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GRAINS-Corn falls for second session on U.S. harvest pressure

SINGAPORE, Oct 5 (Reuters) - Chicago corn futures slid for a second session on Monday with prices coming under pressure on expectations of a weekly U.S. report showing rapid harvest progress.

Soybeans fell in early Asian trade, while wheat gained ground.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board Of Trade (CBOT) was down 0.1% at $3.79-1/4 a bushel, as of 0106 GMT and soybeans fell 0.3% to $10.18 a bushel. Wheat added 0.1% to $5.73-3/4 a bushel.

* The U.S. Department of Agriculture (USDA) is due to issue a weekly crop progress report later in the day that is likely to show that farmers are harvesting corn and soybeans in near perfect weather.

* Forecasts called for mostly dry weather in the weeks ahead next as combines roll across the U.S. Midwest.

* Last week, all three markets closed higher, fuelled by tighter-than-expected quarterly U.S. stocks figures reported by the U.S. Department of Agriculture (USDA).

* Private analytics firm IHS Markit Agribusiness, formerly known as IEG Vantage, on Friday cut its forecast of the average U.S. 2020 corn yield to 177.8 bushels per acre, from 178.1 a month ago, according to traders and an IHS client note seen by Reuters.

* For soybeans, IHS Markit forecast the average U.S. 2020 yield at 51.9 bpa, down from its Sept. 4 figure of 52.1. The firm put soybean production at 4.294 billion bushels, down from 4.323 billion bushels last month.

* Asian demand for Australian wheat is expected to bounce back in the months ahead as the country is estimated to produce its biggest crop in four years, offering stiff competition to suppliers in the Black Sea region.

* Large speculators raised their net long position in CBOT corn futures in the week to Sept. 29, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and raised their net long position in soybeans.

MARKET NEWS

* U.S. stock futures rose on Monday on hopes that President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook Wall Street in the previous session.

DATA/EVENTS (GMT, Sept) 0030 Japan Services PMI 0600 UK Reserve Assets Total 0750 France Markit Serv, Comp PMIs 0755 Germany Markit Services PMI 0755 Germany Markit Comp Final PMI 0800 EU Markit Serv, Comp Final PMIs 1345 US Markit Serv, Comp Final PMIs 1400 US ISM N-Mfg PMI (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

Nuestros Estándares: Los principios Thomson Reuters.

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