May 10, 2018 / 3:26 AM / 2 months ago

GRAINS-Wheat ticks up, market eyes U.S. supply-demand report

    * Wheat up after closing lower, gains capped by ample
supplies
    * Soybeans, corn firm ahead of USDA's supply-demand report

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 10 (Reuters) - Chicago wheat ticked higher on
Thursday, recouping some of previous session's losses, but gains
were capped by abundant global supplies and crop-friendly weather
in parts of Russia. 
    Soybeans and corn rose ahead of a key U.S. Department of
Agriculture supply-demand report due at 1600 GMT.
    The most-active wheat contract on the Chicago Board Of
Trade was up 0.3 percent at $5.12-1/4 a bushel, by 0306 GMT,
having closed down 0.6 percent on Wednesday, when prices hit
their lowest since May 1 at $5.06-1/4 a bushel.
    Soybeans gained 0.1 percent to $10.17 a bushel, having
closed down 0.4 percent on Wednesday and corn rose 0.2
percent to $4.03-1/2 a bushel, having closed down 0.1 percent in
the previous session.
    "U.S. spring planting progress has been bit slow and we have
had issues with the Hard Red Winter wheat crop, but if you look
globally, it is hard to see supplies getting significantly
lower," said Phin Ziebell, agribusiness economist, National
Australia Bank.
    "It is pretty tough to see any sustained rally in such a
situation."
    The U.S. winter crop is expected to suffer yield losses
following a dry growing season although leading exporters -
Russian and Ukraine - are on track for bumper production. 
    The USDA is due to issue its May supply-demand report on
Thursday.
    Analysts on average estimate 2018/19 world wheat ending
stocks at 269.18 million tonnes, down just slightly from a
record-high 271 million at the end of 2017/18.
    On average, analysts expect the USDA on Thursday to lower its
forecasts of domestic and global 2017/18 soybean ending stocks.
    Analysts expect little change in the USDA's forecast of
2017/18 ending stocks for corn from its April figure near 2.18
billion bushels. 
    Commodity funds were net sellers of Chicago Board of Trade
corn, soybean, wheat and soymeal futures contracts on Wednesday
and net buyers of soyoil, traders said.
    
 Grains prices at 0306 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  512.25   1.75     +0.34%   +0.15%       493.77   58
 CBOT corn   403.50   0.75     +0.19%   +0.69%       396.68   59
 CBOT soy    1017.00  1.25     +0.12%   +0.54%       1045.08  37
 CBOT rice   12.69    $0.02    +0.16%   -0.63%       $13.00   31
 WTI crude   71.68    $0.54    +0.76%   +3.79%       $67.12   71
 Currencies                                                   
 Euro/dlr    $1.186   -$0.013  -1.04%   -0.74%                
 USD/AUD     0.7466   -0.006   -0.84%   -0.37%                
 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
             

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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