You are here

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)

© Copyright Thomson Reuters 2017. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Talk in Marketing

Most Recent Poll

Which device do you feel is most vulnerable to a cyber attack?