November 13, 2018 / 4:10 AM / 2 months ago

GRAINS-Wheat slips from 3-week high, soybeans rise

    * Wheat falls after rallying more than 3 pct on Monday
    * Corn edges lower, soybeans firm 

    By Colin Packham
    SYDNEY, Nov 13 (Reuters) - U.S. wheat futures edged lower on
Tuesday retreating from a three-week high touched in the
previous session, but concerns over global production amid
adverse weather in several major exporting countries capped the
losses.
    Corn fell too following the lead of wheat, while soybeans
edged higher.
    The most active wheat futures on the Chicago Board Of Trade
 were down 0.4 percent at $5.17-3/4 a bushel, as of 0344
GMT. In the previous session, wheat futures closed 3.3 percent
firmer, when prices hit $5.20-3/4 a bushel, the highest since
Oct. 20.
    Traders and analysts said wheat had drawn strong support
amid expectations for an upturn in demand for U.S. supplies and
fears over the crop in Argentina, though many said this was
overblown.
    "The market is discussing the less-than-ideal conditions for
2019 winter crops in several parts of the world," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
Australia.
    "Plenty of things need to keep going wrong before people cut
their crop estimates," he added.
    The most active corn futures slipped 0.3 percent to
$3.70-1/4 a bushel, after ending 0.4 percent higher in the
previous session.
    The most active soybean futures were up 0.3 percent at
$8.85-3/4 a bushel, having closed down 0.5 percent on Monday.
    Soybeans remained mixed as traders mull the U.S. Department
of Agriculture's Nov. 8 forecast for U.S. soybean stocks to rise
to 955 million bushels by the end of the 2018/19 marketing year
following a record-large harvest and as a trade fight with China
limits exports.
        
 Grains prices at  0344 GMT
 Contract         Last    Change   Pct chg  Two-day chg     MA 30
 CBOT wheat     517.75     -2.00    -0.38%       +3.14%    510.76
 CBOT corn      370.25     -1.00    -0.27%       +0.14%    369.22
 CBOT soy       885.75      2.50    +0.28%       -0.11%    875.81
 CBOT rice       10.65     $0.00    +0.00%       +0.14%    $10.87
 WTI crude       59.22    -$0.71    -1.18%       -1.61%    $67.69
 Currencies                                                      
 Euro/dlr       $1.125    $0.003    +0.25%       -0.79%          
 USD/AUD        0.7207     0.004    +0.49%       -0.24%          
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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