January 17, 2018 / 3:50 AM / a year ago

GRAINS-Wheat languishes near 1-month low on supply pressure; soybeans ease

    * Higher U.S. planting, ample supplies cap wheat prices
    * Soybeans dip from 1-week high; corn up for 2nd day

 (Adds details, comments)
    By Naveen Thukral
    SINGAPORE, Jan 17 (Reuters) - Chicago wheat futures were
little changed on Wednesday, with the market trading near last
session's one-month low as ample global supplies and higher than
previously expected U.S. winter crop planting kept a lid on
    Soybeans ticked lower, giving up some of the gains recorded
in the previous session which had lifted prices to a one-week
high on concerns over dryness in Argentina. Corn rose for a
second day on short-covering.
    The Chicago Board Of Trade most-active wheat contract
was flat at $4.16-1/2 a bushel by 0320 GMT, having dropped on
Tuesday to $4.13-1/4 a bushel, the lowest since December 13,
    Soybeans gave up 0.1 percent to $9.67-1/2 a bushel,
while corn added 0.1 percent to $3.48-1/2 a bushel.
    "U.S. wheat farmers are losing money but they seem to be
still planting wheat," said Phin Ziebell, agribusiness economist
at National Australia Bank. "Wheat prices are unlikely to
recover much unless fundamentals change, (there is) a big
weather risk or lower planting."
    The U.S. Department of Agriculture estimated 2018 U.S.
winter wheat plantings at 32.608 million acres, above analyst
expectations for 30.1 million to 32 million acres.
    U.S. wheat was not among the offers in a tender by top
importer Egypt, which ultimately bought 295,000 tonnes of
Russian wheat on Tuesday.
    Winter weather remains favourable for Russia's winter grain
sowings so far, the head of the weather forecaster
Hydrometcentre said on Tuesday, indicating good prospects for
the country's 2018 crop.
    The soybean market is being underpinned by dry weather in
Argentina, although favourable growing conditions in Brazil have
boosted hopes of a bumper crop.
    Widespread rains in Brazil over the weekend fuelled
speculation that the world's largest exporter could harvest a
bigger crop this season after record production last year.
    U.S. domestic demand supported soybeans after the National
Oilseed Processors Association reported a record-large December
soybean crush of 166.382 million bushels among its members.
    Commodity funds were net buyers of CBOT corn, soybean and
soymeal futures contracts on Tuesday, and net sellers of wheat
and soyoil futures, traders said.

 Grains prices at  0320 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  416.50  0.00    +0.00%   -0.95%       424.89  33
 CBOT corn   348.50  0.25    +0.07%   +0.65%       350.26  46
 CBOT soy    967.50  -0.50   -0.05%   +0.73%       975.82  59
 WTI crude   63.77   $0.04   +0.06%   -0.82%       $59.66  73
 Euro/dlr    $1.227  $0.001  +0.07%   +0.05%               
 USD/AUD     0.7967  0.001   +0.09%   +0.05%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)
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