpa, from 49.8 bpa previously.
    The focus is turning to South America where planting for the
2018 soybean crop is underway.
    "Some of Brazil's driest soybean regions got useful rain
over the weekend," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
     "The rain means most Brazilian soybean regions will have
enough rain to support rapid planting. Brazil's soybean crops
now look more likely to avoid most of the problems that would
arise with late planting."
    In Argentina, a dry spell for the next 10 days should bring
some relief to waterlogged fields of soybeans and corn after
rains over the weekend added to fears of planting delays,
experts said on Monday.
    Argentina's main grain belt has been inundated with rains in
recent months, contributing to a 5.7-percent reduction in the
forecast for area planted with soybean in 2017-18, according to
the Buenos Aires Grains Exchange
    The wheat market faced pressure from higher estimates of the
U.S. spring wheat crop.
    The USDA on Friday reported U.S. 2017 production of spring
wheat other than durum at 416 million bushels, up from its
previous estimate of 402 million bushels and well above analyst
estimates.
    
 Grains prices at  0207 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  444.00  -0.75    -0.17%   -0.95%       442.16  49
 CBOT corn   350.50  -1.00    -0.28%   -1.34%       353.60  49
 CBOT soy    953.75  -3.50    -0.37%   -1.50%       958.54  40
 CBOT rice   12.05   $0.03    +0.25%   +0.46%       $12.56  36
 WTI crude   50.44   -$0.14   -0.28%   -2.38%       $49.20  46
 Currencies                                                 
 Euro/dlr    $1.170  -$0.003  -0.23%   -0.92%               
 USD/AUD     0.7813  -0.001   -0.15%   -0.26%               
 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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