×

GRAINS-Wheat, corn up on buying interest, soy little changed

* Wheat and corn up, purchasing after recent falls

* U.S. harvest yields in view

(Updates with European trade, new comment) HAMBURG, Sept 19 (Reuters) - Chicago wheat and corn futures rose on Tuesday, supported by buying interest following price falls this summer as investors assessed the outlook for U.S. crops as harvesting gets underway. Soybeans were underpinned by good export demand, although expectations of near-record U.S. crops kept a limit on gains. Chicago Board of Trade December wheat was up 0.6 percent at $4.46-1/4 a bushel at 1023 GMT. December corn was up 0.2 percent at $3.52-1/4 a bushel. November soybeans were unchanged at $9.67-3/4 a bushel. "Wheat, corn and soybeans are seeing some support today from buying interest after the price falls we have seen in recent weeks," said Matt Ammermann, commodity risk manager at INTL FCStone. "Some support is being built as we move into the U.S. harvest period and as more indications are awaited about exactly what U.S. crop yields will be achieved." "Questions are being posed about U.S. crop yields and against this background some people are asking whether prices are too cheap. This seems more of a big picture debate today rather than a reaction to the weekly U.S. crop progress report from the USDA (U.S. Department of Agriculture) on Monday. This was generally within expectations." The USDA said the U.S. corn harvest was 7 percent complete, behind the five-year average of 11 percent. The U.S. soybean harvest was 4 percent complete, close to its five-year average of 5 percent.

But the conditions of both crops were hardly changed on the week. "Wheat has seen a lot of recent focus on big Black Sea region crops but there are also supportive factors such as Russian logistics capacity," Ammermann said. "Concern is also seen about the condition of wheat crops in Australia and also Argentina." "Exchange rate factors are also playing a role in advance of the meeting of the Federal Reserve this week." The Australian government last week reduced its forecast of the 2017/18 wheat crop by nearly 10 percent to an eight-year low, as dry weather cuts yields across the country's largest producing regions. Excessive rain threatens the development of 34 percent of wheat planted in Argentina for the 2017/18 crop, the Buenos Aires Grains Exchange said on Thursday. Dealers were watching a new invitation to tender from Egypt to buy wheat from global suppliers. Traders are waiting to see whether a surprising rejection of two wheat shipments by Egypt as they contain poppy seeds will have an impact on tender participation. Grains prices at 1023 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 446.25 2.75 +0.62% -0.61% 444.88 69 CBOT corn 352.50 1.00 +0.28% -0.63% 360.29 60 CBOT soy 967.75 0.00 +0.00% -0.10% 950.70 62 CBOT rice $12.86 -$0.03 -0.23% +0.39% $12.68 68 WTI crude $50.35 $0.44 +0.88% +0.92% $48.20 70

Currencies

Euro/dlr $1.199

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Michael Hogan and Naveen Thukral; Editing by Greg Mahlich)