September 3, 2019 / 4:02 AM / 12 days ago

GRAINS-Wheat falls, lingers near 4-month low on supply glut

    * Wheat extends losses into fourth straight session
    * Wheat hit a May 16 low of $4.59-1/4 a bushel on Friday
    * Corn falls, soybeans edge lower 

    By Colin Packham
    SYDNEY, Sept 3 (Reuters) - U.S. wheat futures fell nearly
0.5% on Tuesday, set to extend losses for the fourth-straight
session, as ample global supplies pushed prices towards a near
four-month low.
    Soybeans fell as the market continued to fret over the
impact of a protracted U.S.-China trade war, while corn also
slid.
    The most active wheat futures on the Chicago Board Of Trade
 were down 0.5% at $4.60-1/4 a bushel by 0328 GMT, after
closed down 2.2% on Friday when prices hit a May 16 low of $4.59
a bushel.
    The market was closed on Monday for a U.S. public holiday.
    Analysts said bumper stocks were weighing on market
sentiment.
    "We know Russian yields will be good, while some of the few
lingering U.S. weather concerns have ebbed away so the world
will be awash with grain," said Phin Ziebell, agribusiness
economist, National Australia Bank.
    Russia has harvested 84.6 million tonnes of grain from 61.1%
of the area with an average yield of 2.96 tonnes per hectare,
data from the Agriculture Ministry showed.
    It had harvested 78.6 million tonnes with an average yield
of 2.90 tonnes on the same date a year earlier, the ministry
said.
    The most active corn futures were down 0.3% at
$3.68-3/4 a bushel, having closed down 0.4% in the previous
session.
    The most active soybean futures were down 0.5% at
$8.65 a bushel, after closing little changed on Friday.
     U.S-China trade war escalates, with latest round of tariffs
beginning that threatens to prolong the disruption of global
soybean trading.
        
 Grains prices at  0328 GMT
 Contract        Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    460.25    -2.25   -0.49%       -2.64%  485.64    26
 CBOT corn     368.75    -1.00   -0.27%       -0.67%  394.01    35
 CBOT soy      865.00    -4.00   -0.46%       -0.40%  877.65    43
 CBOT rice      11.96    $0.01   +0.04%       +0.89%  $11.83    69
 WTI crude      54.91   -$0.19   -0.34%       -3.17%  $55.33    46
 Currencies                                                       
 Euro/dlr      $1.094  -$0.003   -0.28%       -0.49%              
 USD/AUD       0.6691   -0.002   -0.33%       -0.67%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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