January 10, 2018 / 1:03 PM / 5 months ago

GRAINS-Soybeans fall for third day on U.S. inventories, Brazilian crop f'cast

    * Chicago soybeans drop for four out of five sessions
    * USDA expected raise estimates on U.S. soybean stocks on
Friday
    * Brazil's soybean crop seen at near record 111.8 mln T

 (Updates prices, adds details, changes dateline, byline)
    By Naveen Thukral and Sybille de La Hamaide
    SINGAPORE/PARIS, Jan 10 (Reuters) - Chicago soybean futures
slid for a third consecutive session on Wednesday, with the
market pressured by expectations of higher stocks in the United
States following slower exports and a forecast of increased
production in Brazil.
    Wheat gained for a second session while corn dipped after
closing higher on Tuesday ahead of a key supply-demand report to
be issued by the U.S. Department of Agriculture on Friday.
    The Chicago Board Of Trade most-active soybean contract
 fell 0.3 percent to $9.60-3/4 a bushel at 1214 GMT, having
lost almost 1 percent since Monday.
    Wheat added 0.3 percent to $4.33-1/2 a bushel, having
closed up 1 percent on Tuesday and corn gave up 0.1
percent to $3.48-1/2 a bushel, having gained 0.5 percent in the
previous session.
    "There are abundant soybean supplies and the new Brazilian
crop forecast will add more pressure on prices," said one
Singapore-based trader, despite some market concerns about the
impact of adverse weather in Argentina.
    Analysts expect the USDA to boost U.S. soybean stocks after
a bumper harvest at the end of last year and slowing exports due
to quality issues.
    Brazil's 2017/18 soybean crop is expected to be 111.8
million tonnes, 1.9 percent higher from the previous estimate, 
Céleres consultancy said on Tuesday.
    Farmers harvested a record crop of 114 million tonnes in the
last season.
    For wheat, the USDA is expected to show smaller U.S. winter
wheat seedings, in the agency's first forecast for 2018.

    Russian wheat continues to pose stiff competition in the
well-supplied global market but supportive news came from other
major Black Sea grain producer Ukraine where exports are running
behind last season with 11.4 million tonnes of wheat exported
since July, down from 12 million tonnes at the same point last
year, the agriculture ministry said on Wednesday.
    Farming agency FranceAgriMer lowered its forecast for French
soft wheat exports outside the European Union this season for a
third straight month on Wednesday, now seen at 9.3 million
tonnes, down from 9.5 million last month.
    Wheat prices were capped by warmer temperatures this week in
the U.S. Plains which alleviated some concerns that dormant
winter wheat plants could be damaged.
    Commodity funds were net buyers of CBOT corn, wheat and
soyoil futures contracts on Tuesday and net sellers of soybeans
and soymeal futures, traders said.
    
 Prices at 1214 GMT                                            
                            Last  Change    Pct      End    Ytd
                                           Move     2016    Pct
                                                           Move
 CBOT wheat Mar           433.50    1.25   0.29   408.00   6.25
 CBOT corn Mar            349.50    0.50   0.14   352.00  -0.71
 CBOT soy Mar             960.75   -3.00  -0.31  1004.00  -4.31
 Paris wheat Mar          161.50    0.00   0.00   177.50  -9.01
 Paris maize Jan          159.25    0.25   0.16   166.00  -4.07
 Paris rape Feb           358.50   -0.25  -0.07   380.25  -5.72
 WTI crude oil             63.52    0.56   0.89    53.72  18.24
 Euro/dlr                   1.20    0.01   0.62                
 Most active contracts - Wheat, corn and soy US cents/bushel,
 Paris futures in euros per tonne
 
 (Reporting by Naveen Thukraln and Sybille de La Hamaide;
editing by Richard Pullin and Elaine Hardcastle)
  
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