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Naveen Thukral

GRAINS-Corn, soybean futures firm ahead of USDA supply-demand report

12 Sep 2019

* Chicago corn, soybeans rise after closing lower on Wednesday * Near-perfect weather across U.S. Midwest caps gains * Wheat gains, price likely to remain under supply pressure (Adds details, quote) By Naveen Thukral SINGAPORE, Sept 12 Chicago corn and soybean futures gained ground on Thursday as traders squared positions ahead of a widely watched U.S. Department of Agriculture (USDA) report scheduled to be released later in the session. Wheat edged higher, after Wednesday's fall on bumper supplies from top exporting countries. The most-active soybean contract on the Chicago Board Of Trade gained 0.5% to $8.70-1/2 a bushel by 0339 GMT, having closed down 0.6% on Wednesday. Corn added 0.2% to $3.60-3/4 a bushel and wheat was up 0.1% at $4.77-3/4 a bushel. The market is awaiting the USDA report, which is expected to show smaller U.S. corn and soybean crops, after the agency sprung a surprise last month with a higher-than-anticipated forecast. Warmer-than-normal weather across much of the U.S. Midwest is expected to accelerate the maturity of late-planted crops, reducing the risk that frost would damage yields. Hopes for renewed Chinese purchases of U.S. agricultural products could provide support to the market ahead of high-level trade talks next month between the two countries. China announced a short list of tariff exemptions on Wednesday, but key farm products were not included. "The market was briefly disappointed not to make China's list of tariff exclusions but that passed quickly," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The market clearly has an eye on the USDA's update of their crop forecasts later today." There could be more pressure on the U.S. soybean market if China starts taking South American soymeal. Argentine soybean farmers and crushers expect a boost in demand next year after the South American grains giant won long-sought approval from China to export soymeal to the world's biggest consumer of the livestock feed. Abundant supplies are keeping a lid on wheat futures. French soft wheat exports outside the European Union are expected to climb to a four-year high in 2019/20 as the EU's biggest grain producer shifts a bumper harvest, farm office FranceAgriMer said on Wednesday. Exports of soft wheat, France's main cereal crop, are projected to increase nearly 14% from the last season to 11.0 million tonnes, the highest since 2015/16, FranceAgriMer said in its first supply-and-demand outlook for the 2019/20 season that started in July. Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean and soymeal futures contracts on Wednesday and net buyers of soyoil, traders said. Grains prices at 0339 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 477.75 0.25 +0.05% -0.93% 478.26 57 CBOT corn 360.75 0.75 +0.21% -0.21% 378.32 38 CBOT soy 870.50 4.00 +0.46% -0.17% 869.98 51 CBOT rice 12.05 -$0.04 -0.37% +0.29% $11.73 77 WTI crude 56.22 $0.47 +0.84% -2.06% $55.23 Currencies Euro/dlr $1.101 $0.000 +0.03% -0.28% USD/AUD 0.6876 0.001 +0.22% +0.25% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

GRAINS-Corn near 4-month low, set for weekly decline on U.S. weather

06 Sep 2019

* Corn ticks up, but trades near weakest since mid-May * Forecasts of benign U.S. weather keeps a lid on prices (Adds details, quote) By Naveen Thukral SINGAPORE, Sept 6 Chicago corn futures edged higher on Friday but were set for a weekly loss as forecasts of crop-friendly U.S. weather weigh on the market. Wheat eased after days of gains on short-covering while soybeans edged higher as the market took a breather following last session's deep losses. The most-active corn on the Chicago Board Of Trade is down nearly 3% for the week, set for its third weekly loss over the past month. Soybeans were down around 0.5% this week while wheat is up half a percent. "The key fundamental factor is the U.S. weather which has put pressure on prices," said Phin Ziebell, agribusiness economist, National Australia Bank. "But any positive news from U.S.-China trade talks is likely to support soybean and corn prices." China and the United States agreed to hold high-level talks in early October, raising hopes for a thaw in their trade dispute. China is the world's top soy importer. The corn market is facing pressure from favourable weather in September across much of the U.S. Midwest, easing fears that late-planted crop could suffer yield losses. Soybeans are being weighed down by abundant global supplies. Commodity brokerage INTL FCStone raised its forecast of the U.S. 2019 soybean yield to 48.3 bushels per acre, from its Aug. 1 figure of 47.2. INTL FCStone projected Brazil's 2019/20 soybean crop at 121.41 million tonnes, up from 115.07 million in 2018/19. The U.S. Department of Agriculture has projected Brazil's 2019/20 crop at 123 million tonnes. Commodity funds were net sellers of CBOT soybean, corn, soyoil and soymeal futures contracts on Thursday and buyers of wheat futures, traders said. Grains prices at 0305 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 464.75 -1.50 -0.32% +0.87% 481.63 47 CBOT corn 359.75 1.00 +0.28% +0.35% 386.66 27 CBOT soy 864.25 2.75 +0.32% -1.28% 874.08 40 CBOT rice 11.92 -$0.04 -0.38% -0.54% $11.79 67 WTI crude 56.41 $0.11 +0.20% +0.27% $55.31 Currencies Euro/dlr $1.103 $0.000 -0.01% -0.01% USD/AUD 0.6813 0.000 +0.00% +0.25% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Sriraj Kalluvila)

