February 1, 2018 / 3:33 AM / 8 months ago

GRAINS-Wheat down for second day on fund selling; soybeans, corn ease

    * Wheat starts new month with more than 1 pct decline
    * Fund selling, ample supplies add pressure on prices

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Feb 1 (Reuters) - Chicago wheat futures slid for
a second session on Thursday as the market started the new month
lower with funds selling off positions to cash in on a recent
rally and on signs that supplies remain abundant.
    Soybeans and corn lost ground but the focus remains on a
severe drought in parts of Argentina which is expected to curb
yields.
    Commodity funds were net buyers of Chicago Board of Trade
(CBOT) corn futures on Wednesday and net sellers of wheat,
soybeans, soymeal and soyoil, traders said.
    "There are plenty of wheat supplies but prices will be
influenced by weather as seasonally we are in the weather market
for the northern hemisphere crop," said one India-based analyst
at an international bank which tracks global agricultural
markets.
    The most-active wheat contract on the Chicago Board Of Trade
 fell 1.3 percent at $4.46 a bushel by 0259 GMT, adding to
Wednesday's decline of 1.2 percent.
    Soybeans were down 0.5 percent at $9.90-1/2 a bushel,
having closed down half a percent on Wednesday and corn
lost 0.2 percent to $3.60-3/4 a bushel, having closed unchanged
in the previous session.
    Wheat fell after touching its highest since late September
in the previous session amid fears that adverse dry weather
across a key U.S. growing region will damage yields.
    Condition ratings for winter wheat declined in January in
several southern U.S. Plains states that have been hit by
drought, including top producer Kansas, the U.S. Department of
Agriculture said on Monday.
    Corn and soybean traders are monitoring weather in Argentina
as drought has reduced plantings and hurt yield potential for
both crops.
    The country's parched corn and soybean growing areas will
remain dry in the days ahead, forecasters said on Wednesday as
farmers calculated yield losses caused by a three-month-long
drought that was expected to get worse before it gets better.

    Yield damage to early-planted beans and corn in the key
Pampas farm belt has already been caused by the hot, dry weather
with growers hoping that February rains will relieve
later-planted fields.
    
 Grains prices at  0259 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  446.00  -5.75   -1.27%   -0.72%       429.89  60
 CBOT corn   360.75  -0.75   -0.21%   +0.56%       352.09  69
 CBOT soy    990.50  -5.25   -0.53%   -0.10%       972.16  61
 CBOT rice   12.45   $0.01   +0.08%   +0.12%       $12.05  77
 WTI crude   64.77   $0.04   +0.06%   +0.42%       $62.46  57
 Currencies                                                
 Euro/dlr    $1.242  $0.000  -0.03%   +0.16%               
 USD/AUD     0.8042  -0.007  -0.83%   +0.17%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Christian
Schmollinger)
  
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