GRAINS-Hefty supply pushes soy to 10-week low, meal to 6-year low

viernes 26 de febrero de 2016 17:15 GYT

* Grain markets digest USDA's supply/demand outlook

* Big global inventories still drag on prices

* South America crop weather looks favorable -traders (Adds closing prices, potential for wheat to be used as livestock feed)

By Tom Polansek

CHICAGO, Feb 26 (Reuters) - U.S. soybean futures fell on Friday, with the nearby contract touching its lowest level in more than 10 weeks, under pressure from hefty global supplies, while soybean meal futures approached a six-year low.

Expanding inventories and concerns about sluggish demand also pushed front-month corn futures to their lowest price in more than six weeks.

The markets weakened after the U.S. Department of Agriculture projected U.S. corn supplies will rise to 12-year highs during the 2016-17 crop year as gains in production outstrip demand hikes.

U.S. soybean stocks are expected to fall slightly, but traders said large harvests in South America will keep world supplies large.

"Combined U.S. stocks of the major crops are growing at a time when global stocks are already considered burdensome," JP Morgan analyst Ann Duignan said.   Continuación...