Drought brings clouds for Australia wheat, silver lining for Black Sea suppliers

04 Sep 2019

SINGAPORE/SYDNEY A third straight year of drought in Australia, blighted by forecasts of below-average rains during the crucial spring growing season, means the country's wheat crop could shrivel by 10% from previous forecasts, traders and industry officials say.

GRAINS-Corn faces biggest monthly loss in over 4 years; wheat, soybeans ease

30 Aug 2019

* Corn down 9.3% this month, biggest monthly loss since July 2015 * Chicago soybeans, wheat markets face 2nd monthly loss in August (Changes corn milestone; adds details, quote) By Naveen Thukral SINGAPORE, Aug 30 Chicago corn futures edged higher on Friday, but the market is poised for its biggest monthly decline in more than four years, as near-perfect weather aids crop development across the U.S. Midwest. Soybeans gained ground on optimism over U.S.-China trade talks, while wheat slid with both markets facing their second monthly decline. The most-active corn contract on the Chicago Board of Trade has given up 9.3% this month, the biggest monthly loss since July 2015. Soybeans are down 1.4%, while wheat dropped 3.5% with both markets closing lower for a second month in a row. "Bigger days lie ahead as analysts continue to debate the shape of the U.S. corn crop," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "A little trade optimism helped the beans." The corn market dropped to its lowest in more than three months on Wednesday, as the U.S. crop has been progressing well after the spring floods. Mild, mostly dry weather is now favouring crop development, agricultural meteorologists said. The International Grains Council on Thursday raised its forecast for global corn production in the 2019/2020 season, mainly reflecting an improved outlook for the U.S. crop. In its monthly update, the inter-governmental body increased its global corn crop forecast by 8 million tonnes to 1.1 billion tonnes. Grain traders are awaiting details about a "giant package" related to ethanol that U.S. President Donald Trump said his administration is planning to announce. Farmers are angry that oil refiners have been freed from obligations to use the corn-based fuel. Meanwhile, traders are also watching the U.S.-China trade war. China, the world's biggest soybean importer, slashed purchases from the United States after imposing retaliatory tariffs on imports of American soy last year. The countries are discussing the next round of face-to-face trade talks scheduled in September. The U.S. Department of Agriculture (USDA) said U.S. soybean export sales in the week ended Aug. 22 totalled 448,300 tonnes and corn sales were 856,300 tonnes, both in line with analysts' expectations. Ukraine's agriculture ministry on Thursday issued its first forecast for the country's 2019 wheat harvest, saying that output could rise to 27.8 million tonnes from 24.6 million tonnes in 2018. The ministry's statement said the overall grain harvest could rise to 71.1 million tonnes from 69.8 million tonnes. Commodity funds were net buyers of CBOT soybean, soyoil and corn futures contracts on Thursday and net sellers of wheat and soymeal futures, traders said. Grains prices at 0236 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 470.25 -2.50 -0.53% -1.05% 487.03 35 CBOT corn 371.75 0.50 +0.13% +0.20% 396.01 36 CBOT soy 869.25 0.75 +0.09% +0.40% 879.02 48 CBOT rice 11.89 $0.03 +0.25% +2.06% $11.83 65 WTI crude 56.53 -$0.18 -0.32% +1.34% $55.42 Currencies Euro/dlr $1.105 -$0.001 -0.09% -0.29% USD/AUD 0.6707 -0.002 -0.25% -0.39% 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 and Rashmi Aich)

