August 17, 2017 / 2:38 AM / 2 years ago

GRAINS-Wheat prices tick up after losses, ample global supplies cap gains

    SINGAPORE, Aug 17 (Reuters) - Chicago wheat futures
edged up on Thursday after deep losses the session before, when
the market hit contract lows amid ample global supply.
    Corn inched higher after dropping to its lowest since
late June on Wednesday on forecasts of rains boosting crop
prospects across the U.S. Midwest. Soybean prices rose for a
second day.
    * Wheat prices are struggling in the face of record supplies
from the Black Sea region and other key producing countries.
    * Leading Russian agriculture consultancies SovEcon and IKAR
raised their estimates of Russia's 2017 wheat crop sharply to
record highs on Friday on strengthening yields of the incoming
    * Egypt, the world's largest wheat buyer, on Wednesday said
it signed deals to buy 295,000 tonnes of Russian wheat and
60,000 tonnes of Ukraine wheat. No U.S. wheat was offered in the
    * Indian farmers harvested a record 98.38 million tonnes of
wheat in the crop year to June, up from 97.44 million tonnes
estimated in May, data released by the country's farm ministry
showed on Wednesday. nD8N1J4007
    * Argentina's corn planted area for the 2017-18 crop cycle
is seen at a record-high 5.4 million hectares (13.3 million
acres), up from 5.1 million last season, the Buenos Aires grains
exchange said on Wednesday.
    * Strong export demand is underpinning soybean prices. A
delegation of importers from China signed agreements to buy 3.8
million tonnes of U.S. soybeans valued at about $1.56 billion at
a ceremony in Omaha, Nebraska, on Tuesday, the U.S. Soybean
Export Council said on Wednesday.
    * Asian stocks edged up on Thursday as tensions between the
U.S. and North Korea came off the boil, while worries about
President Donald Trump's ability to implement his pro-growth
agenda and the Federal Reserve's concerns about low U.S.
inflation hit the dollar.

0600  Germany            Wholesale price index        Jul
0830  Britain            Retail sales                 Jul 
0900  Euro zone          Eurostat trade               Jun 
0900  Euro zone          Inflation final              Jul
1230  U.S.               Weekly jobless claims 
1230  U.S.               Philly Fed business index    Aug 
1315  U.S.               Industrial production        Jul 
1400  U.S.               Leading index                Jul
 Grains prices at  0212 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  421.25  2.00    +0.48%   -1.92%       479.88  18
 CBOT corn   367.00  0.50    +0.14%   -0.41%       386.43  32
 CBOT soy    929.25  4.00    +0.43%   +0.54%       986.59  29
 CBOT rice   12.21   $0.02   +0.16%   -0.33%       $12.15  47
 WTI crude   46.91   $0.13   +0.28%   -1.35%       $47.58  33
 Euro/dlr    $1.179  $0.002  +0.16%   +0.46%               
 USD/AUD     0.7940  0.002   +0.23%   +1.56%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
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