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GRAINS-Wheat pauses after five-year high as dry weather weighed

    * Dryness in U.S., Black Sea, Argentina supports wheat prices
    * Soybeans, corn steady as Brazil also dry for planting
    * Grain markets also underpinned by international demand

 (Updates with European trading)
    By Naveen Thukral
    SINGAPORE, Oct 7 (Reuters) - Chicago wheat futures consolidated on Wednesday
after a day-earlier rally to a five-year high, as traders assessed supply risks
from dry weather in several exporting countries.
    Soybeans were also little changed after climbing to their highest in nearly
2-1/2 years due to dryness hampering the planting season in Brazil.
    Corn ticked higher.
    A lack of rain has raised concern about sowing prospects in the U.S. Plains
and the Black Sea region, while steady international demand has also supported
wheat prices.
    Rains in much of Ukraine have improved sowing conditions, APK-Inform
consultancy said on Tuesday.
    But the country is still set to see its winter wheat area fall, while for
Russian and U.S. winter wheat belts weather forecasts remained mostly dry. 
    "The weather for 2021 Black Sea and U.S. Hard Red Winter wheat crops
continues to bolster the market," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia. 
    The most-active wheat contract on the Chicago Board Of Trade (CBOT)
was unchanged on the day at $5.92-3/4 a bushel as of 1041 GMT.
    On Tuesday it peaked at $6.01-3/4, its highest since 2015, before it faced
resistance at the psychological $6 threshold. 
    CBOT soybeans were unchanged on the day at $10.44 a bushel, having
added over 2% in the last session when prices climbed to $10.53-3/4, their
highest since May 2018.
    Corn was up 0.6% at $3.87-1/4, near an eight-month high on Tuesday.
    The dry conditions in South America could boost already-robust demand for
U.S. supplies as farmers in Brazil struggle to plant soybeans in the parched
soils.
    Traders were assessing prospects for light rain in the week ahead in Brazil.
    Dry conditions in Brazil and also part of Argentina have taken attention
away from an advancing U.S. corn and soybean harvest.
    
    
    
 Prices at 1041 GMT                                                     
                                   Last  Change    Pct      End  Ytd Pct
                                                  Move     2019     Move
  CBOT wheat                     592.75    0.00   0.00   558.75     6.09
  CBOT corn                      387.25    2.25   0.58   387.75    -0.13
  CBOT soy                      1044.00    0.00   0.00   955.50     9.26
  Paris wheat December           199.75   -0.25  -0.12   188.75     5.83
  Paris maize Nov                174.00    0.75   0.43   174.75    -0.43
  Paris rape Nov                 392.50    0.00   0.00   391.50     0.26
  WTI crude oil                   39.67   -1.00  -2.46    61.06   -35.03
  Euro/dlr                         1.18    0.00   0.14   1.1210     4.83
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 
    
    

 (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by
Vinay Dwivedi and Shailesh Kuber)
  

Nuestros Estándares: Los principios Thomson Reuters.

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