GRAINS-Corn rises to 1-week high on weather concerns, wheat under supply pressure

29 Aug 2019

* Corn up for 2nd session, climbs to highest since Aug. 22 * Wheat unmoved after closing lower, ample world supplies weigh (Adds details, quote) By Naveen Thukral SINGAPORE, Aug 29 Chicago corn futures rose for a second session on Thursday with the market climbing to a one-week high, underpinned by concerns over frost-damage to this year's late planted crop in the United States. Wheat was largely unchanged after closing lower in the last session as prices were pressured by abundant world supplies. The most-active corn contract on the Chicago Board Of Trade (CBOT) was up 0.6% at $3.73-1/4 a bushel by 0252 GMT, having gained 1.3% in the previous session. Wheat was up 0.05% at $4.75-1/2 a bushel, having closed down 0.3% on Wednesday and soybeans were up 0.2% at $8.67-1/2 a bushel, having firmed 0.8% on Wednesday. U.S. weather forecasts have stoked fears of frost damage over the next six weeks. "There is a bit of support for corn today and we think the market is trying to build some weather risk premium," said Ole Houe, director of advisory services at brokerage IKON Commodities. "We think weather does need to add a bit of risk back in again although frost rarely turns out as bad as feared." The corn market dropped to its lowest in more than three months on Wednesday as the U.S. crop has been progressing well after floods resulted in record planting delays. Agricultural markets are eyeing developments in the trade war between the United States and China, the world's biggest importer of soybeans. China slashed purchases from the United States after imposing retaliatory tariffs on imports of American soy last year, in response to U.S. duties on Chinese goods. The U.S. Trade Representative's office on Wednesday reaffirmed President Donald Trump's plans to impose an additional 5% tariff on a list of $300 billion of Chinese imports starting on Sept. 1 and Dec. 15. The wheat market faces headwinds from abundant world supplies. France will need to export 20.1 million tonnes of soft wheat this season after harvesting its second-largest crop in history, French consultancy Agritel said on Wednesday. France, the European Union's largest wheat producer and exporter, has only reached that level of exports three times before. Commodity funds were net buyers of CBOT corn, soybean, soymeal and soyoil futures contracts on Wednesday and net sellers of wheat futures, traders said. Grains prices at 0252 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 475.50 0.25 +0.05% +0.05% 489.28 47 CBOT corn 373.25 2.25 +0.61% +1.36% 400.17 40 CBOT soy 867.50 1.75 +0.20% +0.03% 881.76 47 CBOT rice 11.65 $0.00 +0.00% +1.04% $11.86 57 WTI crude 55.61 -$0.17 -0.30% +3.67% $55.34 Currencies Euro/dlr $1.108 -$0.001 -0.08% -0.17% USD/AUD 0.6726 -0.002 -0.37% -0.71% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral)

