June 14, 2018 / 3:01 AM / in 2 months

GRAINS-Wheat eases for 2nd day on fund selling, soybeans hit 10-mth low

    * Wheat falls over 1 pct as funds sell long positions
    * Soybean hit lowest since August on renewed trade tensions 

 (Recasts with wheat, adds quote)
    By Naveen Thukral
    SINGAPORE, June 14 (Reuters) - Chicago wheat slid more than
1 percent on Thursday, adding to deep losses in the previous
session on selling by funds although expectations of lower
production in the Black Sea region are likely to put a floor
under the market.
    Soybeans fell to a 10-month low as heightened concerns over
relations between Washington and Beijing weighed on the market.
    The Chicago Board of Trade most-active wheat contract
gave up 1.1 percent to $5.11 a bushel, having earlier hit
$5.05-3/4 a bushel, the weakest since June 4. Wheat closed down
3.4 percent on Wednesday.
    Soybeans lost 0.1 percent to $9.35-1/2 a bushel,
having earlier dropped to $9.31-1/4 a bushel, the lowest since
Aug. 22 and corn slid 0.9 percent to $3.72-1/2 a bushel.
    "It is fund liquidation and U.S. wheat needs to drop below
$5.10 a bushel to complete with the Black Sea region," said Ole
Houe, director of advisory services at brokerage IKON
Commodities in Sydney.
    "The Black Sea wheat market has been pretty steady but
prices are expected to rise with lower production in Russia and
Ukraine."
    U.S. soybean futures came under pressure after a media
report renewed fears that China could hit U.S. soybeans with
retaliatory tariffs if Washington follows through on threats to
slap duties on Chinese goods.
    President Donald Trump "is expected to impose tariffs on
Chinese goods as soon as Friday or next week," according to a
story published late Tuesday by news outlet Politico.
    Forecasts for crop-boosting rain in key growing areas of the
U.S. Midwest for the next week added pressure on both corn and
soybeans.
    U.S. soybean plantings are forecast at 89.902 million acres
in 2018, up from a previous estimate of 89.4 million, private
analytics firm Informa Economics said on Wednesday in a client
note seen by Reuters.
    That is above the U.S. Department of Agriculture's March
projection of 88.982 million acres. The government is scheduled
to release updated acreage figures on June 29.
    Commodity funds were net sellers of Chicago Board of Trade
soybean, corn, wheat, soymeal and soyoil futures contracts on
Wednesday, traders said.

 Grains prices at  0243 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  511.00  -5.50   -1.06%   -0.68%       517.01   42
 CBOT corn   372.50  -3.50   -0.93%   +1.43%       394.65   34
 CBOT soy    935.50  -0.50   -0.05%   -1.91%       1009.48  12
 CBOT rice   12.14   $0.04   +0.37%   +4.25%       $12.08   65
 WTI crude   66.67   $0.03   +0.05%   +0.47%       $68.76   49
 Currencies                                                 
 Euro/dlr    $1.180  $0.001  +0.11%   +0.25%                
 USD/AUD     0.7558  -0.005  -0.67%   -0.54%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 

 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below