GRAINS-Soy retreats from multimonth highs; corn, wheat follow
* Soybeans pause one day after blockbuster USDA stocks data * Corn, wheat turn lower, retreating from early strength (Recasts throughout; updates prices, adds quotes; changes byline, dateline, previous LONDON) By Julie Ingwersen CHICAGO, May 11 (Reuters) - U.S. soybean and corn futures declined on Wednesday in a light profit-taking setback, one day after bullish soy stocks data in a monthly U.S. government report sent soybeans soaring to the highest levels since 2014. Wheat also sagged, pressured by plentiful global supplies and the approach of the U.S. harvest. At the Chicago Board of Trade as of 12:08 p.m. CDT (1708 GMT), July soybeans were down 7-1/2 cents at $10.76-1/2 per bushel. July corn fell 5 cents to $3.76 a bushel and July wheat slipped 3 cents to $4.58-1/4 a bushel. Soybeans retreated after follow-through buying from Tuesday's surge lifted the lightly-traded May contract, which is in delivery, to $10.82-1/4, the highest spot price since November 2014. Most-active July soybeans turned lower after failing to match a 21-month high set Tuesday at $10.91-1/2. CBOT soymeal futures <0#SM:> turned down after setting contract highs. "It's just some back-filling here, with the big rally yesterday," Dan Cekander, president of DC Analysis, said of the market. Farmer soybean sales added pressure, a factor reflected in softening cash basis bids posted at several Midwest soy processing sites. Soybean futures exploded higher on Tuesday, with some contracts briefly rising the 65-cent daily limit, after the U.S. Department of Agriculture's May supply/demand report projected lower-than-expected U.S. soy ending stocks for the 2015-16 and 2016-17 marketing years. The CBOT expanded the daily trading limits for soy products for Wednesday's session, but trade was far more subdued. Like soybeans, corn and wheat sagged on Wednesday, retreating from early advances. "Weakness in corn and wheat prices speaks more to the poor fundamentals for those two grains, which struggle to sustain gains in the absence of strength in the soybean complex," INTL FCStone chief commodities economist Arlan Suderman said in a note to clients. The USDA on Tuesday projected that U.S. inventories of both corn and wheat would rise by the end of the 2016-17 marketing year to levels not seen since the 1980s. The government also on Tuesday estimated the U.S. winter wheat production at 1.427 billion bushels, above an average of trade estimates. Harvest of that crop could begin by the end of the month. CBOT prices as of 12:07 p.m. CDT (1707 GMT): Net Pct Volume Last change change CBOT wheat Wc2 458.25 -3.00 -0.7 43658 CBOT corn Cc2 376.25 -4.75 -1.3 119881 CBOT soybeans Sc2 1076.50 -7.50 -0.7 136883 CBOT soymeal SMc2 359.50 -0.20 -0.1 55120 CBOT soyoil BOc2 33.43 -0.01 0.0 52355 CBOT July wheat, corn and soybeans listed in cents per bushel, soymeal in dollars per short ton and soyoil in cents per lb. (Additional reporting by Nigel Hunt in London and Naveen Thukral; Editing by Marguerita Choy)
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