November 20, 2017 / 2:29 AM / 4 months ago

GRAINS-Wheat eases after two-day rally, plentiful supplies weigh

    * Wheat dips after climbing 1.7 pct in past two sessions
    * Corn, soybeans little changed after Friday's strong gains

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Nov 20 (Reuters) - Chicago wheat futures slid on
Monday after two sessions of gains with prices weighed down by
ample world supplies and stiff competition for U.S. exporters.
    Corn and soybeans were largely unchanged after rallying
nearly 2 percent on Friday.
    The Chicago Board of Trade most-active wheat contract      
slipped 0.3 percent at $4.26 a bushel by 0213 GMT after rising
1.7 percent in the last two sessions.
    Global wheat demand has been lean at a time of bountiful
supply with Russia looking at a record harvest.
    "Wheat prices are under pressure, U.S. export sales came in
lower and European exports are also struggling while we have
plenty of world supplies," said Phin Ziebell, an agribusiness
economist at National Australia Bank.
    Exports of European Union soft wheat in the 2017/18 season
that started on July 1 had reached 7.5 million tonnes by Nov.
14, down 23 percent from the same period a year ago, data showed
last week.             
    Weekly sales of U.S. wheat fell 37 percent from the prior
week to 489,300 tonnes, according to latest data from the U.S.
Department of Agriculture.          
    The focus is on Iraq which is seeking 50,000 tonnes of wheat
in an international tender, looking to buy the grain from the
United States, Australia or Canada.           
    Chicago corn       was up 0.1 percent at $3.43-1/4 a bushel
and soybeans       were flat at $9.90-1/2 a bushel.
    Large speculators increased their net short position in CBOT
corn futures in the week to Nov. 14, data released on Friday
    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 switched to a net short
position in soybeans.             
    A weed killer blamed for damaging millions of acres of U.S.
crops this summer did not reduce yields for most of the soybeans
checked by BASF SE           , which makes a version of the
    Corn producers in Brazil's Mato Grosso state should harvest
25 million tonnes of corn in the second harvest of the 2017-18
season, down 19 percent from a year ago, research agency Imea

 (Reporting by Naveen Thukral; Editing by Amrutha Gayathri)
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