×

GRAINS-Wheat, corn edge up after closing lower; ample supplies weigh

* Wheat rises for third of four sessions, trading range-bound Corn ticks up after closing lower, soybeans edge higher

(Adds details, quotes) Oct 26 (Reuters) - Chicago wheat futures ticked higher on Thursday, rising for three of four sessions although abundant global supplies of the grain kept a lid on the market. Corn gained ground but the market traded below last session's highest in more than three weeks, while soybeans rose following a flat close on Wednesday. The Chicago Board Of Trade most-active wheat contract rose 0.4 percent to $4.37-1/4 a bushel by 0154 GMT, having closed down 0.6 percent in the previous session. Corn added 0.2 percent to $3.51-3/4 a bushel, having climbed on Wednesday to $3.55-1/4 a bushel, the highest since Oct. 2. Soybeans gained 0.1 percent to $9.76-1/2 a bushel. "We are seeing some modest gains in corn and wheat but fundamentals haven't really changed, there are ample supplies and we don't see a big rally from here. And, at the same time markets are close to the bottom, so it will be pretty much range-bound," said Phin Ziebell, agribusiness economist, National Australia Bank. Wheat was under pressure amid ample global supplies, though fears about production losses in Australia provided supported prices. Australia's wheat farmers face a double blow this year as dry weather slashes local production at a time when bloated global inventories are dragging on international prices for the grain. In Ukraine, farmers have sown 5.8 million hectares of winter wheat for the 2018 harvest, or 94 percent of the expected area of 6.15 million hectares, the agriculture ministry said on Wednesday. Ukraine plans to sow 7.2 million hectares of various winter grains for next year's harvest, including 6.15 million hectares of winter wheat, 926,000 hectares of winter barley and 161,000 hectares of rye, the ministry said in a statement. Soybeans and corn are likely to face pressure as U.S. harvest advances rapidly. Commodity funds were net sellers of CBOT corn soybean, soyoil and wheat contracts on Wednesday and net buyers of soymeal futures, traders said.

Grains prices at 0154 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 437.25 1.75 +0.40% -4.32% 465.26 52 CBOT corn 351.75 0.75 +0.21% -0.28% 350.68 53 CBOT soy 976.50 1.00 +0.10% +0.10% 973.00 45 CBOT rice 11.66 -$0.01 -0.04% +0.47% $12.12 30 WTI crude 52.10 -$0.08 -0.15% -0.71% $51.08 61

Currencies

Euro/dlr $1.183 $0.002 +0.13% +0.58% USD/AUD 0.7708 0.001 +0.06% -0.86%

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

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)