January 10, 2018 / 3:18 AM / 5 months ago

GRAINS-Soybeans fall for 3rd day on U.S. inventories, Brazilian crop f'cast

    * Chicago soybeans drop for four out of five sessions
    * USDA expected raise estimates on U.S. soybean stocks on
Friday
    * Brazil's soybean crop seen at near record 111.8 mln T

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Jan 10 (Reuters) - Chicago soybean futures slid
for a third consecutive session on Wednesday, with the market
pressured by expectations of higher stocks in the United States
following slower exports and a forecast of increased production
Brazil.
    Wheat gained for a second session while corn dipped after
closing higher on Tuesday ahead of a key supply-demand report to
be issued by the U.S. Department of Agriculture on Friday.
    The Chicago Board Of Trade most-active soybean contract
 fell 0.1 percent at $9.62-1/2 a bushel by 0251 GMT, having
lost almost 1 percent since Monday.
    Wheat added 0.1 percent to $4.32-1/2 a bushel, having
closed up 1 percent on Tuesday and corn gave up 0.1
percent to $3.48-3/4 a bushel, having gained 0.5 percent in the
previous session.
    "There are abundant soybean supplies and the new Brazilian
crop forecast will add more pressure on prices," said one
Singapore-based trader, despite some market concerns about the
impact of adverse weather in Argentina.
    Analyst expect the USDA to boost U.S. soybean ending stocks
after a bumper harvest at the end of last year and slowing
exports due to quality issues.
    Brazil's 2017/18 soybean crop is expected at 111.8 million
tonnes, 1.9 percent higher from the previous estimate,  Céleres
consultancy said on Tuesday.
    Farmers harvested a record crop of 114 million tonnes in the
last season.
    For wheat, the USDA is expected to show smaller U.S. winter
wheat seedings, in the agency's first forecast for 2018.

    Suppliers of Black Sea wheat continue to pose stiff
competition in the global market.
    The state grain buying agency for top global wheat importer
Egypt said it purchased 115,000 tonnes of Russian wheat in a
tender.
    Warmer temperatures this week in the U.S. Plains alleviated
some concerns that dormant winter wheat plants could be damaged.
    Commodity funds were net buyers of CBOT corn, wheat and
soyoil futures contracts on Tuesday and net sellers of soybeans
and soymeal futures, traders said.
    
 Grains prices at  0251 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  432.50  0.25    +0.06%   +1.11%       426.46  58
 CBOT corn   348.75  -0.25   -0.07%   +0.43%       351.12  43
 CBOT soy    962.50  -1.25   -0.13%   -0.44%       981.65  43
 CBOT rice   11.90   -$0.05  -0.42%   +0.04%       $12.15  51
 WTI crude   63.52   $0.56   +0.89%   +2.90%       $58.84  83
 Currencies                                                
 Euro/dlr    $1.195  $0.001  +0.09%   -0.16%               
 USD/AUD     0.7822  0.000   -0.01%   -0.23%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
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