March 21, 2017 / 1:16 AM / in 9 months

GRAINS-Wheat falls for 2nd session on improved U.S. weather outlook

    SINGAPORE, March 21 (Reuters) - Chicago wheat futures edged
lower on Tuesday, easing for a second session after forecasts of
much-needed rains for the winter wheat crop in U.S. Plains.
    Corn fell, while soybeans rose following two sessions of
    * Forecaster Commodity Weather Group said in a note to
clients that a wetter trend was expected across three-fourths of
the U.S. Plains in the next two weeks, which will benefit the
wheat crop that just emerged from dormancy there.
    * Concerns about a massive soybean harvest in Brazil eating
into overseas demand for U.S. exports in the coming weeks is
providing headwinds to the soybean market.
    * Brazil's Abiove soybean industry association pegged the
country's soybean crop, which is being harvested, at 107.3
million tonnes, up from its February forecast of 104.6 million
tonnes. Brazil's soy exports were seen at 59.8 million tonnes,
1.1 million tonnes larger than Abiove's previous outlook.

    * Paraguay's 2016/17 soybean crop is estimated at more than
10 million tonnes, Agriculture Minister Juan Carlos Baruja told
reporters on Monday, setting expectations for what would be a
record harvest for the world's No. 4 soybean exporter.
    * Commodity funds were net sellers of Chicago Board of Trade
corn, wheat and soyoil futures contracts on Monday, traders
said. They were even in soybeans and sellers of soymeal.

    * Asian shares clung to their 15-month highs on Tuesday
while the dollar and U.S. bond yields were on the back foot on
the prospects of a less-hawkish Federal Reserve policy
0930  Britain    Consumer prices    Feb 
1230  U.S.       Current account    Q4 
 Grains prices at  0057 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  429.75   -0.50   -0.12%   -1.49%       449.06   49
 CBOT corn   362.75   -0.75   -0.21%   -1.29%       373.03   44
 CBOT soy    1001.00  1.50    +0.15%   +0.10%       1031.87  38
 CBOT rice   9.85     -$0.01  -0.05%   -0.66%       $9.71    72
 WTI crude   48.29    $0.07   +0.15%   -1.00%       $51.82   29
 Euro/dlr    $1.076   $0.002  +0.21%   +0.22%                
 USD/AUD     0.7728   0.000   -0.01%   +0.39%                
 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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