September 19, 2017 / 1:30 AM / 9 months ago

GRAINS-Wheat, corn ease for second day on ample global supply

SINGAPORE, Sept 19 (Reuters) - Chicago corn and wheat futures lost more ground on Tuesday, falling for a second consecutive session in the face of abundant global supplies.

Soybean prices ticked up after closing marginally lower on Monday.


* The Chicago Board of Trade most-active corn contract had slid 0.1 percent to $3.51 a bushel by 0109 GMT, while wheat gave up 0.3 percent to $4.42 a bushel.

* Soybeans added 0.1 percent to $9.69 a bushel.

* The U.S. Department of Agriculture (USDA) in its weekly crop progress report said the U.S. corn harvest was 7 percent complete, behind the five-year average of 11 percent.

* The soybean harvest was 4 percent complete, close to its average pace of 5 percent, the agency said after the market closed on Monday.

* U.S. and global supplies of corn remain ample. The USDA last week forecast a U.S. corn yield of 169.9 bushes per acre and 2017-18 ending stocks at a hefty 2.3 billion bushels.

* In the wheat market, the focus is on a tender issued by Egypt’s General Authority for Supply Commodities to buy an unspecified amount of wheat from global suppliers for shipment from Oct. 21-31. Results were expected later on Tuesday.

* Wheat exporters from the Black Sea region and Europe have in recent years won a bulk of the tender business coming from Egypt, the world’s biggest importer.

* Soybean prices have been underpinned by strong demand. The USDA through its daily reporting system said on Monday private exporters sold a total of 387,000 tonnes of U.S. soybeans, including 261,000 tonnes to China, the world’s top soy buyer.

* Money managers reversed their six-week selling streak across Chicago-traded grains and oilseeds in the week ended Sept. 12 even amid some relatively bearish figures from the USDA. (


* Asian shares wavered on Tuesday, bolstered by record highs on Wall Street but hobbled by uncertainty as traders waited on a Federal Reserve meeting for clues on U.S. monetary policy.

DATA/EVENT AHEAD (GMT) 0800 Euro Zone Current account data Jul 0900 Germany ZEW economic sentiment index Sep 1230 U.S. Current account data Q2 1230 U.S. Import and export prices Aug 1230 U.S. Housing starts Aug (Reporting by Naveen Thukral; Editing by Joseph Radford)

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