May 3, 2018 / 2:12 AM / 23 days ago

GRAINS-Soybeans hit six-day low on lean export prospects

    SYDNEY, May 3 (Reuters) - U.S. soybean futures dropped for a second consecutive session on Thursday as gloomy prospects for North
American exports to China pushed prices to a six-day low.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were down 0.2 percent at $10.41 a bushel, as of 0145 GMT.
Earlier in the session, soybean futures hit $10.37-1/2 a bushel, their lowest since April 27. Soybeans fell 1 percent on Wednesday.
    * The most active corn futures slipped 0.3 percent to $4.04 a bushel, having dropped 0.2 percent in the previous session.
    * The most active wheat futures fell 0.8 percent to $5.22-3/4 a bushel after closing down 0.6 percent in the previous
session.
    * The United States is sending a top-level trade delegation to China this week, but the market was discounting hopes of an
agreement between the two countries.
    * INTL FCStone raised its estimate of soybean production in Brazil, the top supplier to China, to 117.0 million tonnes.
    * Corn had drawn support in recent days amid concerns that planting delays across the United States may see reduced yields.
    * The yield potential for hard red winter wheat in southwest Kansas and northwestern Oklahoma is roughly half that of a year ago
as exceptional drought conditions take a toll on the crop, scouts on the Wheat Quality Council's annual tour said on Wednesday.
    * Australian farmers are planting wheat in some of the driest soils in years, following on from a severe drought that cut 2017/18
output in the world's fourth-largest wheat exporter to the lowest in a decade.
         
    MARKET NEWS  
    * The dollar traded near a four-month high against a basket of currencies on Thursday, having recovered from a brief dip after
the Federal Reserve kept interest rates steady and said inflation had "moved close" to its target.  
    * Oil prices fell early on Thursday, pulled down by a rise in U.S. crude inventories and record weekly U.S. production, which is
countering efforts by producer cartel OPEC to cut supplies and prop up prices.  
    * U.S. stocks fell on Wednesday as potential U.S. restrictions on Chinese telecom companies reinforced investor concerns about
worsening trade relations between the United States and China.  
        
 Grains prices at 0134 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   522.75   -4.00    -0.76%       -1.23%   486.95   76
 CBOT corn    404.00   -1.00    -0.25%       -0.43%   394.03   69
 CBOT soy    1041.00   -2.00    -0.19%       -1.16%  1046.78   46
 CBOT rice     13.03   $0.00    +0.00%       -0.31%   $12.96   43
 WTI crude     67.82  -$0.11    -0.16%       +0.85%   $66.20   51
 Currencies                                                      
 Euro/dlr     $1.197  $0.002    +0.18%       -0.18%              
 USD/AUD      0.7510   0.002    +0.21%       +0.28%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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