June 24, 2019 / 3:29 AM / 2 months ago

GRAINS-Wheat prices ease for 2nd session on ample world supply; corn firms

    * Wheat loses more ground on near-record Black Sea output
    * Corn, soybeans firm ahead of USDA weekly crop report

 (Adds details, comment)
    By Naveen Thukral
    SINGAPORE, June 24 (Reuters) - Chicago wheat futures slid for a second session on Monday, with
prices under pressure from expectations of abundant global supplies in the coming season amid near
record production in the Black Sea region.
    Corn and soybeans rose on concerns over wet weather preventing U.S. farmers from planting their
crops.
    "The U.S. Midwest is mostly wet to very wet," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    "And weather forecasters suggest those soggy conditions have little chance of changing for
another week or so. The wet conditions now have less impact on planting because that window has
closed for most growers. From here the impact is on crop development and yield."
    The Chicago Board of Trade most-active wheat contract was down 0.3% at $5.29-1/4 a
bushel, as of 0315 GMT, after closing marginally lower on Friday. 
    Corn added 0.7% to $4.45-1/4 a bushel, while soybeans gained 0.8% to $9.09-3/4 a
bushel.
    Russia, the world's top wheat exporter, is expected to produce a bumper crop which will hit the
market next month.
    Argentine farmers are expected to plant 6.5 million hectares of wheat in the 2019/20 season,
the government said in a report on Friday, citing good rainfall as the reason for the increase from
its previous forecast of 6.46 million hectares.
    Farm office FranceAgriMer estimated in a weekly report on Friday that 80% of French soft wheat
crops were in good or excellent condition in the week ending June 17, unchanged from a week
earlier.
    In the corn and soybean markets, the focus is on weekly crop progress report to be issued by
the U.S. Department of Agriculture later on Monday.
    Traders remain nervous about the potential for reduced U.S. corn and soybean yields after late
plantings. The crops face an increased risk for damage from hot weather during key development
periods this summer and from an early autumn frost.
    Large speculators raised their net long position in CBOT corn futures in the week ended June
18, regulatory data released on Friday showed.
    The Commodity Futures Trading Commission's weekly commitments of traders report showed that
non-commercial traders, a category that includes hedge funds, trimmed their net short position in
CBOT wheat and trimmed their net short position in soybeans.

 Grains prices at 0315 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  529.25  -1.50   -0.28%   +0.52%       500.05  57
 CBOT corn   445.25  3.00    +0.68%   -1.06%       416.10  61
 CBOT soy    909.75  7.00    +0.78%   -0.63%       865.09  64
 CBOT rice   11.28   -$0.02  -0.13%   +0.49%       $11.45  35
 WTI crude   57.79   $0.36   +0.63%   +2.01%       $56.72  
 Currencies                                                
 Euro/dlr    $1.138  $0.002  +0.14%   +0.81%               
 USD/AUD     0.6955  0.003   +0.46%   +0.48%               
 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 and Sherry Jacob-Phillips)
  
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