August 27, 2018 / 12:39 AM / in 3 months

GRAINS-Soybeans fall on outlook for record U.S. crop, wheat eases for 6th day

    SINGAPORE, Aug 27 (Reuters) - Chicago soybean futures
lost ground on Monday as expectations of a record U.S. crop
weigh on the market, while wheat slid for a sixth straight
session on lack of demand.
    Corn edged lower after closing marginally higher on
Friday.
    
    FUNDAMENTALS
    * Advisory service Pro Farmer, a division of Farm Journal
Media, on Friday projected 2018 U.S. soybean production would be
a record 4.683 billion bushels based on an average yield of 53.0
bushels per acre (bpa).
    * Pro Farmer's soybean crop forecast topped the U.S.
Department of Agriculture's (USDA) already record outlook for a
crop of 4.586 billion bushels as last week's crop tour found
larger-than-expected soy pod counts in all states surveyed.
    * Wheat faces pressure from weak demand for U.S. cargoes.
The USDA on Thursday reported export sales of U.S. wheat in the
week to Aug. 16 of 239,800 tonnes, below trade forecasts and a
six-week low.
    * The decline in wheat futures comes despite tightening
global supplies with lower production in Europe, the Black Sera
region and Australia.
    * In Germany, the agriculture ministry forecast the
country's 2018 winter wheat harvest would fall 19.1 percent from
the 2017 level to 19.4 million tonnes after crops suffered from
drought and hot weather.
    * The ministry also forecast Germany's 2018 grains harvest
would be 34.5 million tonnes, down 15.8 percent on the year.
    * Large speculators trimmed their net short position in
Chicago Board of Trade corn futures in the week to Aug. 21,
regulatory data released on Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, cut their net
long position in CBOT wheat and trimmed their net short position
in soybeans.
    
    MARKETS NEWS
    Global equity markets rose on Friday after Federal Reserve
Chairman Jerome Powell said the U.S. central bank's policies are
best to keep the economy humming, spurring new highs on Wall
Street, while oil surged on signs Iran sanctions may crimp
worldwide supply.
    
    
    DATA AHEAD (GMT)
0800  Germany              Ifo business climate             Aug
1230  U.S.                 National activity index          Jul
    
 Grains prices at  0019 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  534.25  -2.25   -0.42%   -2.02%       555.63  33
 CBOT corn   362.00  -0.75   -0.21%   -1.30%       373.88  29
 CBOT soy    847.50  -7.75   -0.91%   -2.61%       880.11  30
 CBOT rice   10.79   $0.00   +0.00%   -0.14%       $11.25  56
 WTI crude   68.57   -$0.15  -0.22%   +1.09%       $68.06  62
 Currencies                                                
 Euro/dlr    $1.164  $0.004  +0.34%   +0.58%               
 USD/AUD     0.7336  -0.001  -0.14%   -0.45%               
 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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