GRAINS-Wheat hits 1-wk low on higher US output, soybean prices ease

SINGAPORE, Oct 2 (Reuters) - Chicago wheat slid for a third consecutive session on Monday, hitting a one-week low under pressure from a forecast for higher production in the United States. Soybean prices dropped after climbing almost 1 percent on Friday, while corn was little changed in early Asian trade.


* The U.S. Department of Agriculture reported U.S. 2017 production of spring wheat other than durum at 416 million bushels, up from its previous estimate of 402 million bushels and well above an average of analyst estimates for 382 million bushels.

* The government put the U.S. all-wheat crop at 1.741 billion bushels, above the average trade estimate of 1.718 billion bushels.

* In its quarterly stocks report released on Friday, the agency showed that the United States burned through corn and soybeans at a furious clip during June, July and August.

* But despite the strong demand, farmers and grain handlers were still left with corn ending stocks at a 29-year high and soybean ending stocks at a 10-year high.

* Brazilian soybean producers had planted 1.5 percent of the 2017/18 crop through Sept. 28, below the level of 4.8 percent at this time last year, consultancy AgRural said in a statement on Friday.

* The current planted area is also below a five-year average of 2.3 percent, AgRural said, citing scarce rains in key producing regions.

* Australia's wheat production is likely to fall to its lowest since 2007/08 amid persistent dry weather, missing official forecasts made earlier this month as well as the USDA's latest estimate, a Reuters poll showed.

* Large speculators increased their net short position in Chicago Board of Trade corn futures in the week to Sept. 26, 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 trimmed their net short position in soybeans.


* The euro took a brief knock in Asia on Monday as investors kept an anxious eye on an independence vote in Spain's Catalonia, although surprisingly strong economic news out of China and Japan offered support to equities and commodities.

DATA (GMT) 0750 France Final manufacturing PMI Sep 0755 Germany Final manufacturing PMI Sep 0800 Euro zone Final manufacturing PMI Sep 0830 U.K. Manufacturing PMI Sep 0900 Euro zone Unemployment rate Aug 1345 U.S. Markit final manufacturing PMI Sep 1400 U.S. ISM manufacturing activity index Sep 1400 U.S. Construction spending Aug

Grains prices at 0031 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 447.25 -1.00 -0.22% -1.70% 442.01 54 CBOT corn 355.50 0.25 +0.07% +0.85% 354.15 63 CBOT soy 966.50 -1.75 -0.18% +0.73% 958.27 53 CBOT rice 12.01 $0.01 +0.08% +0.29% $12.57 31 WTI crude 51.67 $0.00 +0.00% +0.21% $49.14 66


Euro/dlr $1.180 -$0.001 -0.11% +0.13% USD/AUD 0.7841 0.001 +0.10% -0.19%

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

(Reporting by Naveen Thukral; Editing by Joseph Radford)