April 12, 2018 / 5:02 AM / 2 months ago

GRAINS-Wheat falls 1 pct as USDA forecasts record supplies

    * Wheat extends two-day losses to 2 pct 
    * Wheat shrugs off threat to U.S. supplies 
    * Soybeans edge higher, corn flat 

    By Colin Packham
    SYDNEY, April 12 (Reuters) - U.S. wheat futures fell 1
percent on Thursday after the U.S. Department of Agriculture
raised its forecast for world supplies, easing fears about
potential supply issues in the world's No. 1 exporter.
    Corn was unchanged, while soybeans edged higher.
    The most active wheat futures on the Chicago Board Of Trade
 eased 1.1 percent to $4.82 a bushel by 0427 GMT, near the
session low of $4.81-1/4 a bushel - the lowest since April 9.
Wheat closed down 1 percent in the previous session.
    "The USDA raised their estimates of world and U.S. wheat
inventories for season 2017, markets had expected slightly
better numbers," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    The USDA raised its forecast of world 2017-18 wheat ending
stocks to a record-high 271.2 million tonnes.
    Analysts also noted pressure from a sharp decline in
Russia's currency that could diminish wheat export prospects in
the United States and European Union.
    The negative market sentiment came despite continued concern
about the condition of the U.S. crop. 
    The USDA rated 30 percent of the U.S. winter wheat crop in
good to excellent condition, down from 32 percent a week earlier
and 53 percent a year ago. The figure fell below an average of
analyst estimates for 31 percent.
    The most active soybean futures were up 0.2 percent at
$10.50 a bushel, after closing 0.2 percent lower on Wednesday.
    The USDA trimmed its 2017-18 U.S. soybean ending stocks
forecast to 550 million bushels, from 555 million bushels last
month and below an average of analyst estimates for 574 million
bushels. 
    The most active corn futures were unchanged at $3.87 a
bushel, having closed down 0.6 percent in the previous session.
    The USDA said the U.S. corn crop was 2 percent planted by
Sunday, in line with trade expectations, but down 3 percent a
year earlier.
        
 Grains prices at  0427 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   482.00   -5.25   -1.08%       -2.03%   475.05    61
 CBOT corn    387.00    0.00   +0.00%       -0.58%   384.49    56
 CBOT soy    1050.00    2.25   +0.21%       +0.00%  1042.23    60
 CBOT rice     12.80  -$0.01   -0.08%       -0.20%   $12.44    75
 WTI crude     67.11   $0.29   +0.43%       +2.44%   $63.22    70
 Currencies                                                      
 Euro/dlr     $1.236  $0.000   -0.03%       +0.06%               
 USD/AUD      0.7750   0.000   -0.05%       -0.12%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  
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