September 25, 2017 / 4:11 AM / 5 months ago

GRAINS-Wheat down 1 pct; falls for 2nd day as supply glut weighs

    * Wheat loses more ground on ample global supplies
    * Soybeans ease after rally, strong demand caps losses

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 25 (Reuters) - U.S. wheat slid 1 percent on
Monday, falling for a second consecutive session as ample
supplies continued to weigh on prices. 
    Soybean edged lower after rallying 1.4 percent in the last
session on the back of strong demand and uncertainty over U.S.
    The most-active wheat contract on the Chicago Board Of Trade
 lost 1 percent to $4.45 a bushel by 0352 GMT, and was
trading near the session's low of $4.44 a bushel, its lowest
since Sept. 20. Wheat closed down 0.7 percent on Friday. 
    Soybeans lost 0.4 percent to $9.80-1/4 a bushel while
corn fell 0.4 percent at $3.52 a bushel.
    "There is some profit-taking in wheat after the market
climbed to a one-month high last week," said an India-based
agricultural commodities analyst.
    "There is no major fundamental change as supplies remain
ample. What we need to watch is the weather in the United States
where winter crop planting is taking place."
    Rainy weather in some Russian regions is posing a risk to
next year's grain crop, an Agriculture Ministry official said on
    The ministry's pessimistic outlook for the 2018 crop,
follows its downbeat predictions about this year's crop. Its
forecast is far lower than most unofficial estimates.
    The soybean market received support from strong demand.
    The U.S. Department of Agriculture confirmed that private
exporters sold 190,000 tonnes of U.S. soybeans to Mexico - the
10th daily soybean sales announcement in the last 11 business
    Uncertainty about the national soybean yield also lent
support. The USDA in a monthly report last week raised its U.S.
yield forecast to 49.9 bushels per acre, up from 49.4 in August
but analysts are not sure about yields until harvest in October.
    Forecasts called for showers in parts of the northwest Corn
Belt in the next few days but said central and eastern portions
of the belt should have dry and warm conditions for harvest.
    In news, China imported 380,000 tonnes of corn in August, a
14-fold year-on-year jump, as buyers stocked up on cheaper
imports after domestic prices of the grain rose, data from the
General Administration of Customs showed on Saturday.
    Large speculators increased their net short position in CBOT
corn futures in the week to Sept. 19, regulatory data released
on Friday showed.
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and pruned their net short position
in soybeans.
 Grains prices at  0352 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  445.00  -4.50    -1.00%   -1.66%       441.26  59
 CBOT corn   352.00  -1.50    -0.42%   +0.50%       356.48  57
 CBOT soy    980.25  -4.00    -0.41%   +0.98%       953.08  70
 CBOT rice   12.45   $0.08    +0.65%   -2.08%       $12.67  42
 WTI crude   50.54   -$0.12   -0.24%   -0.02%       $48.37  66
 Euro/dlr    $1.193  -$0.002  -0.18%   -0.08%               
 USD/AUD     0.7952  -0.001   -0.13%   +0.26%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Vyas Mohan)
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