GRAINS-Soybeans drop for 3rd session on improved Latam weather outlook

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GRAINS-Soybeans drop for 3rd session on improved Latam weather outlook

SINGAPORE, Jan 18 (Reuters)Chicago soybean futures lost more ground on Tuesday, with prices dropping to their lowest in more than two weeks on expectations of more rain in key South American growing areas.

Wheat rose for the first time in four sessions.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.3% to $13.65-3/4 a bushel as of 0150 GMT. Wheat Wv1 added 1% to $$7.49 a bushel a bushel and corn Cv1 fell 0.3% to $5.94-1/4 a bushel.

* Heavy rain has brought relief to Argentina’s main agricultural areas over the weekend, interrupting several weeks of dry weather that led the Rosario grains exchange to trim its forecasts for both soybean and corn production.

* However, Brazil’s harvesting of the 2022 soybean crop reached 1.7% of the estimated area amid delays in the center and north of the country caused by heavy rainfall, agribusiness consultancy Patria Agronegocios said on Monday.

* Commodity funds were net sellers of CBOT wheat, soybean and soymeal futures contracts on Friday, and net buyers of corn, traders said. Funds were seen as net even in soyoil futures. COMFUND/CBT

MARKET NEWS

* European shares recovered from Friday’s losses on Monday as investors focused on company earnings and U.S. Federal Reserve policymakers entered a quiet period ahead of their meeting next week. MKTS/GLOB

DATA/EVENTS (GMT)

0700 UK Claimant Count Unem Chng Dec

0700 UK ILO Unemployment Rate Nov

1000 Germany ZEW Economic Sentiment Jan

1000 Germany Zew Current Conditions Jan

(Reporting by Naveen Thukral)

(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))

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