GRAINS-Corn's losing streak deepens
* Corn little changed after 9-session fall
* Argentine rain keeps focus on corn supply rebound
* Soy also pressured by S. America crops, wheat firm
* Weekly export data watched for demand after price fall
(Updates with European trading, changes byline/dateline) PARIS/NEW DELHI, Feb 14 (Reuters) - Chicago corn slipped for a tenth straight session on Thursday, its longest losing streak in more than five years, as crop-friendly weather in South America and expectations of higher global supplies dragged down prices. Soybeans also remained under pressure from prospects of big South American harvests to trade near a one-month low. Wheat edged higher after hitting a seven-month low earlier this week, but was curbed by the weakness in corn and soy as well as rain relief in drought-hit U.S wheat regions. Weekly U.S. export data due at 1330 GMT would be watched to see if the pullback in prices had triggered fresh demand. "The prediction of rainfall in the drought-plagued growing areas in the U.S. and in Argentina is continuing to exert pressure on the prices of grains and soybeans," Commerzbank analysts said. "If today's export figures from the USDA were to show that the reduced price level is luring in buyers, this could lend support to prices," they added. Chicago Board of Trade March corn inched up 0.1 percent to $6.96-1/2 a bushel by 1232 GMT, not far from a 1-month low of $6.87-1/4 hit a day earlier. Corn has fallen in the past nine sessions, matching a similar run in 2007. March wheat gained 0.5 percent to $7.39-1/4 and March soybeans slipped 0.2 percent to $14.20-1/2. "Corn has been under pressure due to good weather conditions and higher stocks but wheat has gone up due to some bargain buying," said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm. The U.S. Department of Agriculture has raised its outlook for U.S. and global corn ending stocks by more than expected as high prices blunted demand for the grain. Weather conditions are continuing to boost prospects for South American corn.
In more bearish export news, an international tender issued purchase up to 195,000 tonnes of corn and up to 70,000 tonnes of feed wheat, tender excluded U.S.-origin corn as it is not acceptable due to price and quality concerns, traders said.
Traders are more hopeful of an export recovery in U.S. wheat due to bigger-than-usual import needs in countries like Russia and Brazil. However, a purchase of at least 400,000 tonnes of milling wheat by Algeria this week would most likely be sourced from main supplier France, traders said. The USDA last week forecast U.S. wheat stocks will shrink to 691 million bushels at the end of the marketing year on May 31, down from its previous forecast for 716 million bushels and the smallest in four years. This added to support from drought conditions in U.S. growing areas crop-friendly rainfall and snow has since provided some relief ahead of the growing season for the 2013 crop, an agricultural meteorologist said on Wednesday. "On balance, weather is a bearish input currently with better U.S. and Argentine forecasts," INTL FC Stone Europe said.
* Prices as of 1232 GMT
Product Last Change Pct Move End 2012 Ytd PctCBOT wheat 739.25 3.75 +0.51 778.00 -4.98 CBOT corn 696.50 1.00 +0.14 698.25 -0.25 CBOT soybeans 1420.50 -2.50 -0.18 1418.75 0.12 Paris wheat 243.00 0.75 +0.31 250.25 -2.90 London wheat 205.00 1.15 +0.56 210.25 -2.50 Paris maize 225.00 0.00 +0.00 237.75 -5.36 Paris rape 464.00 0.50 +0.11 456.25 1.70 Crude oil 97.02 0.01 +0.01 91.82 5.66
All contracts front month except second month for London wheat. Paris futures prices in euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel.
(Editing by William Hardy)