* Soybeans recover from weakest since late Sept, corn prices
* Corn gains likely to be capped by favourable US planting
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, April 5 Chicago soybean prices rose
on Wednesday, pulling away from a six-month low that was touched
the session before as expectations of a record Brazilian crop
and 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.
The Chicago Board of Trade most-active soybean contract
had risen 0.8 percent to $9.45-1/4 a bushel by 0253 GMT,
after sliding to its lowest since Sept. 27 at $9.36-1/2 a bushel
Corn gained 0.3 percent to $3.64-1/4 a bushel after
dropping 1.3 percent in the last session in 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 also remains under pressure
from the ongoing harvest of an expected record crop in Brazil.
"Brazilian prices have fallen sharply since mid-March to
suggest farmers there have become more active sellers," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia.
"Brazilian growers had previously been reluctant sellers ...
U.S. exporters will have to compete harder to keep their product
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
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
Wheat added 0.4 percent to $4.28-3/4 a bushel.
Commodity funds were net sellers of CBOT corn and soybean
futures contracts on Tuesday and small net buyers of wheat,
Grains prices at 0253 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 428.75 1.75 +0.41% +0.53% 437.31 53
CBOT corn 364.25 1.25 +0.34% +0.00% 366.72 55
CBOT soy 945.25 7.50 +0.80% -0.08% 1001.47 24
CBOT rice 10.10 $0.03 +0.30% +2.07% $9.76 76
WTI crude 51.27 $0.24 +0.47% +1.32% $50.47 69
Euro/dlr $1.068 $0.003 +0.26% +0.03%
USD/AUD 0.7570 -0.006 -0.76% -0.92%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)