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GRAINS-Wheat slips to 10-day low as U.S. weather outlook improves
* CBOT wheat down 1 pct, Kansas off 1.8 pct on rain
* Corn edges down, soybeans steady
* Market awaits weekly USDA crop data for more clues
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, April 16 (Reuters) - Chicago wheat futures
extended losses on Monday to a 10-day low as forecasts of rain
relief for parched U.S. winter wheat belts eased crop concerns
and kept attention on ample global supply.
Corn edged lower while soybeans inched up as investors
awaited further clues about U.S. spring planting trends.
The most-active wheat contract on the Chicago Board Of Trade
lost 0.9 percent to $4.68-1/2 a bushel by 1109 GMT.
Earlier in the session, it dropped to $4.65-1/4, its weakest
since April 6.
Kansas wheat futures, which represent the hard red
winter wheat crop that has suffered most from adverse weather,
led the overnight fall, sliding 1.8 percent to $5.05-1/2 a
"Better weather on the way for a heavily damaged U.S. winter
wheat crop now transitioning from boot to heading stage,"
Thomson Reuters Agriculture Research analysts said.
"U.S. spring wheat planting conditions to improve toward
week's end as winter starts to slowly loosen its grip."
Winter wheat has endured drought followed by late frost, and
the cold start to spring has also raised question marks about
whether farmers will plant extra spring wheat as projected by
the U.S. government.
Investors will get a further indication about crop
conditions and planting progress in weekly U.S. Department of
Agriculture (USDA) crop progress data later on Monday.
Warm weather forecast this week in western Europe should
also help wheat fields dry out after a damp winter and chilly
start to spring.
Lack of demand for U.S. wheat is adding pressure on prices,
with top exporter Russia continuing to shift a record 2017 crop.
The U.S. Department of Agriculture (USDA) on Thursday
reported export sales for old and new crop U.S. wheat in the
latest week at 188,700 tonnes, below trade expectations.
"The U.S. export wheat business is still gloomy,"
consultancy Agritel said. "Russia is maintaining a strong
momentum in its shipment."
Higher local prices following a drop in the rouble were
encouraging producers to release more grain, it added.
CBOT corn gave up 0.5 percent to $3.84-1/2 a bushel,
having closed down 0.6 percent in the previous session. Soybeans
ticked up 0.1 percent to $10.55-1/4 a bushel, after ending
0.6 percent lower on Friday.
Drought-hit soybean production in Argentina is expected to
keep a floor under the oilseed market, but strong yield
prospects in Paraguay and Brazil were limiting price support.
Paraguay will produce just over 10 million tonnes of
soybeans in 2017/18, slightly less than a year earlier, the
national export chamber CAPECO said on Thursday.
Prices at 1109 GMT
Last Chang Pct End Ytd Pct
e Move 2017 Move
CBOT wheat 468.50 -4.00 -0.85 427.00 9.72
CBOT corn 384.50 -1.75 -0.45 350.75 9.62
CBOT soy 1055.25 1.00 0.09 961.75 9.72
Paris wheat May 163.75 -1.00 -0.61 162.50 0.77
Paris maize Jun 165.00 -0.50 -0.30 163.50 0.92
Paris rape May 344.00 -2.50 -0.72 352.75 -2.48
WTI crude oil 66.66 -0.73 -1.08 60.42 10.33
Euro/dlr 1.24 0.00 0.29
Most active contracts - Wheat, corn and soy US cents/bushel,
Paris futures in euros per tonne
(Reporting by Gus Trompiz in Paris and Naveen Thukral in
Editing by Richard Pullin and Edmund Blair)
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