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GRAINS-Wheat near 4-wk low on ample supplies, crop-friendly US weather

Reuters, 10.10.17


SINGAPORE, Oct 10 (Reuters) - Chicago wheat was little changed on Tuesday, a day after suffering its biggest one-day loss in more than a month, as a lack of demand for U.S. shipments in amply supplied world market kept a lid on prices.

Soybeans edged higher after closing marginally lower on Monday while corn was largely unchanged.

FUNDAMENTALS

* U.S. wheat market is facing pressure from poor demand for U.S. suppliers amid stiff competition from the Black Sea region.

* Wheat prices in Russia, which has been dominating the global export market with a record crop, rose last week amid strong demand from buyers including Egypt and Saudi Arabia, analysts said on Monday.

* Wheat hit its lowest since Sept. 12 at $4.35-1/2 a bushel on Monday.

* Black Sea prices for Russian wheat with 12.5 percent protein content and October delivery were at $193 a tonne on a free-on-board (FOB) basis at the end of last week, up $2 from a week earlier, agriculture consultancy IKAR said.

* The focus is on the world's top wheat importer Egypt, which set a tender on Monday to buy an unspecified amount of wheat from global suppliers for shipment from Nov. 20-30.

* There was additional pressure on the wheat market stemming from improving soil moisture in U.S. winter wheat regions, where planting is under way. Rains crossed the southern U.S. Plains last week and showers were forecast in the Midwest this week.

* Those storms should slow the harvest of fall crops, a factor that has been underpinning soybeans and corn prices. The USDA is scheduled to release its weekly crop progress report later on Tuesday, a day later than usual due to Monday's holiday.

* The absence of regular rains in the Mid-West and Southeast of Brazil will hamper soybean planting this week but moisture will return to states like Mato Grosso over the coming days, according to a forecast by Rural Clima on Monday.

* Investors are reluctant to take on big new positions ahead of the USDA's monthly supply-demand reports on Thursday. Analysts surveyed by Reuters expect the government to raise its estimates of U.S. corn and soybean yield and production in those reports.

* Commodity funds were net sellers of Chicago Board of Trade soybean, wheat, corn and soymeal futures contracts on Monday and net buyers of soyoil.

MARKET NEWS

* Asian shares gained on Tuesday, shrugging off modest losses on Wall Street while expectations of a U.S. interest rate increase this year continued to underpin the dollar.

    DATA AHEAD (GMT) 
0600  Germany              Trade balance             Aug
0645  France               Industrial output         Aug
0830  Britain              Industrial output         Aug
1000  U.S.                 NFIB business optimism    Sep
    
 Grains prices at  0110 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  436.00  0.00    +0.00%   -1.69%       443.68  39
 CBOT corn   349.50  0.00    +0.00%   -0.14%       352.58  49
 CBOT soy    969.00  2.25    +0.23%   -0.33%       962.82  57
 CBOT rice   11.85   $0.01   +0.04%   -0.34%       $12.44  26
 WTI crude   49.70   $0.12   +0.24%   +0.83%       $49.58  44
 Currencies                                                
 Euro/dlr    $1.175  $0.002  +0.13%   +0.18%               
 USD/AUD     0.7774  0.002   +0.28%   +0.06%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential


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