GRAINS-US soy at 3-week top on warm weather forecast, corn dips
SINGAPORE, Aug 15 (Reuters) - U.S. soybean futures rose to a three-week high on Thursday as forecasts of hot and dry weather in parts of the U.S. Midwest raised concerns over supplies. New-crop corn edged lower after climbing 1.8 percent in the last session on weather concerns while wheat eased following modest gains on Wednesday.
* Drier weather is expected for the Midwest through the end of August and warmer temperatures were slated to arrive beginning next week, said Joel Widenor, meteorologist for Commodity Weather Group.
* The warmer weather will help to accelerate crop development, which has been lagging this season following late spring planting and cooler summer temperatures, but will also erode soil moisture levels.
* The limited rainfall is forecast to arrive at a critical time for corn, which is currently filling pollinated ears with grain, and soybeans, which are adding and filling pods.
* Commodity funds bought a net 10,000 corn contracts, 5,000 soybean contracts and 1,000 wheat contracts on the day, trade sources estimated.
* Argentina will plant 3.56 million hectares of corn for commercial use in the 2013/14 crop year, down from 3.68 million hectares in 2012/13, the Buenos Aires Grains Exchange said on Wednesday. The South American country is the world's No. 3 corn exporter as well as a major supplier of soybeans, soyoil and soymeal.
* Wheat futures held near previous levels in light trading amid forecasts for heavy global production, though declines were limited by spillover support from the firmer corn market.
* Russia is likely to increase its monthly wheat exports to at least 2.5 million tonnes in August and September after it shipped 2.0 million tonnes in July, Andrei Sizov, chief executive of agricultural analysts SovEcon, said on Wednesday.
* SovEcon estimates total grain exports will rise to more than 3 million tonnes in August and September from 2.5 million last month, Sizov told the Thomson Reuters online Global Ags Forum.
* The dollar was at a standstill on Thursday, hamstrung by uncertainty on when the Federal Reserve might start trimming its stimulus, while the euro and sterling drew support from better economic news at home.
* Brent crude prices rose to a 4-month high over $110 a barrel on Wednesday on concerns about supply disruptions in Libya and escalating violence in Egypt.
* U.S. stocks fell on Wednesday, with the Dow industrials posting the worst day since late June, as investors speculated when the Federal Reserve might begin to reduce its ultra-loose monetary policy, which has helped propel stocks to record highs.
DATA/EVENTS (GMT) 20:30 US CPI mm, sa 20:30 US Core CPI mm, sa 20:30 US NY Fed manufacturing 20:30 US Initial jobless claims 20:30 US Jobless claims 4-week avg -- USDA releases weekly Export Sales
Prices at 0047 GMT
Contract Last Change Pct chg MA 30 RSI CBOT wheat 641.25 -1.50 -0.23% 865.78 31 CBOT corn 454.00 -1.25 -0.27% 757.04 32 CBOT soy 1240.50 1.50 +0.12% 1571.89 50 CBOT rice $15.25 -$0.02 -0.10% $15.48 41 WTI crude $107.07 $0.22 +0.21% $89.55 61
Euro/dlr $1.327 $0.097 USD/AUD 0.915 -0.140
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)