November 8, 2017 / 3:34 AM / 11 days ago

GRAINS-Soybeans up for third day as USDA may reduce yield estimate

    * Soybeans gain more ground on lower U.S. yield expectations
    * Corn, wheat face pressure from burdensome world supplies

 (Adds details, quotes)
    By Naveen Thukral
    Nov 8 (Reuters) - Chicago soybean futures rose for a third
consecutive session on Wednesday with support from expectations
that the United States government will lower its production
estimates for the crop which is being harvested. 
    Corn eased for a fourth straight session while wheat lost
more ground as both markets were weighed down by plentiful world
supplies.
    The Chicago Board Of Trade most-active soybean contract
 increased 0.1 percent at $9.97 a bushel by 0255 GMT,
having climbed 0.2 percent on Tuesday.
    Corn fell 0.1 percent to $3.47-1/4 a bushel, having
closed 0.1 percent lower in the previous session and wheat
slid 0.2 percent to $4.26-1/4 a bushel, having closed 0.8
percent lower on Tuesday.
    "Expectations are that the USDA will lower U.S. soybean
yields, it is bit supportive for the market even though we have
ample global supplies," said Phin Ziebell, an agribusiness
economist at National Australia Bank.
    "There is improving weather for U.S. wheat which is adding
pressure on prices."
    The market is expected to focus on the U.S. Department of
Agriculture (USDA) supply and demand report on Thursday.
    Analysts expect the report to show higher corn yields, lower
soybean yields and still-ample global supplies of grains and
oilseeds.
    Brazil is expected to produce 108.8 million tonnes of
soybeans in the 2017-18 crop, the Brazilian Association of
Vegetable Oil Industries, or Abiove, said on Tuesday, raising
its outlook from an October forecast of 108.5 million tonnes.
    Abiove maintained its estimates of 65 million tonnes of soy
exports and 43 million tonnes of soy processing next year.
    China will commit to buy more U.S. soybeans during President
Donald Trump's visit to Beijing this week, a U.S. industry
official said, underlining the importance of trade in farm goods
even as tensions grow between the world's top two economies.

    Wheat prices are under pressure as the condition of the U.S.
crop improves, easing concerns about the state of the grain.
    The focus is on Egypt's tender to buy an unspecified amount
of wheat from global suppliers for shipment from Dec. 15 to 30.

    Commodity funds were net sellers of CBOT corn, wheat and
soymeal futures contracts on Tuesday and net buyers of soybeans
and soyoil, traders said.
    
 Grains prices at  0255 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  426.25  -1.00   -0.23%   -1.04%       434.11  44
 CBOT corn   347.25  -0.50   -0.14%   -0.22%       349.48  41
 CBOT soy    997.00  1.00    +0.10%   +0.30%       986.32  59
 CBOT rice   11.52   $0.00   +0.00%   -0.52%       $12.07  31
 WTI crude   57.05   -$0.15  -0.26%   -0.52%       $52.48  82
 Currencies                                                
 Euro/dlr    $1.160  $0.001  +0.09%   -0.12%               
 USD/AUD     0.7655  0.001   +0.14%   -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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