GRAINS-Soy drops on technical sales, harvest view; corn, wheat weak
(Recasts, updates with U.S. trading, adds new analyst quote, details; changes byline, dateline, pvs PARIS/SINGAPORE)
By Mark Weinraub
CHICAGO Aug 18 (Reuters) - U.S. soybean futures eased 1.6 percent on Thursday, retreating from a recent export-driven rally amid technical sales and huge crop expectations, traders said.
Wheat and corn futures also weakened, but short-covering limited the sell-off in grains as investors unwound bearish bets.
Rain in key U.S. growing areas that removed some lingering doubts about crop development also contributed to the weakness in soybeans.
"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.
At 10:36 a.m. CDT (1536 GMT), Chicago Board of Trade November soybean futures were down 16-1/4 cents at $9.99-3/4 a bushel.
Soybean prices firmed slightly during overnight trading to a four-week high, but a wave of technical selling pushed prices lower after the November contract failed to break through the high end of its 20-day Bollinger range, a level it has traded below since June 13.
Before weakening on Thursday, soy futures had notched a 5.7 percent rise since Aug. 12, 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...