GRAINS-U.S. soybeans weaken while corn, wheat tick higher
(Recasts, updates with closing prices)
By Mark Weinraub
CHICAGO Aug 18 (Reuters) - U.S. soybean futures eased on Thursday, closing well above session lows as technical buyers stepped into the market after profit-taking sparked an early sell-off, traders said.
Wheat and corn futures firmed on short-covering, recovering from early dips into negative territories.
Rain in key U.S. growing areas that removed some lingering doubts about crop development weighed on soybeans throughout the day.
"We have got some weather moving through the Midwest that is finishing up the bean crop," said Dan O'Bryan, a risk management specialist and broker at Top Third Ag Marketing.
Chicago Board of Trade November soybean futures settled down 1-1/2 cents at $10.14-1/2 a bushel.
The contract found technical support from early weakness at its 10-day moving average, pushing prices back toward Wednesday's close.
Even with Thursday's decline, soybean futures have risen 5.4 percent since last Friday, when the U.S. Agriculture Department issued a forecast for a record U.S. harvest. A slew of fresh export deals muted the impact of the production outlook during the rally. Continuación...