GRAINS-Soybeans fall, corn firm ahead of US crop report
* Wheat also firms after losses
* Analysts expect USDA to lower corn planting acreage forecast
(Adds European trade, comment, updates prices) HAMBURG, June 26 (Reuters) - U.S. soybeans fell for the first time in three sessions on Wednesday, while corn firmed after four sessions of losses, as traders adjusted positions before this week's U.S. Department of Agriculture (USDA) mid-year crop report. Wheat was also slightly stronger, shrugging off previous downward pressure from talk of larger yields as the U.S. harvest advances. Traders remain wary of open positions ahead of the global attention to be given to the mid-year USDA sowing area and stocks report on Friday. Some analysts expect the USDA to lower its estimate for U.S. corn area after heavy rains delayed sowing in spring, meaning some farmers could switch to soybeans, resulting in smaller corn and larger soybean supplies than anticipated. "I think there is generally more market nervousness about the impact of the USDA reports on soybeans than on wheat and corn," said Arnaud Saulais of Starsupply Commodity Brokers. "Corn and wheat are firmer in pre-report positioning today." Chicago Board of Trade new crop December corn was up 0.1 percent at $5.45-1/2 a bushel at 1104 GMT after falling on Tuesday, when forecasts for improved crop weather weighed on prices. Chicago new crop November soybeans fell 0.5 percent to $12.71-1/4 a bushel. The contract had closed up in the previous session, supported by tight old-crop stocks. Chicago July wheat was up 0.3 percent at $6.78 a bushel after closing down in the previous session. "All eyes are on the (USDA) report and corn has the greater chance of variability," said Andrew Woodhouse, grains analyst with Advance Trading Australasia. "Traders are squaring their books going into the stocks and planting report." Previous June reports in 2009, 2010 and 2011 produced some of the largest moves in corn futures for those years. "Through the last month weather-driven planting delays in the U.S. have made this week's quarterly report all the more important, as corn area is likely to be reduced in comparison to the original farmer intentions," Macquarie Commodities Research said in a report, adding " we struggle to believe that this planting report will be bullish." A Reuters poll put analysts' average estimate for corn acreage at 95.313 million, down from the USDA's March estimate of 97.282 million acres.
Tight old-crop soybean stocks are also expected to be confirmed by the USDA report.
* Prices at 1104 GMT
Product Last Change Pct Move End 2012 Ytd Pct Paris wheat 197.00 0.25 +0.13 195.25 0.90 London wheat 166.65 -0.85 -0.51 153.65 8.46 Paris maize 182.00 -0.50 -0.27 197.25 -7.73 Paris rape 401.50 -4.75 -1.17 421.50 -4.74 CBOT wheat 676.50 0.75 +0.11 671.25 0.78 CBOT corn 577.00 0.50 +0.09 654.75 -11.87 CBOT soybeans 1422.25 -7.00 -0.49 1207.75 17.76 Crude oil 94.96 -0.36 -0.38 98.83 -3.92 Euro/dlr 1.3022 * All grain and oilseed prices for second position. Paris futures prices in
Euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel.
(additional reporting by colin Packham in Sydney; editing by James Jukwey)