March 12, 2019 / 3:00 AM / 4 months ago

GRAINS-Wheat firms after heavy losses, gains capped by ample world supplies

    * Wheat recovers from lowest since Jan on bargain buying
    * Soybeans firm after two days of decline, corn ticks up

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, March 12 (Reuters) - Chicago wheat futures edged
higher on Tuesday but the market was trading not far from last
session's 14-month low as abundant world supplies and
fund-selling kept a lid on prices.
    Soybeans firmed after dropping earlier in the session to
their lowest in more than 10 weeks on U.S.-China trade concerns.
    The most-active wheat contract on the Chicago Board of Trade
 was up 0.4 percent at $4.30 a bushel by 0235 GMT. It
closed down 2.5 percent on Monday, after marking its lowest
level since January 2018 at $4.27 a bushel. 
    Soybeans added 0.1 percent to $8.91 a bushel, having
earlier touched their weakest since Dec. 28 at $8.89 a bushel,
while corn rose 0.1 percent to $3.62-1/4 a bushel.
    "On the supply front, globally there are no issues and on
top of that we had fund selling," said one Singapore-based
grains trader. 
    Commodity funds were net sellers of CBOT wheat, corn,
soybean and soymeal futures contracts on Monday and net even in
soyoil, traders said.
    Global demand for wheat continues to lag despite
increasingly competitive prices and early prospects for large
harvests in Europe and Russia this year.
    The U.S. Department of Agriculture said weekly export
inspections of wheat totalled 592,001 tonnes in the week ended
March 7, in line with analyst forecasts.
    White House Press Secretary Sarah Sanders on Monday said a
date for a trade summit between President Donald Trump and
Chinese President Xi Jinping has not been set and negotiations
are ongoing.
    The USDA said private exporters reported the sale of 968,000
tonnes of soybeans for delivery to China during the 2018-19
marketing year.
    The deal follows the announcement of a 664,000-tonne
purchase on Friday, but totals have fallen well short of the 10
million tonnes that U.S. Agriculture Secretary Sonny Perdue said
China had promised to buy as part of trade negotiations.
    
 Grains prices at 0235 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  430.00  1.50    +0.35%   -2.16%       490.49  13
 CBOT corn   362.25  0.25    +0.07%   -0.55%       379.31  33
 CBOT soy    891.00  1.00    +0.11%   -0.53%       918.86  39
 CBOT rice   10.75   $0.03   +0.28%   -0.69%       $10.57  60
 WTI crude   57.11   $0.32   +0.56%   +1.85%       $55.26  
 Currencies                                                
 Euro/dlr    $1.126  $0.001  +0.10%   +0.18%               
 USD/AUD     0.7071  0.000   +0.03%   +0.37%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
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