April 11, 2018 / 4:00 AM / 3 months ago

GRAINS-Soybeans firm near one-month high

    * Soybeans gain as USDA trims end-of-season supply f'cast
    * Corn edges higher, recoups losses from previous session 
    * Wheat falls amid concerns about condition of U.S. crop 

    By Colin Packham
    SYDNEY, April 11 (Reuters) - U.S. soybean futures rose more than 0.5 percent
on Wednesday to linger near a one-month high hit in the previous session after
the U.S. Department of Agriculture cut its forecast for end-of-season supplies
beyond market expectations.
    Corn edged higher, while wheat fell 0.5 percent amid fears about the
condition of the U.S. crop.
    The most active soybean futures on the Chicago Board Of Trade rose 0.6
percent to $10.55-3/4 a bushel by 0336 GMT, having firmed 0.3 percent on Tuesday
when prices hit a high of $10.64 a bushel - the highest since March 9.
    "The market is adjusting positions after the USDA gave it a surprise and
trimmed its 2018-ending stocks forecast when nearly everyone was expecting the
figure to go higher," said one Melbourne-based grains trader, who declined to be
named as he is not authorised to talk to the media.
    The USDA trimmed its 2017/18-ending U.S. soybean stocks forecast to 550
million bushels, from 555 million bushels last month and below an average of
analyst estimates for 574 million bushels.
    The government raised its estimate of the U.S. 2017-18 soybean crush,
implying strong processor demand for soybeans and increased production of
soymeal, while leaving its U.S. soy export forecast unchanged.
    The USDA slashed its estimate of Argentina's drought-hit soybean crop to 40
million tonnes from 47 million tonnes in March, while raising its estimate of
Brazil's soy crop to 115 million tonnes from 113 million tonnes last month.
    The most active corn futures climbed 0.3 percent to $3.90-3/4 a
bushel, having fallen 0.4 percent in the previous session.
    The most active wheat futures fell 0.5 percent to $4.89-1/2 a bushel,
having closed up 0.3 percent on Tuesday when prices hit a high of $4.94 a bushel
- the highest since March 13.
    Despite edging lower, analysts said prices continue to be underpinned by
concerns about the state of the U.S. winter wheat crop.    
    The USDA late on Monday rated 30 percent of the U.S. winter wheat crop in
good to excellent condition, down from 32 percent a week earlier and 53 percent
a year ago.
        
 Grains prices at  0336 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   489.50   -2.50    -0.51%       -0.25%   475.56   70
 CBOT corn    390.25    1.00    +0.26%       -0.13%   384.43   63
 CBOT soy    1055.75    5.75    +0.55%       +0.84%  1042.68   65
 CBOT rice     12.79   $0.01    +0.08%       -0.27%   $12.44   74
 WTI crude     65.37  -$0.14    -0.21%       +3.07%   $62.99   61
 Currencies                                                      
 Euro/dlr     $1.236  $0.001    +0.05%       +0.33%              
 USD/AUD      0.7754   0.000    -0.06%       +0.74%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  
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