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GRAINS-Soybeans ease for third day on expectations of more planted area
May 8, 2017 / 3:36 AM / 6 months ago

GRAINS-Soybeans ease for third day on expectations of more planted area

    * U.S. farmers may plant more soybeans as wet weather delays
    * Wheat falls, gives up last session's gains; corn ticks

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 8 (Reuters) - Chicago soybean futures slid
for a third consecutive session on Monday as wet weather delays
U.S. corn planting, opening the possibility of more farmland
being used to sow the oilseed crop. 
    Wheat edged lower, giving up last session's gains although
concerns over crop damage in the U.S. following snow storms kept
a floor under the market. 
    The Chicago Board of Trade most-active soybean contract
 was down 0.6 percent at $9.67-1/2 a bushel by 0314 GMT,
after ending down 0.1 percent on Friday.
    Wheat fell 0.9 percent to $4.38-1/2 a bushel, having
closed up 1 percent on Friday, and corn slipped 0.6
percent to $3.68-1/2 a bushel, having gained 1.2 percent in the
previous session.
    "Wet weather in U.S. Midwest is delaying corn planting,"
said Kaname Gokon from Tokyo brokerage Okato Shoji. "We could
see more acres going for soybeans as farmers miss opportunity to
plant corn."
    Soybean prices were weighed down by concerns that heavy
rains in some parts of the U.S. Midwest may have damaged
recently planted corn crops. Soybeans are typically planted
after corn.
    China, the world's biggest soybean importer, will produce
14.3 million tonnes of soybeans this year, up 9.2 percent on
2016, the China National Grain and Oils Information Center said
on Monday.
    Wheat fields in Kansas, the top U.S. producer of the grain,
are expected to be above average as crops have benefited from
good soil moisture, scouts on the annual Wheat Quality Council
crop tour said on Thursday.
    The impact of frost across key U.S. producing regions still
to be assessed.
    U.S. flour millers were scrambling to find high-protein
wheat supplies remaining from last year's harvest amid fears the
developing crop, some of which was hit by snow in Kansas this
week, could yield lower-quality grain, buyers said on Friday. 

 Grains prices at 0314 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  438.50  -3.75    -0.85%   +0.17%       439.53  51
 CBOT corn   368.50  -2.25    -0.61%   +0.55%       369.22  46
 CBOT soy    967.50  -5.50    -0.57%   -0.69%       963.07  58
 CBOT rice   9.86    -$0.01   -0.10%   -0.55%       $10.10  55
 WTI crude   46.85   $0.63    +1.36%   +2.92%       $50.02  36
 Euro/dlr    $1.097  -$0.002  -0.21%   -0.11%               
 USD/AUD     0.7394  -0.002   -0.32%   -0.18%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

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

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