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GRAINS-Wheat hits 1-wk low on higher US output, soybean prices ease
October 2, 2017 / 1:49 AM / 2 months ago

GRAINS-Wheat hits 1-wk low on higher US output, soybean prices ease

    SINGAPORE, Oct 2 (Reuters) - Chicago wheat slid for a third
consecutive session on Monday, hitting a one-week low under
pressure from a forecast for higher production in the United
States.
    Soybean prices dropped after climbing almost 1 percent on
Friday, while corn was little changed in early Asian trade.
    
    FUNDAMENTALS  
    * The U.S. Department of Agriculture reported U.S. 2017
production of spring wheat other than durum at 416 million
bushels, up from its previous estimate of 402 million bushels
and well above an average of analyst estimates for 382 million
bushels.
    * The government put the U.S. all-wheat crop at 1.741
billion bushels, above the average trade estimate of 1.718
billion bushels.
    * In its quarterly stocks report released on Friday, the
agency showed that the United States burned through corn and
soybeans at a furious clip during June, July and August.

    * But despite the strong demand, farmers and grain handlers
were still left with corn ending stocks at a 29-year high and
soybean ending stocks at a 10-year high.
    * Brazilian soybean producers had planted 1.5 percent of the
2017/18 crop through Sept. 28, below the level of 4.8 percent at
this time last year, consultancy AgRural said in a statement on
Friday.
    * The current planted area is also below a five-year average
of 2.3 percent, AgRural said, citing scarce rains in key
producing regions.
    * Australia's wheat production is likely to fall to its
lowest since 2007/08 amid persistent dry weather, missing
official forecasts made earlier this month as well as the USDA's
latest estimate, a Reuters poll showed.
    * Large speculators increased their net short position in
Chicago Board of Trade corn futures in the week to Sept. 26,
regulatory data released on Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and trimmed their net short
position in soybeans.
    
    MARKET NEWS
    * The euro took a brief knock in Asia on Monday as investors
kept an anxious eye on an independence vote in Spain's
Catalonia, although surprisingly strong economic news out of
China and Japan offered support to equities and commodities.

    
    DATA (GMT)
0750 France Final manufacturing PMI Sep
0755 Germany Final manufacturing PMI Sep
0800 Euro zone Final manufacturing PMI Sep
0830 U.K. Manufacturing PMI Sep
0900 Euro zone Unemployment rate Aug 
1345 U.S. Markit final manufacturing PMI Sep 
1400 U.S. ISM manufacturing activity index Sep 
1400 U.S. Construction spending Aug
    
 Grains prices at  0031 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  447.25  -1.00    -0.22%   -1.70%       442.01  54
 CBOT corn   355.50  0.25     +0.07%   +0.85%       354.15  63
 CBOT soy    966.50  -1.75    -0.18%   +0.73%       958.27  53
 CBOT rice   12.01   $0.01    +0.08%   +0.29%       $12.57  31
 WTI crude   51.67   $0.00    +0.00%   +0.21%       $49.14  66
 Currencies                                                 
 Euro/dlr    $1.180  -$0.001  -0.11%   +0.13%               
 USD/AUD     0.7841  0.001    +0.10%   -0.19%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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