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GRAINS-Wheat prices fall for 2nd day as world inventories weigh, corn down
November 21, 2017 / 2:26 AM / 23 days ago

GRAINS-Wheat prices fall for 2nd day as world inventories weigh, corn down

    * Wheat drops as Black Sea supply keeps U.S. grain in silos
    * Chicago corn, soybeans down as U.S. harvest nearly over

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Nov 21 (Reuters) - Chicago wheat futures lost
ground for a second session on Tuesday, with abundant global
supply pressuring prices.
    Corn slid after rising for two sessions, while soybean
prices were marginally lower for a second day.
    The Chicago Board of Trade most-active wheat contract
had fallen 0.2 percent to $4.21 a bushel by 0208 GMT, after
dropping 1.2 percent on Monday. Corn gave up 0.4 percent
to $3.43-3/4 a bushel and soybeans slid 0.1 percent to
$9.89 a bushel.
    Wheat exporters in the United States and parts of Europe are
struggling to win business as Black Sea exporters, led by Russia
with a record crop, dominate the global market.
    There could be further pressure on prices as Ukrainian
winter grain crops are in a better condition than at the same
date last year thanks to favourable weather.
    The U.S. Department of Agriculture (USDA) said 259,264
tonnes of U.S. wheat were inspected in the week ended Nov. 16,
near the low-end of analyst estimates for 250,000 to 450,000
tonnes.
    "The publication of U.S. export inspections data did not
help the mood," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia. "U.S. exports are,
by this measure, falling further behind target."
    A tender issued by Iraq, which is seeking 50,000 tonnes of
wheat from the United States, Australia or Canada, could bring
fresh U.S. sales as there will not be competition from Russia
and Ukraine.
    The USDA in a weekly report said the soybean harvest was 96
percent complete and the corn harvest was 90 percent done, both
1 percentage point below analyst estimates.
    Losses in soybeans were capped by dry weather in Argentina,
which could hurt yields in the top soymeal and soyoil exporter.
    "Drier than average conditions to dominate Argentina's
Pampas through at least end of month; early corn and soybean
area and yield could start to be negatively affected," Thomson
Reuters Agriculture Research analysts said in a note.
    Commodity funds were net buyers of CBOT corn, soybean and
soymeal futures contracts on Monday and net sellers of wheat and
soyoil futures, traders said.
    
 Grains prices at 0208 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  421.00  -1.00   -0.24%   -0.12%       428.93  43
 CBOT corn   343.75  -1.25   -0.36%   +2.15%       346.85  49
 CBOT soy    989.00  -1.00   -0.10%   +1.75%       988.17  59
 CBOT rice   12.31   -$0.07  -0.57%   +1.15%       $11.93  78
 WTI crude   56.46   $0.04   +0.07%   -0.16%       $54.18  61
 Currencies                                                
 Euro/dlr    $1.173  $0.000  -0.02%   -0.53%               
 USD/AUD     0.7538  -0.001  -0.15%   -0.36%               
 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 and
Joseph Radford)
  

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