September 19, 2019 / 3:13 AM / 2 months ago

GRAINS-Wheat dips from 5-week top, dry weather limits losses

    * Wheat down after hitting highest level since Aug 12 on Wed
    * Soybean futures unmoved after 2 days of losses; corn slips

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Sept 19 (Reuters) - Chicago wheat futures slid on
Thursday, easing from their highest in more than five weeks
although concerns over supplies from the Southern Hemisphere
provided a floor under the market.
    Soybeans were little changed following two days of losses
triggered by benign U.S. weather and a lack of demand, while
corn ticked lower.
    The most-active wheat contract on the Chicago Board Of Trade
 lost 0.6% at $4.86-3/4 a bushel, as of 0252 GMT, having
climbed to its highest since Aug. 12 at $4.92-1/2 a bushel on
Wednesday.
    Soybeans were up just a quarter of a cent at $8.89 a
bushel and corn was down 0.1% at $3.71 a bushel.
    Dry weather in Australia and Argentina is expected to reduce
yields.
    "Winter crop estimates in Australia are still being revised
lower," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia. "Argentinean winter crop
forecasts are also at some risk of downgrade."
    In the U.S. Midwest, forecasts call for mild weather,
limiting the threat of frost for the soybean crop.
    The market awaits fresh export sales data due to be released
by the U.S. Department of Agriculture (USDA) early on Thursday.
    Analysts surveyed by Reuters expected wheat and soybean
sales to be down from the prior week's robust pace, while corn
sales were seen rising following a drop in prices. 
    Expectations of record corn harvest in Brazil are likely to
weigh on prices.
    Despite a slower start to soybean planting this year in
Brazil, the country's 2019/20 corn crop, most of which is
planted after the soy harvest, is expected to surpass the 100
million-tonne mark for the first time.
    According to the average estimate of nine forecasters,
Brazil's corn crop in the season kicking off this month is
likely to yield 102.3 million tonnes, a 2.3% increase from the
government's estimate for the prior harvest, when farmers
collected 99.98 million tonnes of corn.
    Commodity funds were net buyers of CBOT corn, wheat and
soyoil futures contracts on Wednesday and net sellers of CBOT
soybeans and soymeal, traders said.              
    
 Grains prices at 0252 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  486.75  -2.75    -0.56%   -0.41%       477.47  57
 CBOT corn   371.00  -0.25    -0.07%   -0.80%       373.28  62
 CBOT soy    889.00  0.25     +0.03%   -1.22%       874.58  62
 CBOT rice   12.30   -$0.01   -0.08%   +0.70%       $11.78  86
 WTI crude   58.23   $0.12    +0.21%   -7.42%       $55.77  
 Currencies                                                 
 Euro/dlr    $1.103  -$0.004  -0.35%   +0.29%               
 USD/AUD     0.6784  -0.008   -1.17%   -1.17%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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