October 17, 2017 / 3:12 AM / 5 months ago

GRAINS-Soybeans ease for 2nd day, corn falls on U.S. weather f'cast

    * Soybeans fall; spotlight on Brazilian weather, U.S.
    * Dry weather seen boosting U.S. corn harvest after delayed

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Oct 17 (Reuters) - Chicago soybeans lost more
ground on Tuesday as the market moved further away from its
highest since late July reached last week with the focus on
Brazilian planting delays and U.S. exports.
    Corn slid for a second session on forecasts of dry weather
which is expected to aid the harvest across the U.S. Midwest.
    The most-active soybean contract on the Chicago Board Of
Trade was down 0.2 percent at $9.89-1/4 a bushel by 0247
GMT, having closed 0.9 percent lower on Monday.
    Corn lost 0.1 percent at $3.50 a bushel and wheat
 rose 0.1 percent to $4.37 a bushel. 
    "Soybeans did not have the impetus to stay at $10 so the
market faded a little," said Tobin Gorey, director of
agricultural strategy at Commonwealth Bank of Australia.
    "The market remains worried by dry soybean regions in some
parts of Brazil. We have perhaps though reached the extent of
the risk premium the market is willing to add for now."
    Lower U.S. soybean processing data added pressure. The
National Oilseed Processors Association said the September
soybean crush totalled 136.419 million bushels. Analysts had
been expecting 138.071 million bushels.
    For corn, forecasts of warm and dry weather in the Midwest
crop belt should allow farmers to pick up the pace of harvesting
following a slow start.
    The U.S. Department of Agriculture said 29 percent of the
U.S. corn crop has been harvested as of Sunday, lagging behind
market expectations of 31 percent.
    Harvesting of the U.S. soybean crop was 49 percent complete,
the USDA said, matching analysts' expectations. 
    The USDA said weekly export inspections of soybeans totalled
1.770 million tonnes, topping forecasts that ranged from 1.100
million to 1.400 million.
    In the wheat market, the lowest price offer submitted in the
tender from Iraq's state grains board to buy at least 50,000
tonnes of hard wheat was $299 a tonne for cargoes to be sourced
from the United States.
 Grains prices at  0247 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  437.00  0.50     +0.11%   -0.57%       443.68  47
 CBOT corn   350.00  -0.50    -0.14%   -0.78%       351.98  51
 CBOT soy    989.25  -1.75    -0.18%   -1.10%       969.52  63
 CBOT rice   12.15   $0.03    +0.25%   -0.29%       $12.34  57
 WTI crude   51.78   -$0.09   -0.17%   +0.64%       $50.34  61
 Euro/dlr    $1.178  -$0.002  -0.14%   -0.36%               
 USD/AUD     0.7846  0.000    -0.05%   -0.53%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Sunil Nair)
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