×

GRAINS-Wheat falls for 2nd day as U.S. exports suffer, corn eases

SINGAPORE, Nov 27 (Reuters) - Chicago wheat lost more ground on Monday, falling for a second session as abundant global supplies make it hard for U.S. exporters to win business. Corn slid, tracking wheat, while soybeans ticked higher.

FUNDAMENTALS

* Chicago wheat futures are being weighed down by U.S. weekly export sales which fell below a range of trade expectations.

* The U.S. Department of Agriculture reported export sales of old-crop U.S. wheat in the latest week at 199,845 tonnes, the smallest tally in six weeks. Analysts had expected sales of 350,000 to 550,000 tonnes.

* The USDA reported weekly export sales of U.S. corn at 1,106,400 tonnes (old and new crop years combined), in line with trade expectations.

* The agency's weekly sales tally for soybeans fell below 1 million tonnes, missing a range of trade expectations. Export sales of soymeal, at 379,800 tonnes, topped expectations.

* World soyoil prices will fall due to India's decision last week to raise an import tax on edible oil to the highest level in more than a decade, Argentina's export industry chamber said on Friday.

* The tax hike, announced on Nov. 17, put India, the world's top soyoil importer, at odds with No. 1 exporter Argentina.

* Argentina authorized on Friday the use of genetically modified soybean seeds resistant to herbicides other than glyphosate, as the European Union (EU) debates whether to extend the license of weed-killers containing the ingredient.

* Global food producers and other exporters are looking forward to boosting sales to China. The country said it will cut import tariffs on consumer products ranging from meats and whisky to deodorant and cashmere clothes, as part of a drive to lower costs and help stimulate consumer spending at home.

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

MARKET NEWS

* Asian stocks hovered near a decade high on Monday as a robust business outlook continued to support investor risk appetite, while the euro reached a two-month top against the dollar.

DATA AHEAD (GMT)

1500 U.S. New home sales Oct 1530 U.S. Dallas Fed manufacturing index Nov

Grains prices at 0119 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 432.75 -2.00 -0.46% -2.04% 445.92 32 CBOT corn 341.75 -0.50 -0.15% -1.01% 346.13 41 CBOT soy 995.25 2.00 +0.20% -0.20% 988.54 62 CBOT rice 12.42 $0.00 +0.00% +0.65% $11.93 80 WTI crude 58.65 -$0.30 -0.51% +1.09% $54.93 71

Currencies

Euro/dlr $1.191 -$0.002 -0.13% +0.54% USD/AUD 0.7598 -0.001 -0.18% -0.31%

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

(Reporting by Naveen Thukral; editing by Richard Pullin)