April 3, 2017 / 3:20 AM / 4 months ago

GRAINS-Corn hits 2-wk high, wheat up for 2nd day on US planting report

3 Min Read

    * Corn at highest since March 20 as USDA cuts planting
forecast
    * Soybean prices struggle amid ample supply, higher seeding
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    By Naveen Thukral
    SINGAPORE, April 3 (Reuters) - Chicago corn jumped to a
two-week high on Monday and wheat gained for a second day, with
prices underpinned by U.S. government forecasts of lower
plantings of both crops.
    Soybean prices edged up, but the market faced headwinds from
larger-than-expected inventories and the outlook for higher U.S.
seeding in the upcoming season.
    The Chicago Board of Trade most-active corn contract
had gained 0.9 percent to $3.67-1/2 a bushel by 0248 GMT.
Earlier in the session, it climbed to its highest since March 20
at $3.67-3/4 a bushel. 
    Wheat climbed 1.1 percent to $4.31 a bushel, having
closed up 1.3 percent on Friday. Soybeans rose 0.1 percent
to $9.47 a bushel, after slumping 1.8 percent on Friday in their
biggest one-day loss since Jan. 30.
    The USDA raised its soybean plantings estimate by 7 percent
from last year to 89.5 million acres, ahead of market
expectations.
    Corn plantings were reduced by 4 percent to 90 million
acres, slightly below market expectations. 
    Wheat seedings were seen at 46.059 million acres, down from
50.154 million and the lowest on record. The average of
analysts' forecasts was 46.139 million wheat acres. 
    Still plentiful stockpiles continue to cap gains.
    Corn stocks as of March 1 were a record 8.616 billion
bushels, topping the 8.248 billion bushels reported in March
1987. 
    The USDA said users burned through a record 3.770 billion
bushels of corn from Dec. 1 to March 1. 
    Wheat stocks stood at 1.655 billion bushels, the biggest
since 1988.
    Commodity funds were net buyers of CBOT corn and wheat
futures contracts on Friday and net sellers of soybeans, traders
said. 
    Trade estimates of net fund buying in corn ranged widely
from 12,000 to 45,000 contracts, and in wheat from 6,000 to
10,000 contracts. Estimates of net fund selling in soybeans
ranged from 11,000 to 20,000 contracts.
    
 Grains prices at  0248 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  431.00  4.50    +1.06%   +2.38%       438.18   59
 CBOT corn   367.50  3.25    +0.89%   +2.80%       367.08   67
 CBOT soy    947.00  1.00    +0.11%   -1.66%       1004.83  14
 CBOT rice   9.97    $0.08   +0.76%   +1.27%       $9.74    71
 WTI crude   50.57   -$0.03  -0.06%   +0.44%       $50.57   68
 Currencies                                                 
 Euro/dlr    $1.068  $0.003  +0.27%   +0.04%                
 USD/AUD     0.7613  -0.001  -0.20%   -0.35%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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