* Chicago corn falls as USDA seen boosting yield estimate Wheat rises on bargain-buying after 2 days of losses
(Adds details, quote) Nov 9 (Reuters) - Chicago corn futures lost ground on Thursday, falling for four out of five sessions with pressure on the market ahead of a key U.S. government report that is expected to boost production estimate. Wheat edged higher on bargain-buying after two days of decline although prices were capped by lack of demand for U.S. cargoes and soybeans ticked lower following gains in the past three days. The most-active corn contract on the Chicago Board Of Trade slipped 0.2 percent to $3.47-1/2 by 0254 GMT. Corn closed up 0.1 percent on Wednesday after earlier dropping to 3.45-3/4 a bushel, the lowest since Nov. 1. Wheat added 0.2 percent to $4.27-1/2 a bushel, having closed down 0.1 percent on Wednesday, while soybean was down 0.1 percent to $9.98 a bushel, having firmed 0.3 percent on Wednesday. Market focused on the U.S. Department of Agriculture report, which is expected to show higher U.S. corn yields, lower soybean yields and still ample global supplies of grains and oilseeds.
Argentina's Rosario exchange raised its 2017/18 corn crop estimate to at least 41.5 million tonnes versus 41 million tonnes, it said on Wednesday, citing good climate conditions. In the soybean market, the spotlight is on Brazil where much-needed rains are expected. "Weather forecasters are more confident that soybean regions in Mato Grosso, Brazil will get enough rain this weekend to boost soil moisture," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. The forecasts could lead to some fall in prices, Gorey said. China imported 5.86 million tonnes of soybeans in October, down 28 percent from the previous month and well below market expectations, customs data showed on Wednesday, after some shipments were delayed. Wheat faces pressure from poor demand for U.S. cargoes. Egypt's GASC, the world's top state buyer of wheat, said it bought 120,000 tonnes of Russian wheat in a snap tender. India has doubled its import tax on wheat to 20 percent, according to a government order on Wednesday, as the world's second biggest producer tries to rein in imports to support local prices. This could be bearish for wheat futures as last year India turned into a net importer after two years of adverse weather. Commodity funds were net buyers of CBOT soyoil, soybeans, corn and wheat futures contracts on Wednesday and net sellers of soymeal, traders said.
Grains prices at 0254 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 427.50 0.75 +0.18% -0.75% 434.15 47 CBOT corn 347.50 -0.75 -0.22% -0.07% 349.34 43 CBOT soy 998.00 -0.50 -0.05% +0.20% 987.31 61 CBOT rice 11.41 $0.00 +0.00% -0.95% $12.05 25 WTI crude 56.92 $0.11 +0.19% -0.49% $52.65 79
Euro/dlr $1.160 $0.000 +0.02% +0.09% USD/AUD 0.7686 0.001 +0.14% +0.55%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Gopakumar Warrier)