GRAINS-US corn, soy, wheat under pressure from bearish acreage view
* CBOT corn falls 1.7 pct on Informa plantings outlook
* Wheat turns lower due to drop in corn
* Soybeans drop for second day in a row
(Updates, adds comment, byline, new dateline, previous HAMBURG/SYDNEY) CHICAGO, Dec 19 (Reuters) - U.S. grain and soy futures fell on Wednesday, with the benchmark corn contract hitting its lowest level in more than five months after a bearish acreage forecast hit the market. The weakness in corn spilled over into the wheat market, which had started the day firm due to signs of rising demand. Private analytics firm Informa Economics raised its 2013 U.S. corn acreage forecast to 99.026 million acres, which would be the biggest since 1936. The raised acreage view came despite sluggish demand for corn from importers and ethanol producers.
"That is definitely what we are keying off of," said Brian Hoops, president of Midwest Market Solutions. "We were unable to sustain any of these gains after the Informa numbers that came out today weighed on our markets." At 11:48 a.m. CST (16XX GMT), CBOT March corn was down 11-1/4 cents at $7.08-3/4 a bushel. The contract bottomed out at $7.05-3/4, its lowest since July 11. New-crop December corn was down 6 cents at $6.17 a bushel, hitting a one-month low earlier in the session. CBOT March wheat which traded as high as $8.22-3/4 a bushel early in the session, was down 5-1/4 cents at $8.06 a bushel and dropped below the 200-day moving average. Soybeans fell for the second consecutive session, extending declines spurred by China's cancellation of purchases of U.S. supplies. CBOT January soybeans were 26 cents lower at $14.40 a bushel. The contract slipped below its 30-day moving average during Wednesday's session. "Soybeans are still suffering from the impact of signs that demand is fading as illustrated by China's canceled purchases on Tuesday," said Ole Hansen, head of commodity strategy at Saxo Bank. China, the world's largest consumer of soybeans, canceled 300,000 tonnes of U.S. supplies, while the U.S. Agriculture Department said the soybean cancellations also included 120,000 tonnes sold to unknown destinations. Egypt's GASC, the government's wheat buyer, said on Wednesday morning it bought 180,000 tonnes of U.S. soft red winter wheat as part of a tender announced on Tuesday afternoon.
Separately, the U.S. Agriculture Department said that private exporters reported the sale of 110,000 tonnes of U.S. hard red winter wheat to Egypt. "U.S. wheat has become more competitive into wider markets," said Rabobank analyst Graydon Chong. "It is starting to work into places like Egypt." Prices at 11:49 a.m. CST (1749 GMT)
LAST NET PCT YTD CHG CHG CHG CBOT corn 708.25 -11.75 -1.6% 9.6% CBOT soy 1442.25 -23.75 -1.6% 20.3% CBOT meal 434.40 -10.50 -2.4% 40.4% CBOT soyoil 49.10 -0.07 -0.1% -5.7% CBOT wheat 805.75 -5.50 -0.7% 23.4% CBOT rice 1512.00 -3.50 -0.2% 3.5% EU wheat 255.25 -0.50 -0.2% 26.0%US crude 89.77 1.84 2.1% -9.2% Dow Jones 13,349 -2 0.0% 9.3% Gold 1668.39 -1.15 -0.1% 6.7% Euro/dollar 1.3250 0.0021 0.2% 2.4% Dollar Index 79.2430 -0.1160 -0.2% -1.2% Baltic Freight 720 -23 -3.1% -58.6%
In U.S. cents, benchmark contracts, except EU wheat (euros) and soymeal (dollars). CBOT wheat, corn and soybeans per bushel, rice per hundredweight, soymeal per ton and soyoil per lb.
(Editing by Chizu Nomiyama and Bernadette Baum)