November 30, 2017 / 1:58 AM / 4 months ago

GRAINS-Wheat eases on global supply pressure, corn dips after rally

    SINGAPORE, Nov 30 (Reuters) - U.S. wheat futures lost ground
on Thursday, slipping for four of six sessions and trading near
contract lows made earlier this week as record world supplies
added pressure on prices.
    Corn ticked lower after climbing 0.8 percent in the previous
session as a recovery in demand supported prices, while soybeans
eased with focus on improved weather in Argentina.
    * The wheat market is facing headwinds from abundant global
supplies. Prospects for Russia to produce another big wheat
harvest in 2018 added to the bearish sentiment.
    * In the first major estimate for the coming year,
agriculture consultancy SovEcon forecast Russia's 2018 wheat
crop at 76.7 million tonnes, which would be the country's
second-largest after a record 83.9 million tonnes this year.  

    * In the corn market, expectations of higher demand
underpinned prices.
    * China has bought around 10 to 12 cargoes of mainly U.S.
corn in the past month, three trade sources said, and is set to
step up purchases as a record spread between domestic and
international prices encourages buyers to seek out cheap
    * The U.S. Department of Agriculture confirmed on Wednesday
that private exporters sold 101,600 tonnes of U.S. corn to
unknown destinations for delivery in the 2017-18 marketing year
started Sept. 1.
    * Rains in parts of Argentina have reduced concerns over
crop development although more moisture is needed.
    * Brazilian analysts are likely to raise their soybean
output forecasts in coming weeks as climate fears have subsided
and the crop is developing well, four consultancies told Reuters
this week.
    * Brazil, the world's largest exporter of the oilseed and
the No. 2 producer after the United States, is currently
expected to harvest 109.43 million tonnes of beans in the
2017/18 cycle, based on an average of forecasts compiled in a
recent poll.
    * Commodity funds were net buyers of Chicago Board of Trade
corn, wheat and soymeal futures contracts on Wednesday and small
net sellers of soyoil and soybean futures, traders said. 

    * Asian shares fell on Thursday, weighed down by a plunge in
high-flying technology shares, a move that some see as a healthy
correction after a strong rally but others believe may herald
the peak of a "super cycle" that has been boosting the sector. 

0100  China         Official manufacturing PMI            Nov
0100  China         Official non-manufacturing PMI        Nov
0700  Germany       Retail sales                          Oct
0745  France        Producer prices                       Oct
0900  Germany       Unemployment rate                     Nov
1000  Euro zone     Inflation                             Nov
1000  Euro zone     Unemployment rate                     Nov   
1330  U.S.          Weekly jobless claims
1330  U.S.          Personal income                       Oct
1445  U.S.          Chicago PMI                           Nov
 Grains prices at 0136 GMT
 Contract    Last    Change  Pct chg               MA 30   RSI
 CBOT wheat  433.50  -1.25   -0.29%                433.50  38
 CBOT corn   353.00  -0.50   -0.14%                353.00  41
 CBOT soy    991.75  -0.75   -0.08%                991.75  57
 CBOT rice   12.38   $0.00   +0.00%                $12.38  70
 WTI crude   57.38   $0.08   +0.14%                $57.38  56
 Euro/dlr    $1.186  $1.186                                
 USD/AUD     0.7583  0.758                                 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
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