March 7, 2013 / 12:46 AM / 5 years ago

GRAINS-Wheat falls on improved U.S. crop outlook, near 9-month low

SYDNEY, March 7 (Reuters) - U.S. wheat futures edged lower
on Thursday after posting the biggest daily loss in almost four
months in the previous session to hit a near nine-month low,
weighed down by improved U.S. growing conditions.
    Corn was flat after recording its biggest fall on Wednesday
in almost six months.
    * Chicago Board Of Trade May wheat fell 0.11 percent
to $6.83 a bushel after closing down 3.15 percent on Wednesday,
the biggest daily fall since November 12, 2012 and its lowest
level in almost nine months.
    * May corn was flat at $6.88-1/2 a bushel, having slid
2.9 percent in the previous session, the biggest fall since
September 19, 2012.
    * May soybeans fell 0.2 percent to $14.63 a bushel,
having closed nearly flat on Wednesday.
    * Optimism about upcoming harvests soared after a storm
dumped 5 to 10 inches (13 to 25 cm) of wet snow on the Midwest
on Tuesday, the latest round of precipitation following the
worst U.S. drought in more than 50 years. Additional moisture is
expected to provide more relief to bone-dry soils later this
    * Crop forecaster Lanworth has raised its forecast for U.S.
wheat production by 6 percent due to increased precipitation in
the southern and central U.S. Plains. 
    * Global wheat output could also climb in the coming year
due to improved crop prospects for key producers that were hit
by severe droughts last year, said Joe Glauber, chief economist
for the U.S. Department of Agriculture. 
    * India will do everything it can to push record volumes of
wheat onto the global market to cut massive stocks, a senior
farm ministry official said on Wednesday, in a move that could
hit shipments of other grains using rail and congested ports.
    * Australia, the world's second-largest exporter, on Tuesday
forecast wheat production in 2013/14 would rise 13 percent from
the previous year, boosted by increased planting and higher
yields from better growing conditions. 
    * Argentina has authorized five million tonnes of 2013/14
wheat exports under its quota system aimed at ensuring ample
domestic food supplies, sources said on Wednesday.
    * Leading U.S. ethanol maker POET Biorefining, in a rare
move, is bidding for soft red winter wheat at an Indiana
facility as supplies of corn, the main feedstock in ethanol
production, shrink to the smallest in 17 years. 
    * Traders are looking ahead to Friday, when the USDA will
update its forecasts for 2012/13 U.S. and global wheat, soybean
and corn inventories. 
    * Analysts, on average, expect the department to increase
its estimates for U.S. wheat and corn inventories from last
month and trim its outlook for soybean supplies, according to a
Reuters poll. 
    * Soybeans from new crops in Brazil and Argentina are
urgently needed to replenish tight global supplies after a poor
U.S. harvest last year. But port delays have slowed the flow of
beans leaving those countries, forcing importers to look to the
United States despite higher prices.
    * The yen, euro and sterling all struggled on Thursday with
the pound hitting a 2-1/2 year trough as markets positioned for
more stimulus from the Bank of England, and waited for the
outcomes of the Bank of Japan and European Central Bank
    * Crude oil futures edged down to $111 a barrel on Wednesday
after U.S. government data showed domestic crude inventories
rose much more than forecast.  
    * Wall Street mostly edged higher on Wednesday, with the Dow
hitting another record, helped by a private payroll survey that
bodes well for the monthly jobs report due at the week's end.
0200  Japan     Bank of Japan policy decision   
0745  France    Trade balance                   
0900  Italy     Producer prices                 
1100  Germany   Industrial orders                
1200  Britain   Bank of England bank rate       
1245  Euro zone ECB rate decision               
1330  European Central Bank President Mario Draghi holds 
      news conference  
1330  U.S.      International trade             
1330  U.S.      Weekly jobless claims            
2000  U.S.      Consumer credit                 
  Grains prices at  0002 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     683.00    -0.75  -0.11%    -3.26%     742.73   21
  CBOT corn      688.50     0.00  +0.00%    -2.89%     697.18   47
  CBOT soy      1463.00    -3.00  -0.20%    -0.24%    1443.53   59
  CBOT rice      $15.36    $0.02  +0.10%    -0.13%     $15.93   27
  WTI crude      $90.45    $0.02  +0.02%    -0.41%     $94.83   26
  Euro/dlr       $1.298   $0.001  +0.09%    -0.56%
  USD/AUD         1.023    0.000  +0.03%    -0.26%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential

 (Reporting by Colin Packham; Editing by Richard Pullin)

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