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GRAINS-Wheat hovers near six-month lows on big supplies

* Wheat hovers near its lowest since April on ample supplies

* Corn edges higher after hitting lowest in over a week

* Soybeans firm as South American weather eyed

(Recasts with European trade, adds new comment, changes dateline) Nov 1 (Reuters) - Chicago wheat fell on Wednesday, hovering near Tuesday's six-month lows with pressure from abundant world supplies and hefty Russian exports. Corn rose after hitting its lowest in over a week earlier in the session while soybeans gained for a second day. The Chicago Board of Trade most-active wheat contract fell 0.3 percent to $4.17-1/4 a bushel at 1124 GMT, having dropped to the lowest since April 25 on Tuesday at $4.16-1/4. Corn rose 0.2 percent to $3.46-1/2 a bushel, having dropped earlier on Wednesday to the lowest since Oct. 23 at $3.45-1/4 a bushel. Soybeans rose 0.2 percent to $9.87 a bushel, having risen on Tuesday. "Wheat is again being weakened by selling pressure today after touching contract lows on Tuesday," said Matt Ammermann, commodity risk manager at INTL FCStone. "I could not see any major fundamental news which caused the sell off on Tuesday. Funds have a short position in wheat and seem to have been selling again." "The background picture is still bearish, with record large Russian wheat exports still entering the world market with no signs of serious Russian logistics problems." "The market is perhaps starting to realise that Russia needs exports to run at record levels every month to clear out its available supplies and this means intense competition for U.S. wheat in export markets." Commodity investment funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday, traders said. The U.S. Department of Agriculture on Monday said the U.S. corn harvest was 54 percent complete, behind the five-year average of 72 percent but ahead of an average of trade expectations for 53 percent. "Corn is seeing some purchase interest after its falls on Tuesday," Ammermann said. "For corn, $3.50 is a supportive level." "The U.S. corn crop is progressing at a slower rate than past years but this could be because yields are large and farmers need more time for the harvest. Overall, the U.S. harvest pace is reasonable." Soybeans were underpinned by worry about weather disrupting sowings of millions of hectares in Brazil and Argentina. "Soybeans are seeing some support from concerns about poor weather in South America during the planting season," Ammermann said. "Current weather in Brazil looks overall favourable. But there is intense attention about the possibility a disruptive La Nina weather pattern could hit South American soybeans." China is also expected to continue buying soybeans if prices fall, he added. Grains prices at 1124 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 417.25 -1.25 -0.30% -1.77% 438.59 27 CBOT corn 346.50 0.75 +0.22% -0.65% 350.15 37 CBOT soy 976.75 3.00 +0.31% +0.41% 973.71 44 CBOT rice $11.55 -$0.04 -0.39% -1.83% $12.22 20 WTI crude $55.01 $0.63 +1.16% +1.59% $51.69 82

Currencies

Euro/dlr $1.163

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

RSI 14, exponential

(Reporting by Michael Hogan, additional reporting by Naveen Thukral, editing by Elaine Hardcastle)