* Wheat futures drop on technical trading
* Corn, soy fall amid farmer selling, analysts say
* Traders adjust positions ahead of USDA reports Thursday
CHICAGO, March 26 (Reuters) – Chicago Board of Trade
(CBOT) wheat futures fell on Tuesday in technical trading, as
large Russian supplies, a strong dollar and fading Chinese
demand weighed on the market, analysts said.
Traders were turning their attention to U.S. planting and
grain stocks data due out on Thursday.
Soybean and corn futures also eased during choppy trading as
farmers sold some old-crop supplies ahead of the U.S. Department
of Agriculture’s reports, while traders covered short positions,
analysts said.
“This whole week is defined by getting ready for the report
at the end of the week,” said Ted Seifried, vice president of
Zaner Ag Hedge.
The most-active wheat contract on the Chicago Board of Trade
(CBOT) was down 8-3/4 cents at $5.46-1/4 a bushel at 1600
GMT.
“Russia is continuing to push wheat into the world market,
Chinese demand is soft, and wheat is trying to carve out a
bottom,” said Chuck Shelby, president of Risk Management
Commodities. “We’ve got a big source of information coming, and
the markets are just sitting here and waiting.”
CBOT wheat hit a three-week high at $5.67 per bushel on
Monday as a dispute between Russian authorities and a leading
exporter stoked worries about crucial Black Sea exports.
Like wheat, corn and soy futures have recovered from
three-year lows struck this year, but remain curbed by ample
South American supplies and tepid Chinese demand.
CBOT soybeans were down 8 cents at $12.01-1/4 a
bushel, and corn slumped 1-3/4 cents to $4.36 a bushel.
Short-covering in soybeans on Monday prompted farmer selling
on Tuesday, as farmers offloaded old-crop supplies and sought to
reduce risk ahead of Thursday’s reports and the upcoming spring
planting season, analysts said.
Analysts surveyed by Reuters are predicting soy plantings of
86.530 million acres, up 2.93 million acres from last year, and
corn plantings of 91.776 million acres, down from 94.641 million
acres last year.
(Reporting by Heather Schlitz in Chicago, additional reporting
by Gus Trompiz in Paris, Peter Hobson; Editing by Subhranshu
Sahu, Tasim Zahid and Shailesh Kuber)
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