December 28, 2017 / 3:52 AM / a year ago

GRAINS-Wheat edges lower, but adverse U.S. weather stems losses

    * Cold weather across key producing region threatens crops
    * Soybeans fall from two-week high; corn edges lower

    By Colin Packham
    SYDNEY, Dec 28 (Reuters) - U.S. wheat futures edged lower on
Thursday, falling after posting gains of more than 1 percent in
the previous session, though the drop was capped amid ongoing
concerns about potential crop losses from recent cold weather
across the United States.
    Soybeans edged down, retreating from a near two-week high
touched in the previous session, while corn fell.
    The most active wheat futures on the Chicago Board Of Trade
 were down 0.2 percent at $4.27-1/4 a bushel by 0335 GMT,
having closed up 1.4 percent on Wednesday.
    Despite the drop, traders said prices remain supported by
concerns for potential yield losses as cold weather lingers
across the U.S. Plains.
    "Activity is light and we are seeing some squaring after
last night, though losses are limited by the potential adverse
weather in the States," said one Melbourne-based trader, who
declined to be named as he is not authorised to talk to the
    Investment funds were holding a near record net short
position in U.S. wheat futures and had sizeable net shorts in
corn and soybeans, according to regulatory data released last
    The most active corn futures fell 0.1 percent to
$3.53-1/4 a bushel, having gained 0.3 percent in the previous
    The most active soybean futures were down 0.2 percent
to $9.65-1/4 a bushel, having closed down 0.3 percent on
Wednesday after earlier hitting a high of $9.76 a bushel - the
highest since Dec. 14.
    Soybeans continues to draw support amid fears dry weather
across some parts of Argentina may curtail production.
    In other news, an explosion at a port operated by Chinese
export company COFCO in Argentina's Rosario grains hub left one
person dead and others injured, local authorities said. It was
unclear how the incident would impact operations at the port.
 Grains prices at  0335 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   427.25   -0.75   -0.18%       +1.18%   428.49    69
 CBOT corn    353.25   -0.50   -0.14%       +0.14%   352.55    76
 CBOT soy     965.25   -2.25   -0.23%       -0.62%   991.05    35
 CBOT rice     11.79   $0.00   +0.00%       -1.34%   $12.10    41
 WTI crude     59.69   $0.05   +0.08%       -0.47%   $57.54    74
 Euro/dlr     $1.191  $0.002   +0.19%       +0.43%               
 USD/AUD      0.7782   0.002   +0.19%       +0.71%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
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