March 18, 2019 / 3:26 AM / 7 months ago

GRAINS-Wheat eases after rally as ample supplies weigh, corn up for 5th session

    * Wheat falls for 1st time in 3 sessions on ample supplies
    * Corn gains for 5th straight sessions, soybeans fall  

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, March 18 (Reuters) - Chicago wheat futures slid
on Monday, falling for the first time in three sessions as
abundant world supplies weighed on the market which was
underpinned last week by short-covering.
    Corn rose for a fifth consecutive session on support from
planting delays, while soybeans dipped after closing higher on
    The most-active wheat contract on the Chicago Board Of Trade
 was down 0.8 percent at $4.58-3/4 a bushel by 0305 GMT,
after earlier in the sessions climbing to $4.64 a bushel, the
highest since March 6. 
    Corn rose 0.2 percent to $3.74 a bushel and soybeans
 were down 0.4 percent at $9.05-1/2 a bushel.
    "Wheat prices are giving some of last week's gains," said
Phin Ziebell, agribusiness economist at National Australia Bank.
    "The market was mainly driven higher by technicals but we
have large world supplies which will prevent the market from
    Wheat has been supported as traders unwind large bearish
bets on the grain when the market spiraled to a 14-month low
last week.
    Traders have almost exhausted Ukraine's milling wheat export
quota for the 2018/19 season, having exported 7.7 million tonnes
of the agreed 8 million, analyst APK-Inform quoted a senior
agriculture ministry official as saying on Friday.
    The government and traders last year agreed that no more
than 16 million tonnes of wheat, including 8 million tonnes of
milling wheat, could be exported from Ukraine this season, which
runs from July to June.
    Corn is being supported by wet weather in parts of the
Midwest resulting in fieldwork delays, although farmers still
have time to plant corn. 
    The U.S. soybean processing pace slowed by more than
expected in February, although the crush was still the largest
on record for the month, according to National Oilseed
Processors Association (NOPA) data released on Friday.
    NOPA members, who handle about 95 percent of all soybeans
crushed in the United States, processed 154.498 million bushels
of soybeans last month, down from 171.630 million bushels in
January but up from 153.719 million bushels in February 2018.
    Large speculators increased their net short position in CBOT
corn in the week to March 12, regulatory data released on Friday
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and increased their net short
position in soybeans.
 Grains prices at 0305 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  458.75  -3.50   -0.76%   +1.33%       482.27  13
 CBOT corn   374.00  0.75    +0.20%   +1.01%       377.28  33
 CBOT soy    905.50  -3.75   -0.41%   +0.78%       915.33  39
 CBOT rice   10.78   $0.05   +0.51%   +0.23%       $10.57  60
 WTI crude   58.37   -$0.15  -0.26%   -0.41%       $55.82  
 Euro/dlr    $1.133  $0.001  +0.06%   +0.27%               
 USD/AUD     0.7106  0.002   +0.27%   +0.59%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; editing by Richard Pullin)
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