September 12, 2018 / 3:44 AM / 3 months ago

GRAINS-Soybeans hit weakest in nearly 2 weeks ahead of USDA report

    * Soybeans at lowest since Aug. 31 on hopes of record U.S.
crop
    * Wheat loses more ground on lack of demand for U.S. supply 

 (Recasts with wheat, adds quote)
    By Naveen Thukral
    SINGAPORE, Sept 12 (Reuters) - Chicago soybean futures eased
for a second session on Wednesday, dropping to their lowest is
almost two weeks with expectations of a bumper U.S. crop and
poor Chinese demand weighing on prices.
    Wheat ticked higher, recouping some of last session's deep
losses which were triggered by a lack of demand for U.S. cargoes
and selling by investors.
    The Chicago Board of Trade most-active soybean contract
 lost 0.4 percent to $8.28-3/4 a bushel by 0320 GMT, after
earlier touching its lowest since Aug. 31 at $8.28-1/2 a bushel.
    Wheat added 0.4 percent to $5.21 a bushel, after
ending down 1.8 percent on Tuesday and corn fell 0.1
percent to $3.66-1/4 a bushel, having closed the previous
session down 0.3 percent.
    "U.S. weather has been favourable, especially in August
which is key for the soybean crop," said one India-based
commodities analyst. "The soybean pod-count has been
significantly higher than last year, which means a bigger crop."
    The U.S. Department of Agriculture will report on Wednesday
its latest estimate for the size of the upcoming U.S. corn and
soybean harvests.
    Analysts are expecting the USDA to trim its estimate of U.S.
corn yields, but the harvest outlook will still forecast a
record crop. The agency is likely to raise its outlook for
soybean production.
    The market is also watching a powerful Hurricane Florence
which crept closer to the southeastern United States on Tuesday.
Farmers in North Carolina are rushing to harvest corn and
tobacco and stock up on pig rations, while the danger of deadly
flooding threatened a state where millions of farm animals are
housed.
    Brazil's government on Tuesday raised by 2 million tonnes
its projection for soybean exports in the 2017/18 crop to 76
million tonnes amid strong Chinese demand, reducing the crop's
end-stocks to the lowest on record.
    China has been snapping up Brazilian soybeans amid a trade
dispute with rival exporter the United States. 
    Egypt, the world's top buyer of wheat, issued a tender for
fresh supplies after the marked closed. Russia has consistently
won Egypt's business in recent weeks. 
    Ukraine increased its 2018 grain harvest forecast to 63.1
million tonnes from a previous estimate of at least 60 million
tonnes, the acting agriculture minister said on Tuesday.

    The country expects grain exports to rise to 42 million
tonnes in the 2018/19 marketing year.
    Commodity funds were net sellers of CBOT soybean, wheat,
corn, soymeal and soyoil futures contracts on Tuesday, traders
said.
    
 Grains prices at 0320 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  521.00  2.25     +0.43%   +1.91%       552.28  40
 CBOT corn   366.25  -0.50    -0.14%   -0.20%       371.98  58
 CBOT soy    828.75  -3.00    -0.36%   -1.81%       869.80  34
 CBOT rice   10.80   $0.05    +0.47%   -1.37%       $10.86  39
 WTI crude   69.93   $0.68    +0.98%   +3.22%       $68.03  63
 Currencies                                                 
 Euro/dlr    $1.159  -$0.003  -0.25%   -0.32%               
 USD/AUD     0.7098  -0.010   -1.43%   -1.27%               
 
 
 
    

 (Reporting by Naveen Thukral; Editing by Amrutha Gayathri)
  
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