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GRAINS-Soybeans rise for a second day on expectations of lower U.S. yields

* Soybeans extend gains, USDA seen reducing yield estimates

* Wheat dips after Monday's 1.2 pct gain, corn eases for 3rd day

(Adds details, quotes) Nov 7 (Reuters) - Chicago soybean futures rose for a second session on Tuesday with prices underpinned by expectations the U.S. Department of Agriculture will forecast lower yields in a monthly report later this week. Wheat slid after gaining 1.2 percent in the last session on support from strong demand while corn eased for a third consecutive session as ample supplies from the freshly harvested U.S. crop weighed on the market. There was additional support for soybeans stemming from hot and dry weather in Brazil, the world's top exporter. "Brazil's Mato Grosso region received only a smattering of rain over the weekend," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The region also saw temperatures in the forties (40 degrees Celsius). The two will mean soil moisture in the region will have declined dramatically." The Chicago Board Of Trade most-active soybean contract added 0.2 percent to $9.95-3/4 a bushel by 0256 GMT, having firmed 0.7 percent on Monday. Brazilian soybean planting has been lagging the normal pace because of heavy early season rains in central and southern areas and dry conditions in top soybean producing state Mato Grosso. Brazilian farmers have sold 19.1 percent of the 2017/18 crop in advance, according to data from Brazilian agricultural consultants Safras & Mercado. In a statement on Monday, Safras said farmers had sold about 25 percent of their soybeans in advance at the same time last year. The average for the period is 29 percent, it said. For the United States, farmers have finished harvesting 90 percent of the soybean crop, almost matching the five-year average pace of 91 percent, the U.S. Department of Agriculture (USDA) said after the market closed on Monday. The agency said 70 percent of the corn crop has been harvested, below the five-year average pace of 83 percent. Wheat fell 0.3 percent at $4.29-1/2 a bushel, having closed up 1.2 percent on Monday and corn dropped 0.1 percent to $3.47-1/2 a bushel extending the 0.1 percent decline in the previous session. The USDA monthly crop supply and demand report is scheduled for release on Thursday. Analysts, on average, expect the government to raise its U.S. corn yield forecast and trim its soybean yield outlook. On the export front, the USDA confirmed a 130,000 tonne corn sale on Monday while Iraq's government said it bought 500,000 tonnes of U.S. hard red winter wheat.

Grains prices at 0256 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 429.50 -1.25 -0.29% +0.88% 435.36 49 CBOT corn 347.50 -0.50 -0.14% -0.22% 349.69 42 CBOT soy 995.75 1.75 +0.18% +0.91% 985.60 59 CBOT rice 11.49 -$0.03 -0.26% -0.73% $12.07 31 WTI crude 57.28 -$0.07 -0.12% +2.95% $52.32 87

Currencies

Euro/dlr $1.161 $0.000 +0.03% +0.05% USD/AUD 0.7685 0.000 -0.07% +0.46%

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

(Reporting by Naveen Thukral; Editing by Christian Schmollinger)