December 7, 2017 / 1:26 AM / in a year

GRAINS-Soybeans up on Argentina dryness, wheat eases for 4th session

    SINGAPORE, Dec 7 (Reuters) - Chicago soybean futures edged
higher on Thursday, rising for a fourth session out of five as
concerns over dryness in Argentina supported the market.
    Wheat slid for a fourth consecutive session as abundant
supplies weighed on the market, with the latest data from Canada
showing higher than expected production.
    * Worries about dry weather in Argentina are propelling
soybeans higher with the market climbing to a four-month high on
    * The drought that set in around the start of the Southern
Hemisphere springtime in parts of the central farm belt
threatens late-season soybean and corn planting and the
development of already sown crops.
    * For wheat, bearish news came from Canada where farmers
harvested larger crops than expected this autumn, reaping
record-large canola output and a surprisingly big wheat crop, a
Statistics Canada report showed on Wednesday.
    * Canola production topped 21.3 million tonnes, 8 percent
higher than Statscan's September estimate. The all-wheat harvest
at 30 million tonnes exceeded Statscan's previous estimate by
10.5 percent.
    * Production of corn-based ethanol hit record rates of 1.108
million barrels per day, according to the U.S. Energy
Information Administration, underlining robust demand for corn.

    * Commodity funds were net sellers of CBOT soybean, soymeal,
wheat, corn and soyoil futures contracts on Wednesday, traders
    * Asian shares held close to a two-month low on Thursday as
softer oil and copper as well as U.S. policy uncertainty kept
sentiment in check, while high-tech stocks struggled to recover
after a searing sell-off.
0700  Germany               Industrial output               Oct
0745  France                Trade data                      Oct
1000  Euro zone             Revised GDP                     Q3
1330  U.S.                  Weekly jobless claims
1500  ECB President Mario Draghi holds news conference on Basel
banking reforms. 
 Grains prices at  0109 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  425.00   -0.25   -0.06%   -2.35%       441.13  27
 CBOT corn   352.50   -0.25   -0.07%   -0.28%       357.80  40
 CBOT soy    1004.00  1.25    +0.12%   +0.55%       989.34  64
 CBOT rice   12.19    $0.00   +0.00%   +0.04%       $11.95  45
 WTI crude   56.15    $0.19   +0.34%   -2.55%       $56.35  42
 Euro/dlr    $1.179   $0.000  -0.03%   -0.27%               
 USD/AUD     0.7544   -0.002  -0.25%   -0.79%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; editing by Richard Pullin)
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