GRAINS-Prices dip before US reports expected to show big supplies

jueves 30 de junio de 2016 11:30 GYT
 

* USDA set to issue grain stocks, plantings data

* US soybean seedings estimate expected to rise

* Traders may refocus on U.S. weather after data release (Adds U.S. trading, changes byline, dateline from PARIS/SYDNEY)

By Tom Polansek

CHICAGO, June 30 (Reuters) - U.S. grain and soybean futures dipped on Thursday ahead of the release of closely watched U.S. crop data that are expected to show a buildup of inventories and an increase in the government's estimate for domestic soy plantings.

The U.S. Department of Agriculture, in a quarterly report due at 11 a.m. CDT (1600 GMT), will likely reveal that corn stocks as of June 1 had reached 4.528 billion bushels, according to a Reuters poll of analysts. That would represent the largest inventories on that date since 1988 and the fifth-highest in records dating to the 1920s.

For soybeans, inventories probably were 829 million bushels, which would be the highest June 1 figure since 2007, analysts said in the poll. Soy plantings are expected to rise to 83.834 million acres from the USDA's March estimate of 82.236 million.

Larger plantings could be bearish for soybean futures, said Kevin Van Trump, president of Missouri-based consultancy Farm Direction, because it would indicate the potential for a bigger harvest.

"Soybean acres here in the U.S. will take center stage today!" Van Trump told clients in a note.   Continuación...