GRAINS-Soybeans near 2-week low as U.S. supply forecast weighs

martes 13 de septiembre de 2016 21:53 GYT
 

SINGAPORE, Sept 14 (Reuters) - Chicago soybeans were little changed on Wednesday with prices trading near near two weeks lows struck in the last session as estimates of all-time high U.S. production held the market down.

Wheat slid for a second session while corn was nearly unchanged.

FUNDAMENTALS

* Record demand for soybeans has been outweighed by expected sharp gains in supply, making it likely that U.S. farmers and commercial operators will be left with mounting stocks despite rising exports and crushing.

* The U.S. Department of Agriculture raised its outlook for U.S. soybean production on Monday to a record 114.3 million tonnes from 110.5 million tonnes estimated in August, with the average U.S. yield seen at an all-time high of 50.6 bushels per acre (bpa) following ideal growing weather during the key development month of August.

* The USDA trimmed its corn harvest outlook slightly from the previous month, but the crop is still expected to be the largest on record.

* Acreage data released by the USDA's Farm Services Agency (FSA) late on Monday suggested the corn and soybean harvested area may be even larger than the agency reported on Monday.

* Based on the FSA data, the USDA may increase its corn acreage forecast by at least 200,000 acres in next month's crop report and soybean area by at least 100,000 acres, analysts said.   Continuación...