April 17, 2017 / 1:26 AM / 3 months ago

GRAINS-Soybeans hit 2-week high, corn up for 3rd day on U.S. planting delay

3 Min Read

    SINGAPORE, April 17 (Reuters) - Chicago soybean futures
 climbed to their highest in more than two weeks on Monday
while corn rose for a third consecutive session as
forecasts of heavy rains in parts of the U.S. Midwest are
expected to delay planting.
    Wheat was little changed in early Asian trade after
closing 0.8 percent lower.
    
    FUNDAMENTALS
    * Rain showers forecast across the western half of the U.S.
grain belt this week are likely to stall farmers as they try to
plant corn and soybeans, agricultural meteorologists said on
Thursday.
    * The U.S. Department of Agriculture said the U.S. corn crop
was 3 percent seeded by April 9, matching the five-year average.
But progress lagged in Illinois, the No. 2 U.S. corn producer,
where the crop was only 1 percent seeded, compared with the
state's average of 5 percent. Planting had not begun by April 9
in Iowa, the top corn state.
    * Large speculators increased their net short position in
CBOT corn futures in the week to April. 11, regulatory data
released on Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and increased their net short
position in soybeans.
    * On Thursday, funds were net buyers of CBOT corn and
soybean futures contracts and net sellers in wheat, traders
said.
    * The soybean market dropped to a one-year low last week
with record South American supplies anchoring the market. 
    * The U.S. Department of Agriculture (USDA) in a monthly
report raised its projections of the Brazilian and Argentine soy
harvests. Those figures followed a March 31 USDA report
projecting a jump in U.S. soybean plantings to record levels
this year.
    
    MARKET NEWS
    * Shares dipped on Monday while the dollar and U.S. bond
yields fell after soft U.S. economic data hurt investor
sentiment already frayed by worries over North Korea and
upcoming French elections.
    
    DATA AHEAD (GMT)
1230  U.S.   NY Fed Manufacturing     Apr
1400  U.S.   NAHB Housing Market Indx Apr
    
 Grains prices at  0112 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  429.75  0.00    +0.00%   -0.81%       431.51  51
 CBOT corn   371.50  0.50    +0.13%   +0.68%       364.31  66
 CBOT soy    961.25  5.75    +0.60%   +1.42%       978.16  59
 CBOT rice   10.18   $0.01   +0.05%   -0.05%       $9.90   69
 WTI crude   52.96   -$0.22  -0.41%   -0.28%       $50.16  67
 Currencies                                                
 Euro/dlr    $1.062  $0.001  +0.08%   +0.06%               
 USD/AUD     0.7587  0.002   +0.20%   +0.26%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)
  

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