June 13, 2018 / 3:44 AM / 7 days ago

GRAINS-Soybeans drop to 9-month low on U.S. weather, slow demand

    * Soybeans down 1.2 pct, fall for a seventh session in eight
    * Crop-friendly U.S. weather, lack of Chinese demand weigh

 (Recasts with beans, adds quote)
    By Naveen Thukral
    SINGAPORE, June 13 (Reuters) - Chicago soybeans slid more
than 1 percent to its lowest since mid-September on Wednesday,
weighed down crop-friendly weather and a lack of Chinese demand
for U.S. supplies.
    Wheat gave up 1 percent after Tuesday's strong rally which
was triggered by the U.S. government's estimates of lower
Russian production.
    The Chicago Board of Trade most-active soybean contract
 was down 1.2 percent at $9.43 a bushel by 0325 GMT, having
dropped earlier in the session to the lowest since Sept. 12 at
$9.42-1/2 a bushel.
    Wheat fell 1.03 percent to $5.29 a bushel, after
rallying almost 4 percent on Tuesday, and corn dropped 0.5
percent to $3.75-3/4 a bushel, after gaining 2.8 percent in the
previous session.
    "U.S. weather is looking good for the soybean crop and we
have had a record crop from Brazil," said one India-based
commodities analyst.
    "Chinese buying is largely focused on Brazilian beans."
    The USDA raised its estimate of all U.S. wheat production
for 2018/19 by 6 million bushels to 1.827 billion bushels, but
it cut its Russia wheat harvest estimate to 68.50 million tonnes
from 72.00 million tonnes.
    Australia on Wednesday cut its wheat production forecast by
nearly 8 percent for 2018/19 as prolonged dry weather across the
country's east coast crimps national output.
    The USDA lowered its forecasts for U.S. corn and soy ending
stocks for the 2018/19 crop year that begins on Sept. 1.
    Late on Monday it reduced good-to-excellent crop condition
ratings for the corn and soy crops by 1 percentage point, but
the ratings are still some of the best in years, while weekend
rainfall in the Midwest also benefited crops.
    Commodity funds were net buyers of CBOT corn, wheat and
soymeal futures contracts on Tuesday and net sellers of soyoil
futures, traders said.
    
 Grains prices at  0325 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  529.00  -5.50    -1.03%   +1.73%       517.43   53
 CBOT corn   375.75  -1.75    -0.46%   -0.53%       395.70   36
 CBOT soy    943.00  -11.00   -1.15%   -2.71%       1013.03  12
 CBOT rice   11.93   $0.00    +0.04%   +6.71%       $12.10   60
 WTI crude   65.97   -$0.39   -0.59%   +0.35%       $68.81   42
 Currencies                                                  
 Euro/dlr    $1.174  -$0.004  -0.33%   -0.20%                
 USD/AUD     0.7558  -0.005   -0.67%   -0.54%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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