November 7, 2017 / 3:32 AM / in 12 days

GRAINS-Soybeans rise for a second day on expectations of lower U.S. yields

    * Soybeans extend gains, USDA seen reducing yield estimates
    * Wheat dips after Monday's 1.2 pct gain, corn eases for 3rd
day

 (Adds details, quotes)
    By Naveen Thukral
    Nov 7 (Reuters) - Chicago soybean futures rose for a second
session on Tuesday with prices underpinned by expectations the
U.S. Department of Agriculture will forecast lower yields in a
monthly report later this week.
    Wheat slid after gaining 1.2 percent in the last session on
support from strong demand while corn eased for a third
consecutive session as ample supplies from the freshly harvested
U.S. crop weighed on the market.
    There was additional support for soybeans stemming from hot
and dry weather in Brazil, the world's top exporter. 
    "Brazil's Mato Grosso region received only a smattering of
rain over the weekend," said Tobin Gorey, director of
agricultural strategy at Commonwealth Bank of Australia.
    "The region also saw temperatures in the forties (40 degrees
Celsius). The two will mean soil moisture in the region will
have declined dramatically."
    The Chicago Board Of Trade most-active soybean contract
 added 0.2 percent to $9.95-3/4 a bushel by 0256 GMT,
having firmed 0.7 percent on Monday.
    Brazilian soybean planting has been lagging the normal pace
because of heavy early season rains in central and southern
areas and dry conditions in top soybean producing state Mato
Grosso.
    Brazilian farmers have sold 19.1 percent of the 2017/18 crop
in advance, according to data from Brazilian agricultural
consultants Safras & Mercado.
    In a statement on Monday, Safras said farmers had sold about
25 percent of their soybeans in advance at the same time last
year. The average for the period is 29 percent, it said.
    For the United States, farmers have finished harvesting 90
percent of the soybean crop, almost matching the five-year
average pace of 91 percent, the U.S. Department of Agriculture
(USDA) said after the market closed on Monday.
    The agency said 70 percent of the corn crop has been
harvested, below the five-year average pace of 83 percent. 
    Wheat fell 0.3 percent at $4.29-1/2 a bushel, having
closed up 1.2 percent on Monday and corn dropped 0.1
percent to $3.47-1/2 a bushel extending the 0.1 percent decline
in the previous session.
    The USDA monthly crop supply and demand report is scheduled
for release on Thursday. Analysts, on average, expect the
government to raise its U.S. corn yield forecast and trim its
soybean yield outlook.
    On the export front, the USDA confirmed a 130,000 tonne corn
sale on Monday while Iraq's government said it bought 500,000
tonnes of U.S. hard red winter wheat.

 Grains prices at  0256 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  429.50  -1.25   -0.29%   +0.88%       435.36  49
 CBOT corn   347.50  -0.50   -0.14%   -0.22%       349.69  42
 CBOT soy    995.75  1.75    +0.18%   +0.91%       985.60  59
 CBOT rice   11.49   -$0.03  -0.26%   -0.73%       $12.07  31
 WTI crude   57.28   -$0.07  -0.12%   +2.95%       $52.32  87
 Currencies                                                
 Euro/dlr    $1.161  $0.000  +0.03%   +0.05%               
 USD/AUD     0.7685  0.000   -0.07%   +0.46%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Christian
Schmollinger)
  

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