December 5, 2017 / 2:01 AM / 4 months ago

GRAINS-Soybeans up for third session on Argentina dryness; wheat eases

    SINGAPORE, Dec 5 (Reuters) - Chicago soybean futures rose
for a third straight session on Tuesday with dry weather in
Argentina and strong U.S. demand buoying the market.
    Wheat slid for a second day as U.S. exporters face stiff
competition in amply supplied global market.
    * Hot and dry weather in parts of Argentina's
oilseed-producing areas is expected to reduce yields.
    * Rainfall over the weekend was limited in Argentina, the
top global soymeal and soyoil exporter, and showers were
expected to be limited this week, MDA Weather Services said in a
note to clients.
    * A report from the U.S. Department of Agriculture (USDA)
showed U.S. soybean crush in October at about 176 million
bushels was above analysts' estimates, reflecting strong
domestic demand. 
    * Still, Brazil's 2017/18 soybean crop could reach 107.6
million tonnes, broker and analyst INTL FCStone said on Monday,
raising its forecast from 106.1 million tonnes previously as
favourable weather is seen boosting agricultural yields. 

    * The wheat market is being weighed down by record global
    * Russian wheat export prices were broadly stable last week
amid high grain stocks despite strong export demand, analysts
said on Monday.
    * A decline in Australia's wheat production could still
support prices.
    * Australia's 2017/18 wheat production is expected to
decline further, the Australian Bureau of Agricultural and
Resource Economics and Sciences (ABARES) said on Tuesday, after
recent storms damaged the crop, and following a severe drought
earlier in the season that reduced yields.
    * The world's fourth-largest wheat exporter is forecast to
produce 20.3 million tonnes of wheat this year, the agency said,
down more than 6 percent from its September forecast of 21.64
million tonnes and 42 percent below last year's record crop of
more than 35 million tonnes.
    * Asian shares were subdued on Tuesday as investors'
rotation out of technology shares took the toll on some of the
region's tech heavyweights although hopes of a major tax cut in
the United States underpinned risk sentiment.
0145  China                   Caixin services PMI          Nov
0850  France                  Markit services PMI          Nov
0855  Germany                 Markit services PMI          Nov
0900  Euro zone               Markit services PMI final    Nov
1000  Euro zone               Retail sales                 Oct
1330  U.S.                    International trade          Oct
1500  U.S.                    ISM non-manufacturing PMI    Nov

 Grains prices at 0128 GMT
 Contract    Last     Change  Pct chg               MA 30    RSI
 CBOT wheat  434.50   -0.75   -0.17%                434.50   38
 CBOT corn   353.50   0.00    +0.00%                353.50   43
 CBOT soy    1000.00  1.50    +0.15%                1000.00  66
 CBOT rice   12.22    $0.04   +0.29%                $12.22   51
 WTI crude   57.62    $0.15   +0.26%                $57.62   57
 Euro/dlr    $1.187   $1.187                                 
 USD/AUD     0.7635   0.764                                  
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
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