April 5, 2017 / 1:53 AM / 4 months ago

GRAINS-Soybeans rise from 6-mth low, corn faces US planting pressure

    SINGAPORE, April 5 (Reuters) - Chicago soybean prices edged
up on Wednesday, recovering from a six-month low that was
touched the session before as a record Brazilian crop and
expectations of higher U.S. planting dragged.
    Corn ticked up after suffering its biggest one-day decline
in almost a month on Tuesday due to improved weather for U.S.
planting.
    
    FUNDAMENTALS
    * The Chicago Board of Trade most-active soybean contract
 slid to its lowest since Sept. 27 at $9.36-1/2 a bushel on
Tuesday. Corn dropped 1.3 percent in the last session, its
biggest daily decline since March 9. 
    * The U.S. Department of Agriculture last week forecast
record-sized U.S. soy plantings near 89.5 million acres, topping
analyst expectations. The market remains under pressure from the
ongoing harvest of an expected record crop in Brazil.
    * Consultancy Celeres raised its estimate of Brazil's
soybean crop to 113.8 million tonnes from 109.65 million last
month. Broker INTL FCStone lifted its projection for the
Brazilian crop to 111.6 million tonnes, from 109.07 million
previously.
    * Corn futures are facing headwinds as rains in parts of the
U.S. Midwest and the Mississippi River Delta improve planting
prospects.
    * Farmers are planting corn at twice the speed of last year
in Louisiana and are two weeks ahead in Texas - which could
bring forward harvests to clash with peak exports from South
America.
    * The USDA on Monday rated 51 percent of the U.S. winter
wheat crop as good to excellent, compared with 59 percent a year
earlier.
    * Commodity funds were net sellers of CBOT corn and soybean
futures contracts on Tuesday and small net buyers of wheat,
traders said.
    
    MARKET NEWS
    * Asian stocks are set for a cautious start on Wednesday as
investors move to the sidelines before a potentially tense
meeting between Donald Trump and Chinese President Xi Jinping
later this week.
    
    DATA AHEAD (GMT)
0750  France    Markit services PMI         Mar 
0755  Germany   Markit services PMI         Mar 
0800  Euro zone Markit services PMI final   Mar 
1215  U.S. ADP national employment          Mar 
1400  U.S. ISM non-manufacturing PMI        Mar 
1800  Minutes of Federal Reserve meeting on March 14-15
    
 Grains prices at  0126 GMT
 
 Contract    Last    Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  428.25  1.25    +0.29%   +0.41%       437.29   53
 CBOT corn   364.00  1.00    +0.28%   -0.07%       366.71   53
 CBOT soy    943.00  5.25    +0.56%   -0.32%       1001.39  20
 CBOT rice   10.09   $0.02   +0.20%   +1.97%       $9.76    76
 WTI crude   51.20   $0.17   +0.33%   +1.19%       $50.47   68
 Currencies                                                 
 Euro/dlr    $1.068  $0.003  +0.28%   +0.05%                
 USD/AUD     0.7569  -0.006  -0.77%   -0.93%                
 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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