×

CORRECTED-GRAINS-Corn prices ease for third day on weak demand, ample supply

(Corrects to say corn falling for 3rd day, not 2nd, in headline and 1st paragraph) SINGAPORE, Oct 11 (Reuters) - Chicago corn futures slid for a third session on Wednesday, with plentiful supply and slow demand for U.S. shipments weighing on the market. Soybeans were little changed after closing marginally lower, with expectations of weaker production in Brazil and strong demand for cargoes from the United States keeping a floor under prices.

FUNDAMENTALS

* The U.S. Department of Agriculture reported export inspections of corn and wheat in the latest week below expectations, reflecting sluggish export demand for both grains.

* But inspections for U.S. soybeans were at more than 1.4 million tonnes, topping a range of trade estimates.

* The U.S. soybean harvest was 36 percent complete, behind the five-year average of 43 percent and an average of trade expectations for 38 percent, the farm department said after the market closed on Tuesday.

* The corn harvest was 22 percent complete, compared with the five-year average of 37 percent and the average trade estimate of 27 percent. In Iowa, the top U.S. corn producer, the corn harvest was 8 percent done, lagging the state's five-year average of 28 percent.

* A decline in production in Brazil is underpinning soybean prices. Brazilian statistics agency Conab forecast the country's 2017-18 soybean crop at between 106 million and 108.2 million tonnes, down from the 2016-17 crop of 114 million tonnes.

* The U.S. wheat market is being pressured by stiff competition from the Black Sea region.

* Egypt's state buyer said it bought 170,000 tonnes of Russian wheat in an international purchasing tender where no U.S. wheat was offered.

* The USDA is scheduled to release its October supply-demand reports, including updated estimates of U.S. and global crop production on Thursday.

* Commodity funds were net sellers of Chicago Board of Trade soybean, corn, soyoil and wheat futures contracts on Tuesday and net even in soymeal, traders said.

MARKET NEWS

* Stocks around the world rose on Tuesday as Wall Street eked out record highs ahead of earnings season, while U.S. Treasury prices pared gains after Catalonia's leader allowed for talks with Madrid even as he proclaimed independence from Spain.

DATA AHEAD (GMT) No major data scheduled for Wednesday, Oct. 11

Grains prices at 0025 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 435.25 0.00 +0.00% -1.86% 443.65 38 CBOT corn 348.75 -0.50 -0.14% -0.36% 352.55 42 CBOT soy 965.75 -0.25 -0.03% -0.67% 962.71 52 CBOT rice 12.08 $0.06 +0.50% +1.64% $12.44 51 WTI crude 50.92 $0.00 +0.00% +2.70% $49.77 56

Currencies

Euro/dlr $1.182 $0.001 +0.12% +0.69% USD/AUD 0.7794 0.002 +0.23% +0.54%

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)