June 17, 2020 / 3:41 AM / 25 days ago

GRAINS-Wheat drops for 2nd session on harvest pressure, soybeans fall

* Wheat futures fall as harvest in key exporters gathers pace

* Corn, soybean prices down for 3rd session, market eyes U.S. crop (Adds details on fund buying, quote in paragraph 3)

By Naveen Thukral

SINGAPORE, June 17 (Reuters) - Chicago wheat futures slid for a second session on Wednesday on expectations of abundant supplies due to bumper harvests across the Northern Hemisphere.

Soybeans slid for a third consecutive session, while corn lost more ground.

“Prices in the futures market In Chicago and Europe are falling but physical market is pretty stable,” said a Singapore-based trader.

The most-active wheat contract on the Chicago Board of Trade fell 0.6% to $4.93 a bushel by 0331 GMT. Soybeans lost 0.1% to $8.66 a bushel and corn gave up 0.5% to $3.27-1/4 a bushel.

Harvest of wheat crops in top exporting countries has picked up and was weighing on prices.

Russia’s grain exports will not be subjected to any quotas from July to December, the agriculture ministry said on Tuesday, citing its initial plan.

The Ukrainian government has raised its grain crop forecast for this year to 68 million tonnes from 65-68 million tonnes, Economy Minister Ihor Petrashko told reporters on Tuesday.

Corn prices have come under pressure even as the U.S. Department of Agriculture (USDA) cut crop rating.

The USDA on Monday rated 71% of the U.S. corn crop in good-to-excellent condition as compared with 75% a week ago.

The agency said 95% of the corn crop has been planted, up from 89% a week ago.

Commodity funds were net sellers of CBOT wheat, soybeans, soymeal and corn futures contracts on Tuesday and net buyers of soyoil futures contracts, traders said. (Reporting by Naveen Thukral; Editing by Amy Caren Daniel, Aditya Soni)

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