September 24, 2019 / 3:23 AM / 24 days ago

GRAINS-Soybeans ease after rally, U.S. weather concerns limit losses

    * Soybean futures tick lower after rallying 1.1%, corn falls
    * Concerns over wet weather in U.S. Midwest ahead of harvest

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Sept 24 (Reuters) - Chicago soybean futures edged
down on Tuesday, giving up some of the previous session's gains
although worries about wet weather ahead of U.S. harvest curbed
losses.
    Corn lost ground after closing higher on Monday, while wheat
slid for a fourth consecutive session amid ample world supplies.
    The most-active soybean contract on the Chicago Board Of
Trade was down 0.1% at $8.91-1/4 a bushel by 0307 GMT,
after firming 1.1% on Monday.
    Corn lost 0.3% to $3.72 a bushel and wheat slid
0.3% at $4.81-1/2 a bushel.
    "The U.S. weather is starting to be a concern," said Ole
Houe, director of advisory services at brokerage IKON
Commodities in Sydney. "The wet weather could continue."
    There was additional support for the soybean market stemming
from new Chinese purchases. 
    Chinese importers bought about 10 cargoes of U.S. soybeans
on Monday, or about 600,000 tonnes, for shipment from Pacific
Northwest export terminals from October to December, two traders
with direct knowledge of the deals said.
    Over the weekend, China's senior agricultural representative
in recent U.S.-China trade talks told state-backed media group
Yicai that last week's meetings between the world's two largest
economies achieved a "good outcome."
    Commodity funds were net buyers of CBOT soybean, corn and
soymeal futures contracts on Monday, traders said. They were net
sellers of wheat and soyoil futures.              
    On the technical front, the CBOT soybean November contract
 may retest a resistance at $9.01-1/2 per bushel, as
suggested by its wave pattern and a projection analysis,
according to Wang Tao, a Reuters market analyst for commodities
technicals.
    
 Grains prices at 0307 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  481.50  -1.50    -0.31%   -1.33%       475.78  51
 CBOT corn   372.00  -1.25    -0.33%   -0.20%       368.81  67
 CBOT soy    891.25  -1.25    -0.14%   -0.20%       875.43  60
 CBOT rice   12.03   -$0.03   -0.25%   -2.71%       $11.84  50
 WTI crude   58.42   -$0.22   -0.38%   +0.57%       $56.44  
 Currencies                                                 
 Euro/dlr    $1.099  -$0.003  -0.25%   -0.45%               
 USD/AUD     0.6769  0.000    +0.01%   -0.29%               
 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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