REFILE-GRAINS-Soybeans fall 1 pct on forecasts for U.S. rains

Sun Sep 15, 2013 11:49pm EDT

Related Topics

* Soybeans fall 1 pct, two-day losses at more than 2 pct
    * Soybeans return majority of gains from USDA report
    * Corn extends slide into third straight session

    By Colin Packham
    SYDNEY, Sept 16 (Reuters) - U.S. soybeans fell 1 percent on
Monday, extending two-day losses to more than 2 percent, as the
oilseed came under pressure from forecasts for more rain later
this week, which could ease heat-stress on some late planted
crops.
    Corn fell for the third straight session, under pressure
from the U.S. Department of Agriculture's surprising increase in
its production forecast, while wheat also edged lower.
    Chicago Board of Trade November soybeans fell 1.1
percent to $13.66 a bushel, having closed down 1 percent on
Friday.
    "We are looking at some better rain forecasts later this
week in the U.S. and that may assist in helping some of the
later soybean crops," said Luke Mathews, commodities strategist
at the Commonwealth Bank of Australia.
    Updated U.S. weather models called for more rains later this
week, with temperatures also forecast to be lower, easing stress
on some late planted soybeans crops, analysts said.
    Soybeans rose nearly 3 percent after the U.S. Department of
Agriculture on September 12 made a larger than expected cut to
stocks remaining at the end of the crop year as a result of the
hot, dry weather across much of the Midwest. 
    Soybeans have since slid more than 2 percent on the
prospects for rain and as investors booked profit. 
    Still, amid tight stocks, the National Oilseed Processors
Association's monthly soybean crush data next week should show
the U.S. crush for August at 110.7 million bushels, down 4.9
percent from July and the smallest since September 2011, a
Reuters poll of nine analysts showed. 
    U.S.-based agricultural export company Cargill also said on
Friday it had run out of soybeans at one of its important
crushing plants in Argentina, prompting it to suspend operations
at the site until March 2014. 
    December corn fell 0.76 percent to $4.55-1/2 a bushel.
Corn has fallen more than 3.5 percent since the USDA surprised
the market by raising its crop production forecast to a record
level, despite the unfavourable weather across the Corn Belt.
 
    USDA raised its forecast of the U.S. corn crop by 1 percent
from August, to 13.843 billion bushels, well above the record
13.092 billion bushels of 2009 and nearly 2 percent more than
traders expected.
    December wheat fell 0.16 percent to $6.40-1/2 a bushel
after closing down 1.8 percent on Friday.
        
  Grains prices at  0254 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     640.50    -1.00  -0.16%    -1.91%     649.87   37
  CBOT corn      455.50    -3.50  -0.76%    -2.31%     468.76   22
  CBOT soy      1366.00   -15.50  -1.12%    -2.15%    1305.28   71
  CBOT rice      $15.40   -$0.02  -0.13%    -0.87%     $15.35   41
  WTI crude     $107.40   -$0.81  -0.75%    -0.75%    $107.13   46
  Currencies                                                
  Euro/dlr       $1.337   $0.007  +0.55%    +0.51%
  USD/AUD         0.934    0.010  +1.03%    +0.77%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
FILED UNDER:
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