February 1, 2016 / 1:47 AM / 4 years ago

GRAINS-Wheat prices drop after Egypt rejects cargo

SYDNEY, Feb 1 (Reuters) - U.S. wheat prices dropped on
Monday to erode gains from the previous session, after the
rejection of a French shipment by Egypt, the world's largest
buyer of the grain.
    * Chicago Board of Trade front-month wheat fell 0.8
percent to $4.75-1/2 a bushel, having closed up 1.4 percent on
    * Front-month soybeans eased 0.23 percent to $8.80-1/4
a bushel, after firming 1.7 percent in the last session.
    * Front-month corn dropped 0.4 percent to $3.70-1/2 a
bushel, having gained 1.8 percent the session before.
    * Egypt rejected a French wheat shipment it said did not
meet strict new import rules, rattling traders who said the move
could drive up the cost of supplying the world's largest buyer
and endanger its ability to provide its poorest citizens bread.
    * Weekly data from the U.S. Commodity Futures Trading
Commission showed that non-commercial traders slashed their net
short position in CBOT corn by more than 74,000 contracts in the
week to Jan. 26, to 129,051 contract. 
    * The U.S. Department of Agriculture reported weekly export
sales of old-crop U.S. corn at 817,000 tonnes, at the low end of
trade estimates for 800,000 to 1 million tonnes. 
    * Russia, a leading wheat exporter, is not expected to
change its current regime of taxes on grain exports, sources
said, following proposals to change them. 
    * The USDA on Thursday said exporters cancelled sales of
395,000 tonnes of U.S. soybeans sold to China, a factor that
traders were still digesting.
    * The yen nursed broad losses on Monday, while the euro was
also on the defensive after a surprise cut in Japanese interest
rates sent bond yields sliding across the globe and particularly
in Europe.  
    * Oil prices fell in early trading on Monday after South
Korea posted its weakest export data since 2009 and the prospect
of a coordinated production cut by leading crude exporters
seemed remote.  

0100   China        Official manufacturing PMI         Jan 
0100   China        Official non-manufacturing PMI     Jan 
0145   China        Caixin manufacturing PMI final     Jan 
0855   Germany      Markit/BME manufacturing PMI       Jan 
0900   Euro zone    Markit manufacturing PMI           Jan 
1330   U.S.         Personal income                    Dec 
1500   U.S.         ISM manufacturing PMI              Jan 
1500   U.S.         Construction spending              Dec 
  Grains prices at  0121 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     475.50    -3.75  -0.78%    +0.69%     473.56   47
  CBOT corn      370.50    -1.50  -0.40%    +1.37%     363.46   58
  CBOT soy       880.25    -2.00  -0.23%    +1.44%     873.94   49
  CBOT rice      $11.35    $0.00  +0.00%    +0.35%     $11.35   64
  WTI crude      $33.07   -$0.55  -1.64%    -0.45%     $33.38   59
  Euro/dlr       $1.084   $0.000  +0.03%    -0.91%
  USD/AUD         0.706   -0.003  -0.37%    -0.40%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 (Reporting by Colin Packham; Editing by Joseph Radford)
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