GRAINS-Wheat holds just above 5-year lows amid speculator selling
CANBERRA, Aug 6 (Reuters) - Chicago wheat futures steadied just above five-year lows on Wednesday, after plunging around 7% in the last two weeks as seasonal supply pressure from Northern Hemisphere harvests and falling corn prices triggered selling by speculators.
Corn and soybean futures inched lower and were near multi-month lows amid expectations of large U.S. production and well-supplied global markets.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.1% at $5.08-1/2 a bushel at 0028 GMT. Prices fell to a five-year low of $5.06-1/4 in May.
* CBOT corn Cv1 rose 0.1% to $4.01-1/2 a bushel and soybeans Sv1 were up 0.1% at $9.90 a bushel.
* With Northern Hemisphere harvests in full swing, recent rainfall has boosted the production outlook in late harvesters Canada, Australia, and Argentina.
* Speculators are betting on further price falls for CBOT wheat, corn, and soybeans. Funds have been net sellers of Chicago wheat for the last six trading sessions, traders say.
* The U.S. Department of Agriculture (USDA) on Monday issued condition ratings for U.S. corn and soy crops that were the highest in years, bolstering expectations of large U.S. production.
* Commodity brokerage StoneX on Monday said it expected the United States to produce 16.323 billion bushels of corn this year, above the USDA's latest estimate.
* Soybeans received some support from larger-than-expected weekly U.S. export inspections but a lack of demand from top importer China continues to hang over the market.
MARKETS NEWS
* Wall Street stock indexes fell on Tuesday as investors weighed tariff concerns and weaker than expected U.S. economic data, while equities in Europe and Asia notched gains. MKTS/GLOB
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