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GRAINS-Wheat slips after two-day runup amid plentiful supply
November 20, 2017 / 1:44 AM / 21 days ago

GRAINS-Wheat slips after two-day runup amid plentiful supply

    MANILA, Nov 20 (Reuters) - Chicago wheat futures edged lower
on Monday after a two-day advance, pressured by abundant global
supplies, while corn and soybeans steadied after sharp gains in
the previous session.    
    
    FUNDAMENTALS
    * Wheat for December delivery on the Chicago Board of Trade
      was down 0.6 percent at $4.24-3/4 a bushel by 0127 GMT.
    * Global wheat demand has been lean at a time of bountiful
supply with Russia looking at a record harvest. 
    * Exports of European Union soft wheat in the 2017/18 season
that started on July 1 had reached 7.5 million tonnes by Nov.
14, down 23 percent from the same period a year ago, data showed
last week.             
    * Weekly sales of U.S. wheat fell 37 percent from the prior
week to 489,300 tonnes, according to latest data from the U.S.
Department of Agriculture.          
    * Chicago corn       was unchanged at $3.43 a bushel after
rising nearly 2 percent on Friday. Soybeans       were also
nearly flat at $9.89-1/4 after similarly climbing almost 2
percent in the previous session.
    * Large speculators increased their net short position in
CBOT corn futures in the week to Nov. 14, data released on
Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and switched to a net short
position in soybeans.             
    * A weed killer blamed for damaging millions of acres of
U.S. crops this summer did not reduce yields for most of the
soybeans checked by BASF SE           , which makes a version of
the herbicide.             
    * Corn producers in Brazil's Mato Grosso state should
harvest 25 million tonnes of corn in the second harvest of the
2017-18 season, down 19 percent from a year ago, research agency
Imea said.             
        
    MARKET NEWS
    * The euro hit a two-month low against the yen on Monday as
German Chancellor Angela Merkel's efforts to form a three-way
coalition government failed, raising concerns over political
uncertainty in the euro zone's largest economy.       
    * Asian shares were subdued, pressured by a retreat on Wall
Street amid tax reform uncertainty.             
    
    DATA/EVENT AHEAD (GMT)
    0700  Germany          Producer prices              Oct
    1400  European Central Bank President Mario Draghi speaks to
          the European Parliament's economic committee
    1500  U.S.             Leading index                Oct


 (Reporting by Manolo Serapio Jr.; Editing by Sherry
Jacob-Phillips)
  

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