GRAINS-Soybeans extend losses on improved crop rating, dismal demand

28 Aug 2019

* Soybeans fall as USDA report shows improved crop rating * Wheat dips after closing marginally higher, corn drops (Adds details, quote) By Naveen Thukral SINGAPORE, Aug 28 Chicago soybean futures lost more ground on Wednesday, as improved rating for the U.S. crop and a lack of demand amid Washington-Beijing trade war weighed on the market. Wheat ticked lower after closing slightly higher while corn slid. The most-active soybean contract on the Chicago Board Of Trade (CBOT) gave up 0.1% at $8.58-1/4 a bushel by 0245 GMT, having closed down 0.9% on Tuesday. Wheat lost 0.2% at $4.76 a bushel, having closed up 0.3 percent on Tuesday and corn was down 0.1% at $3.65-3/4 a bushel after closing down 0.5% in the previous session. The U.S. Department of Agriculture (USDA) increased its good-to-excellent rating for the country's soybean crop by 2 percentage points to 55%, topping analysts' estimates for 54%. Ratings climbed by 10 percentage points to 50% good to excellent in Illinois and by 4 percentage points to 48% in Missouri. The USDA also raised its corn rating by 1 percentage point to 57%, matching expectations. Forecasts of favourable crop weather have boosted hopes further improvement in crop ratings. "Some parts of the market had been worried about frost risks for oilseed crops in North America," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The risks are not immediate so worries to will wax and wane. The worry will flare again though as the weather cools." The soybean market is watching the trade war because China, the world's biggest importer of the oilseed, has curbed its purchases of beans from the United States. China's foreign ministry reiterated on Tuesday that it had not heard of any recent telephone call between the United States and China on trade, after U.S. Treasury Secretary Steven Mnuchin said there had been contact between the two sides. Commodity funds were net sellers of CBOT corn soybean, soymeal and soyoil futures contracts on Tuesday and net buyers of wheat futures, traders said. Grains prices at 0245 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 476.00 -0.75 -0.16% +0.16% 489.29 45 CBOT corn 365.75 -0.50 -0.14% -0.68% 399.92 25 CBOT soy 858.25 -1.00 -0.12% -1.04% 881.45 37 CBOT rice 11.45 -$0.01 -0.09% -0.69% $11.85 46 WTI crude 55.49 $0.56 +1.02% +3.45% $55.33 Currencies Euro/dlr $1.109 $0.000 -0.04% -0.13% USD/AUD 0.6743 -0.001 -0.12% -0.46% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Rashmi Aich)

GRAINS-Wheat set to fall for second day on supply glut; corn struggles

27 Aug 2019

* Abundant global wheat supplies, led by top exporter Russia * Crop-friendly U.S. weather keeps lid on Chicago corn futures (Adds details, quote) By Naveen Thukral SINGAPORE, Aug 27 Chicago wheat futures slid for a second session on Tuesday, as the trading sentiment was marred by abundant global supplies following bumper harvests in top exporting countries. Corn fell for a third consecutive session on pressure from crop-friendly weather across the U.S. Midwest. The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.3% at $4.73-3/4 a bushel by 0301 GMT, having closed down 0.5% on Monday. Corn was unchanged at $3.68-1/4 a bushel and soybeans were down 0.4% at $8.63-1/2 a bushel. Wheat faces pressure from increased competition in the global market. "The wheat markets is to be under pressure from large supplies especially from Russia and weather seems to be helping the U.S. corn crop," said Phin Ziebell, agribusiness economist, National Australia Bank. Export prices for Russian wheat fell last week due to a decline in Chicago grain futures and stiff competition with other producers, analysts said on Monday. Black Sea prices for wheat with 12.5% protein content fell $3 to $190 a tonne on a free on board basis by the end of last week, Russian agricultural consultancy IKAR said. The wheat market is awaiting results of a tender issued by Egypt, the world's top importer, to buy an unspecified amount of wheat from global suppliers for shipment from Oct. 1 to 10. Plentiful rain in most of the U.S. Crop Watch locations last week boosted expectations for corn yield to the highest levels of the season, though the prediction calls for just slightly above average results. The week ahead looks drier for most of the Crop Watch locations, which should be fine, but the temperatures will be a little cooler than ideal, especially in northern areas that need heat to push the crops to the finish. However, the week should contain good stretches of much-needed sunshine. The U.S. Department of Agriculture on Monday increased its good-to-excellent rating for the corn crop by one percentage point to 57% and its soybean rating by two points to 55%. Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Monday and net sellers of corn and soyoil futures, traders said. The soybean market rallied on Monday as trade tensions between Washington and Beijing eased. Traders grew hopeful that the world's two largest economies could move toward an agreement to end their trade war as Trump said he believed Beijing was sincere about wanting a deal. The trade war heated up on Friday as both sides levelled more tariffs on each other's exports. Grains prices at 0301 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 473.75 -1.50 -0.32% -0.84% 490.41 46 CBOT corn 368.25 0.00 +0.00% +0.14% 402.51 27 CBOT soy 863.50 -3.75 -0.43% +0.82% 883.00 42 CBOT rice 11.53 $0.00 +0.00% +3.13% $11.90 51 WTI crude 54.04 $0.40 +0.75% -0.24% $55.35 Currencies Euro/dlr $1.110 $0.000 +0.04% -0.36% USD/AUD 0.6770 0.000 -0.06% +0.24% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Rashmi Aich)

