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Wheat eases on forecasts of beneficial U.S. rains, corn falls

Wheat eases on forecasts of beneficial U.S. rains, corn falls

Chicago wheat futures lost more ground on Thursday, giving up 2.8 percent in three
consecutive sessions of decline, due to forecasts of helpful rains for the U.S. winter crop.
    Corn dipped as harvest of a near-record crop gathered pace across the Midwest and demand remained sluggish, while soybeans ticked higher after closing marginally lower on Wednesday.
    Chicago Board Of Trade December wheat fell 0.2 percent to $4.87-1/4 a bushel by 0245 GMT, having closed down 1.3 percent on Wednesday. 
    December corn slid 0.3 percent to $3.85 a bushel and November soybeans gained 0.1 percent to $8.88-1/4 a bushel, having closed down 0.2 percent on Wednesday.
    "There is seasonal harvest pressure on corn prices and U.S. export business is slow," said Kaname Gokon of brokerage Okato Shoji in Tokyo. "For wheat, U.S. weather is favourable for the winter crop. There are forecasts of some planting rains."
    The U.S. Department of Agriculture data showed increased "prevented planting" acres from a month ago, on the grounds that farmers were unable to sow with corn, soybeans and wheat earlier this year. 
    Investors in financial and commodity markets are now waiting for a crucial U.S. Federal Reserve policy announcement for more clarity on when the central bank will raise interest rates.
    Asian stocks hit a three-week high on Thursday after a jump in oil prices lifted Wall Street, with many investors taking last-minute positions ahead of the Fed announcement. 
    There is some support for the soybean market from purchases by China, the world's top bean importer.
    Private exporters reported sales of 184,500 tonnes of U.S. soybeans for delivery to China during the 2015/16 marketing year that began on Sept. 1, the USDA said.
    Chinese buyers also were expected to sign deals to purchase millions of tonnes of U.S. soybeans during President Xi Jinping's visit to the United States next week. 
    Brazilian farmers are starting the 2015/16 soy planting season cautiously, awaiting more rains in the world's No.2 producer of the oilseed, farm groups said. 
    Sept. 15 marked the end of a ban on planting in the country's top growing states Mato Grosso and Parana.
    Commodity funds sold an estimated net 8,000 CBOT cor contracts on Wednesday, trade sources said. The funds also sold a net 4,000 wheat contracts and were net even in soybeans.
 
  Prices at  0245 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     487.25    -1.00  -0.20%    -1.52%     494.54   57
  CBOT corn      385.00    -1.00  -0.26%    -1.41%     377.73   69
  CBOT soy       888.25     1.00  +0.11%    -0.08%     897.96   43
  CBOT rice      $12.65   -$0.22  -1.67%    -2.47%     $12.15   62
  WTI crude      $47.00   -$0.15  -0.32%    +5.40%     $43.75   60
  Currencies                                                
  Euro/dlr       $1.131   $0.002  +0.19%    +0.39%
  USD/AUD         0.720    0.000  +0.03%    +0.78%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Source - http://in.reuters.com/article/2015/09/17/markets-grains-idINL4N11N1F120150917)
Wheat eases on forecasts of beneficial U.S. rains, corn falls Reviewed by on . Chicago wheat futures lost more ground on Thursday, giving up 2.8 percent in three consecutive sessions of decline, due to forecasts of helpful rains for the U. Chicago wheat futures lost more ground on Thursday, giving up 2.8 percent in three consecutive sessions of decline, due to forecasts of helpful rains for the U. Rating: 0
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