September 6, 2017 / 3:53 AM / 6 months ago

GRAINS-U.S. wheat eases after 3-day rally on Black Sea competition

    * Wheat falls from more than 2-week top, soybeans ease
    * Strong Black Sea wheat exports offer stiff competition

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 6 (Reuters) - Chicago wheat futures slid on
Wednesday, falling for the first time in four sessions as
booming exports from the Black Sea region provide stiff
competition to U.S. suppliers. 
    Soybeans eased as the market took a breather after climbing
to a three-week high in the last session on concerns over dry
weather curbing yields in parts of the U.S. Midwest. 
    The Chicago Board of Trade most-active wheat futures
fell 0.3 percent to $4.41-3/4 a bushel by 0331 GMT, after
closing up 1 percent on Tuesday.
    Soybeans fell 0.2 percent to $9.67 a bushel. The
market firmed 2 percent on Tuesday, when prices hit their
highest since Aug. 10 at $9.73-1/2 a bushel.
    Corn was down 0.4 percent at $3.57 a bushel, having
gained 0.9 percent in the previous session.
    "Black Sea wheat exports are doing well. Some Texas ports
are shut but the hurricane did not cause much damage to wheat,"
said Phin Ziebell, agribusiness economist, National Australia
    "The bigger picture is that we have ample supplies."
    UkrAgroConsult raised its forecast for Ukraine's 2017/18
grain exports by 3.4 percent to 42.06 million tonnes on Tuesday,
 underpinned by a bigger-than-expected harvest.
    Russia is also in the middle of shipping its record crop.
    Last week, IKAR, a leading agriculture consultancy in
Russia, raised its forecast for the country's wheat output and
exports to 81-84 million tonnes and 31-33 million tonnes,
    In the U.S., disruptions and delays to U.S. wheat exports
from Texas as a result of hurricane Harvey will persist for days
more, trade experts said on Tuesday, after shipments were wiped
out last week by flooded railroad tracks and closed ports.

    The U.S. Department of Agriculture rated 61 percent of the
U.S. corn crop in good-to-excellent condition, down from 62
percent a week earlier. Analysts surveyed by Reuters on average
expected no change.
    The agency said 12 percent of the corn crop was mature,
behind the five-year average of 18 percent.
    The USDA rated 61 percent of the soybean crop as
good-to-excellent, unchanged from the previous week.
    Forecasts called for dry weather across much of the Midwest
for the next 10 days, potentially stressing the maturing U.S.
soybean crop.
    The USDA on Tuesday said private exporters sold 136,000
tonnes of U.S. soybeans to China, following a string of similar
sales announcements since mid-August.

 Grains prices at 0331 GMT
 Contract    Last    Change  Pct chg               MA 30   RSI
 CBOT wheat  441.75  -1.25   -0.28%                441.75  65
 CBOT corn   357.00  -1.50   -0.42%                357.00  48
 CBOT soy    967.00  -1.50   -0.15%                967.00  67
 CBOT rice   12.73   -$0.04  -0.35%                $12.73  58
 WTI crude   48.58   -$0.08  -0.16%                $48.58  61
 Euro/dlr    $1.191  $1.191                                
 USD/AUD     0.7988  0.799                                 
 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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