GRAINS-Corn drops for second week, improved crop outlook weighs

23 Aug 2019

* Corn down more than 11% in two weeks of losses * Market eyes estimates from Pro Farmer crop tour (Adds details, quote) By Naveen Thukral SINGAPORE, Aug 23 Chicago corn futures lost ground on Friday, with the market set for a second week of decline, as expectations of higher crop yields weighed on the market. Wheat slid, while soybeans edged higher. The most-active corn contract on the Chicago Board of Trade is down 2.7% for the week, extending two-week losses to more than 11%. Corn hit a low of $3.66-1/4 a bushel on Wednesday, the weakest since May 14. Soybeans have given up 1% this week, while wheat lost 1.3% on the week, with both markets poised for a second straight weekly decline. "The acreage is higher than what the market was expecting and overall U.S. crop size looks good," said one Singapore-based trader at an international trading company. Corn yield potential showed signs of improvement across west-central Iowa, scouts on an annual crop tour said on Thursday, but the area was still expected to produce a below-average sized crop after extreme weather delayed planting this past spring. Soybeans were also looking better on the fourth and final day of the Pro Farmer tour, scouts said, a rare bright spot in a U.S. Farm Belt struggling with the U.S.-China trade dispute in addition to poor crop weather. The crop tour is expected to release U.S. soybean and corn production estimates later on Friday. Good weather has helped Argentine farmers speed this season's commercial-use corn harvest, with 94.5% of the crop in the bag so far, the Buenos Aires Grains Exchange said in its weekly report on Thursday. Production is estimated at 48 million tonnes, it said. Losses in the U.S. wheat market were curbed by strong demand. U.S. Department of Agriculture reported wheat export sales in the week ended Aug. 15 at nearly 600,000 tonnes, topping trade expectations. Commodity funds were net buyers of CBOT corn and wheat futures contracts on Thursday and net sellers of soybeans, soyoil and soymeal futures, traders said. Grains prices at 0252 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 471.25 -0.50 -0.11% +1.02% 494.81 39 CBOT corn 370.50 -0.50 -0.13% +0.47% 410.60 30 CBOT soy 870.75 2.00 +0.23% +0.29% 888.74 47 CBOT rice 11.21 $0.03 +0.27% -0.75% $11.95 25 WTI crude 55.44 $0.09 +0.16% -0.43% $55.71 Currencies Euro/dlr $1.107 $0.000 -0.04% -0.15% USD/AUD 0.6760 0.000 -0.03% -0.29% 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)

GRAINS-Corn up for 2nd session on demand hopes, market eyes crop tour forecast

22 Aug 2019

* Corn recovers from last session's 3-month low, soybeans ease * Corn, soybean markets eyes forecast from Pro Farmer crop tour (Adds details, quote) By Naveen Thukral SINGAPORE, Aug 22 Chicago corn futures rose for a second session on Thursday as prices were underpinned by strong demand, while the market focus is on a widely watched crop tour which is expected to forecast U.S. production at the end of this week. Wheat gained ground, although gains were checked by ample world supplies, while soybeans eased. The most-active corn contract on the Chicago Board Of Trade (CBOT) added 0.3% to $3.71-1/4 a bushel by 0229 GMT, after hitting a three-month low of $3.66-1/4 a bushel in the previous session. Soybeans eased 0.1% at $8.72-1/2 a bushel, having firmed 0.5% on Wednesday and wheat was up 0.1% at $4.68-1/2 a bushel, having closed up 0.3% on Wednesday. Corn prices rose on Wednesday after the U.S. Department of Agriculture said private exporters sold 328,000 tonnes of U.S. corn to Mexico for delivery in the 2019/20 marketing year that begins on Sept. 1. Annual Pro Farmer Midwest Crop Tour estimated corn yields in Iowa's crop District 1 in the northwest corner of the state at 184.88 bushels per acre (bpa), down from 186.87 last year and up from the tour's three-year average of 184.12. It estimated Illinois corn yields at 171.17 bushels per acre (bpa), down from 192.63 bpa in 2018 and the tour's three-year average of 188.95 bpa. The crop tour wraps up in Minnesota on Thursday, and editors of the Pro Farmer newsletter are expected to release U.S. soybean and corn production estimates the following day. Corn prices are likely to be influenced by the U.S. Midwest weather as this year's plantings were delayed. "The market still looks shaky in our view," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Weather forecasters continue to expect much of the U.S. Midwest to experience crop-friendly weather. That outlook is more likely than not to pressure prices beyond those lows set last May." Sill, some outlooks called for cooler-than-normal temperatures in the U.S. Midwest that could slow the development of corn and soybean crops. The U.S. Energy Information Administration said U.S. output of corn-based ethanol fell to 1.023 million barrels per day in the week to Aug. 16, the smallest since April, while stocks fell to 23.37 million barrels. Commodity funds were net buyers of Chicago Board of Trade corn, soybean, soyoil, soymeal and wheat futures contracts on Wednesday, traders said. Grains prices at 0229 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 468.50 0.50 +0.11% -0.85% 496.73 32 CBOT corn 371.25 1.00 +0.27% -0.87% 413.22 31 CBOT soy 872.50 -0.50 -0.06% +0.69% 890.28 48 CBOT rice 11.22 -$0.01 -0.04% +1.68% $11.68 20 WTI crude 55.80 $0.12 +0.22% -0.73% $56.03 Currencies Euro/dlr $1.109 $0.001 +0.12% +0.00% USD/AUD 0.6773 0.001 +0.16% -0.10% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Richard Pullin)

