November 2, 2017 / 3:54 AM / a year ago

GRAINS-Soybeans up for 3rd session, wheat rises after 6-day decline

    * Soybeans hit highest since Oct. 16, up for 3rd day
    * Expectations of lower U.S. crop yields underpin soybeans
    * Wheat rises from losses, prices capped by ample supplies

 (Adds details, quotes)
    By Naveen Thukral
    Nov 2 (Reuters) - Chicago soybeans rose for a third
consecutive session on Thursday with the market hitting its
highest in more than two weeks as expectations of lower U.S.
yields supported the market. 
    Wheat bounced back after declining for the last six
sessions, emerging from the squeeze of plentiful global
    The Chicago Board Of Trade most-active soybean contract
 rose 0.7 percent to $9.97-3/4 a bushel by 0344 GMT, after
climbing earlier in the session to its highest since Oct. 16 at
$9.98 a bushel. 
    Wheat gained 0.4 percent to $4.19-1/2 a bushel, having
given up 4.6 percent in the previous six sessions. Corn
rose 0.1 percent to $3.48-1/2 a bushel, having gained 0.7
percent on Wednesday.
    "Soybeans are holding very well as the USDA (U.S. Department
of Agriculture) is expected to reduce yield estimate," said one
India-based agricultural commodities analyst. "But U.S. exports
have a lot to catch up and Brazilian weather has improved and we
do not see any major issues with the Brazilian crop."
    The USDA last month lowered its forecast for the U.S. 2017
soybean yield to 49.5 bushels per acre. Some expect the
government to trim its estimate again in its next monthly supply
and demand reports on Nov. 9.
    But the brokerage INTL FCStone kept its U.S. 2017 soybean
yield forecast at 49.9 bushels per acre (bpa), unchanged from
its previous monthly estimate. The firm raised its U.S. corn
yield estimate to 173.7 bpa, from 169.2 bpa last month.

    Elsewhere, Ukrainian farmers have sown 5.9 million hectares
of winter wheat for the 2018 harvest, or 96 percent of the
expected area of 6.15 million hectares, the agriculture ministry
said on Wednesday.
    Ukraine plans to sow 7.2 million hectares of various winter
grains for next year's harvest, including wheat, 926,000
hectares of winter barley and 161,000 hectares of rye, the
ministry said in a statement.
    In China, authorities will increase state purchases of
grains as heavy rains in southern China affect wheat and corn
output, the State Administration of Grain and the state planner
    The state planner and grains regulator urged the local
reserve centre to expand storage capacity to encourage state
purchases of grains, including renting warehouses from local
companies as temporary storages facilities.
    Commodity funds were net buyers of CBOT corn, soybean,
soymeal and soyoil futures contracts on Wednesday and net even
in wheat, traders said.
 Grains prices at 0344 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  419.50  1.50    +0.36%   +0.24%       437.52  28
 CBOT corn   348.50  0.25    +0.07%   -3.60%       362.23  44
 CBOT soy    997.75  6.50    +0.66%   +2.46%       974.75  62
 CBOT rice   11.47   -$0.04  -0.30%   -1.08%       $12.16  24
 WTI crude   54.30   $0.00   +0.00%   +45.73%      $38.21  74
 Euro/dlr    $1.165  $0.004  +0.31%   +0.08%               
 USD/AUD     0.7714  0.004   +0.51%   +0.77%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)
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