October 18, 2017 / 2:39 AM / 10 months ago

GRAINS-Soybeans edge down for 3rd straight session on weather outlook

    * Dry weather forecasts pressure corn and soybeans
    * Corn falls, wheat also drops

    By Colin Packham
    SYDNEY, Oct 18 (Reuters) - U.S. soybeans edged lower on
Wednesday as forecasts for crop-friendly weather pushed the
oilseed towards its third consecutive daily loss.
    Corn and wheat also fell as dry weather, with forecasts
predicting dry weather across the U.S. Midwest in coming weeks,
which should allow farmers to rapidly advance harvest pace.
    The most active soybean futures on the Chicago Board Of
Trade were down 0.1 percent to $9.84 a bushel by 0216 GMT,
having closed down 0.6 percent on Tuesday.
    "The market was concerned about the impact of adverse
weather in the U.S. and Brazil but those concerns have abated in
recent days," said Phin Ziebell, agribusiness economist,
National Australia Bank.
    The U.S. Department of Agriculture (USDA) said on Monday
harvesting of the U.S. soybean crop was 49 percent complete,
matching analysts' expectations.
    Weather models also forecast rains across Brazil, allowing
farmers to sow crops.
    Brazilian soy producers had planted 12 percent of their
2017/2018 crop through last Thursday, in line with a five-year
average but behind the pace of the prior cycle, amid a lack of
rain in key producing regions, consultancy AgRural said on
    The most active corn futures were down 0.1 percent to
$3.49-3/4 a bushel, having closed down 0.1 percent in the
previous session.
    The most active wheat futures were down 0.2 percent to
$4.33-3/4 a bushel, having closed down 0.4 percent on Tuesday.
    Corn is also under pressure amid expectations that U.S.
supplies will soon begin to flood the market.
    The USDA said on Monday that 28 percent of U.S. corn has
been harvested as of Sunday, behind market expectations of 31
percent, and up only 6 percentage points from the previous week.
 Grains prices at  0216 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   433.75    -1.00   -0.23%       -0.63%   443.21   42
 CBOT corn    349.75    -0.25   -0.07%       -0.21%   351.61   47
 CBOT soy     984.00    -0.75   -0.08%       -0.71%   969.80   58
 CBOT rice     12.12   -$0.02   -0.12%       -0.04%   $12.32   56
 WTI crude     52.15    $0.27   +0.52%       +0.54%   $50.44   67
 Euro/dlr     $1.177   $0.001   +0.05%       -0.19%              
 USD/AUD      0.7856    0.001   +0.17%       +0.08%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
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