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GRAINS-Wheat eases for 3rd day as abundant supplies weigh on market
October 27, 2017 / 1:23 AM / a month ago

GRAINS-Wheat eases for 3rd day as abundant supplies weigh on market

    Oct 27 (Reuters) - Chicago wheat futures lost more ground on
Friday, declining for a third consecutive session, with the
market facing pressure from ample supplies and profit-taking
following a rally earlier in the week.
    Soybeans were little changed with strong demand underpinning
the oilseed market, while corn edged lower.
    
    FUNDAMENTALS
    * Chicago wheat is being weighed down by record supplies
flowing from the world's key exporting countries, including
Russia.
    * The International Grains Council lifted its forecast for
2017/18 world grain production on Thursday, mostly reflecting
improved prospects for the U.S. corn crop.
    * The inter-governmental body, in a monthly report published
on Thursday, forecast total grain production at 2.075 billion
tonnes, up 6 million tonnes from its previous forecast.
    * For the week, wheat is up little over 1 percent,
ending four weeks of decline, while corn has gained 1.5
percent following a fall of more than 2 percent last week and
soybeans are down 0.7 percent, falling for a second week.
    * Ample supplies from the U.S. harvest as well as easing
concerns about weather in South America are keeping a bearish
tone hanging over corn and soybeans.
    * Strong demand for soybeans limited losses. The U.S.
Agriculture Department on Thursday morning reported weekly
soybean export sales of 2.13 million tonnes, topping forecasts
that ranged from 1.3 million to 1.7 million tonnes.
    * Wheat export sales were 390,600 tonnes, compared with
forecasts that ranged from 250,000 tonnes to 450,000 tonnes.
Corn export sales of 1.39 million tonnes were above trade
estimates that ranged from 800,000 tonnes to 1.0 million tonnes.
    * In Argentina, soy planting began over the last two weeks
while flooding contributed to a 5.7 percent contraction in
projected area for the 2017/18 season compared with the previous
crop year, the Buenos Aires Grains Exchange said on Thursday.

    * In its weekly crop report, the exchange said 1.8 percent
of the expected 18.1 million hectares to be sown with soybeans
this year had been planted. Sixty percent of planting as of
Thursday had been concentrated in the north and south of the
country's farm region, it said.
    * Commodity funds were net sellers of Chicago Board of Trade
wheat, corn, soybean and soymeal contracts and net buyers of
soyoil on Thursday, traders said.
    
    MARKET NEWS
    * Asian shares gained on Friday as technology shares were
boosted by upbeat earnings from U.S. hi-tech giants while the
euro hovered near three-month low against the dollar after the
European Central Bank extended its stimulus.
    
 Grains prices at  0108 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  430.25  -1.50    -0.35%   -1.21%       441.22  42
 CBOT corn   349.75  -0.75    -0.21%   -0.36%       350.48  47
 CBOT soy    971.75  0.50     +0.05%   -0.38%       972.93  40
 CBOT rice   11.82   $0.03    +0.25%   +1.29%       $12.08  27
 WTI crude   52.69   $0.05    +0.09%   +0.98%       $51.19  68
 Currencies                                                 
 Euro/dlr    $1.163  -$0.002  -0.21%   -1.58%               
 USD/AUD     0.7640  -0.002   -0.26%   -0.82%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  

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