GRAINS-Corn recovers from 3-mth low as crop tour forecasts weaker yields

21 Aug 2019

* Corn firms after 2 days of losses, soybeans up for 2nd session * Pro Farmer crop tour sees lower yields in Nebraska, Indiana (Adds comment, detail) By Naveen Thukral SINGAPORE, Aug 21 Chicago corn futures edged up on Wednesday to recover from their lowest in more than three months, buoyed after a U.S. crop tour forecast lower yields. Soybean prices gained for a second session, while wheat inched up after two days of losses. The most-active corn contract on the Chicago Board of Trade had risen 0.3% to $3.69-3/4 a bushel by 0229 GMT, after dropping on Tuesday to its lowest since May 15 at $3.68 a bushel. Soybeans added 0.3% to $8.70-1/2 a bushel and wheat gained 0.2% to $4.67-1/4 a bushel. "The market is looking at the crop tour and there is some support," said Darin Friedrichs, Shanghai-based Senior Asia commodity analyst at INTL FCStone. "Last night prices were under pressure, the weather forecast looks fine as of now but there will be concerns over yields if it gets too cold in September as the crop was planted late." A closely watched crop tour in the U.S. Midwest is forecasting lower corn yields than last year. The Pro Farmer Midwest Crop Tour estimated Nebraska corn yields at 172.55 bushels per acre (bpa), down from 179.17 bpa in 2018 but up from the tour's three-year average of 167.73 bpa for the country's No. 3 corn state. Indiana corn yields were projected lower than a year ago at 161.46 bushels per acre, the tour said. The wheat market is facing headwinds from abundant global supplies. Ukraine's 2019 wheat harvest is expected to rise to 27.72 million tonnes from 24.83 million tonnes last year, according to data from grain trader union UZA. Wheat exports could reach 21 million tonnes in the 2019/20 season, which started on July 1, compared with 15.53 million tonnes in 2018/19, the forecast data showed on Tuesday. The U.S. Department of Agriculture this month trimmed its projection of 2019/20 world wheat ending stocks to 285.4 million tonnes, down from 286.46 million in July, but still at a record size. Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Tuesday and net buyers of soybeans and soymeal futures, traders said. Grains prices at 0229 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 467.25 0.75 +0.16% -2.20% 498.20 29 CBOT corn 369.75 1.00 +0.27% -2.89% 415.53 27 CBOT soy 870.50 2.25 +0.26% -1.05% 891.69 46 CBOT rice 11.29 $0.01 +0.09% +0.80% $11.72 23 WTI crude 56.28 $0.15 +0.27% +0.12% $56.05 Currencies Euro/dlr $1.110 $0.002 +0.18% +0.06% USD/AUD 0.6781 0.002 +0.28% +0.01% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Richard Pullin and Joseph Radford)

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