GRAINS-Corn falls to near 3-year low, wheat rises for 2nd day
SINGAPORE, Aug 5 (Reuters) - Chicago corn lost more ground on Monday, falling to its lowest since November, 2010, while soybeans were little changed after suffering two weeks of deep losses due to forecasts of crop-friendly weather across the U.S. Midwest. Wheat rose for a second consecutive session as strong global demand underpinned the market although gains were capped by weakness in corn.
* The weather outlook continues to reinforce a bearish view on agricultural markets with rain and cool temperatures aiding crops and boosting hopes of record U.S. supplies.
* Widely scattered thunderstorms hit the U.S. grain belt on Thursday, with the biggest storms bringing as much as 5 inches of rain in central and southeastern Nebraska, eastern Kansas and west-central Missouri.
* Two private forecasters, FCStone and Lanworth, last week put the 2013 U.S. corn crop above the current outlook of the U.S. Department of Agriculture.
* Still, late planting has left much corn and soybeans well behind schedule and vulnerable to damage if temperatures fall before harvest.
* Large speculators increased their net short position in Chicago Board of Trade corn futures in the week to July 30, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans. The wheat market is being supported by strong global demand for U.S. supplies.
* Japan bought nearly 90,000 tonnes of U.S. western white wheat in a tender on Thursday, marking the first purchase of the variety by its top buyer after the discovery of a genetically modified version of the grain in Oregon.
* The New Zealand dollar skidded nearly 2 U.S. cents to one-year lows on Monday morning as investors feared the worst after major dairy exporter, Fonterra, found botulism bacteria in some of its products.
* Oil futures fell on Friday as U.S. jobs data came in below expectations, tempering economic optimism that had pushed Brent crude during the session to its highest level in four months, and prompting some investors to take profits.
* The Dow industrials and S&P 500 ended at record highs for a second day on Friday, posting modest gains despite a mixed employment report that showed U.S. hiring slowed in July.
DATA/EVENTS (GMT) 0753 Germany Services PMI 0758 Euro zone Markit Services PMI 0830 Euro zone Sentix index 0900 Euro zone Retail sales 1400 U.S. ISM Non-manufacturing PMI 1400 U.S. Employment trend index
Prices at 0036 GMT
Contract Last Change Pct chg MA 30 RSI CBOT wheat 662.50 2.00 +0.30% 866.49 51 CBOT corn 461.75 -2.00 -0.43% 757.30 19 CBOT soy 1180.50 -1.00 -0.08% 1569.89 28 CBOT rice $15.79 -$0.02 -0.09% $15.49 56 WTI crude $106.35 -$0.59 -0.55% $89.53 57
Euro/dlr $1.327 $0.098 USD/AUD 0.889 -0.166
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Richard Pullin)