July 17, 2017 / 11:04 AM / 4 months ago

GRAINS-Wheat hits 17-day low as rains provide temporary relief

 (Updates prices, adds details, changes dateline)
    * Wheat down for fifth straight session
    * Corn falls 0.7 pct
    * Soybeans edge lower

    By Colin Packham and Sybille de La Hamaide
    SYDNEY/PARIS, July 17 (Reuters) - U.S. wheat fell to a
17-day low on Monday as rains across a major producing region
weighed on the market, though forecasts for continued dry
weather helped to limit the slide in prices.
    Corn gave up some of its gains from the previous session,
while soybeans edged lower.
    The most active wheat futures on the Chicago Board of Trade
 were down 0.4 percent at $5.08-1/2 a bushel by 1028 GMT,
after hitting a session-low of $5.02-3/4 a bushel - the lowest
since June 30. Wheat closed down 0.2 percent on Friday.
    Analysts said rains across pockets of a major U.S. producing
region were putting pressure on prices, but this timely rainfall
had done little to relieve stress on crops.
    "North American spring wheat regions still have large
pockets that were very likely to be seeing yields continue to
decline," Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia, said.
    Weather models call for continued dry weather across the
U.S. Plains, which may see yields fall below official estimates.
    Despite the continued dry weather, the U.S. Department of
Agriculture last week forecast ample global grain and soy
supplies.
    The most active corn futures dropped 0.7 percent to
$3.86-3/4 a bushel, having gained 1.7 percent in the previous
session.
    The most active soybean futures fell 0.1 percent to
trade just above $10 a bushel after hitting $9.93-3/4 in earlier
trade. It had firmed 1.4 percent on Friday.
    The USDA on Friday said exporters sold 1.3 million tonnes of
soybeans to China, an announcement that followed a Thursday
signing ceremony between Chinese soy buyers and American sellers
in Iowa.
    The Taiwan Flour Millers' Association has issued an
international tender to purchase 105,150 tonnes of grade 1
milling wheat to be sourced from the United States, European
traders said on Monday.
         
 Prices at 1028 GMT                                               
                              Last  Change    Pct      End     Ytd
                                             Move     2016     Pct
                                                              Move
  CBOT wheat Mar            508.50   -2.25  -0.44   408.00   24.63
  CBOT corn Mar             386.75   -2.75  -0.71   352.00    9.87
  CBOT soy Mar             1000.25   -1.25  -0.12  1004.00   -0.37
  Paris wheat Dec           179.75   -1.00  -0.55   171.00    5.12
  Paris maize Nov           169.25    0.00   0.00   170.00   -0.44
  Paris rape Aug            369.00   -2.00  -0.54   407.50   -9.45
  WTI crude oil              46.65    0.11   0.24    53.72  -13.16
  Euro/dlr                    1.15    0.00  -0.04                 
 Most active contracts - Wheat, corn and soy US cents/bushel,
 Paris futures in euros per tonne
 
 (Reporting by Colin Packham; Editing by Michael Perry and Jane
Merriman)
  

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