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

* 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
    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

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