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GRAINS-Soybeans, corn face 3rd week of losses as US raises output f'cast

* Soybeans, corn edge up after deep losses, face weekly decline

* USDA's outlook for corn, soybean yields above market estimates

* Wheat set for 5th straight week of decline on ample supplies

(Adds details, quotes) SINGAPORE, Aug 11 (Reuters) - Chicago soybean and corn futures edged higher on Friday as the market took a breather following last session's deep losses, but both commodities are poised for their third week of decline on a higher U.S. production outlook. Wheat is set for a fifth week of falls with strong global supplies dragging prices lower. The Chicago Board of Trade most-active corn contract has given up more than 5 percent in three weeks while soybeans are down nearly 8 percent during the period. Corn on Thursday hit its lowest since June 30 at $3.70-1/4 a bushel. Wheat has fallen more than 17 percent in five weeks. The U.S. Department of Agriculture on Thursday projected the U.S. corn yield at 169.5 bushels per acre (bpa), below its previous forecast of 170.7 but above an average of trade estimates for 166.2 bpa. The USDA pegged soybeans yields at 49.4 bpa, above its previous forecast of 48.0, surprising analysts who expected a reduction. "It was a surprising report, despite the drought the USDA is expecting good production for corn and soybeans," said one agricultural commodities analyst. "There is scope for downgrade in production estimates going forward as both corn and soybeans estimates above the top end of the range." Both figures implied larger harvests than most analysts expected, given planting delays and dry conditions in parts of the Midwest. There was more bearish news for soybeans stemming from Brazil. Conab, Brazil's agricultural statistics and food supply agency, on Thursday raised its estimate for the country's 2016/17 soybean crop to 114 million tonnes from 113.92 million tonnes in July, citing an increase in planted area. The USDA estimated U.S. production of spring wheat other than durum at 402 million bushels, down from 423 million in July but well above the average trade estimate of 393 million. Commodity funds were net sellers of CBOT corn, soy and wheat futures contracts on Thursday, traders said. Trader estimates of net fund selling in corn ranged from 25,000 to 40,000 contracts, in soybeans from 9,000 to 25,000 contracts, and in wheat from 7,000 to 15,000 contracts.

Grains prices at 0256 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 442.75 2.25 +0.51% -3.65% 495.63 26 CBOT corn 373.75 2.75 +0.74% -3.24% 390.48 37 CBOT soy 944.50 4.25 +0.45% -2.95% 993.64 28 CBOT rice 12.29 $0.04 +0.33% -0.16% $12.09 55 WTI crude 48.44 -$0.15 -0.31% -2.26% $47.40 45

Currencies

Euro/dlr $1.177 $0.000 -0.01% +0.10% USD/AUD 0.7850 -0.002 -0.30% -0.46%

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)