* Chicago wheat rises for 2nd day, U.S. crop ratings fall
* Spring wheat futures rise for 5th day, hit 1-year peak
* Dry weather threatens spring wheat crops in U.S., Canada
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, June 6 Chicago wheat rose for second
session on Tuesday and spring wheat prices hit a one-year high
as adverse weather in the United States, Canada and the Black
Sea region threatened global supplies.
Soybean prices gained more ground, while corn ticked lower
after rising for the past two sessions.
The Chicago Board of Trade most-active wheat contract
had risen 0.5 percent to $4.31-1/2 a bushel by 0238 GMT, having
closed marginally higher on Monday.
U.S. spring wheat traded on the Minneapolis Grain Exchange
gained 1.2 percent to $5.96 per bushel. The market rose
for a fifth consecutive session to a one-year high.
Soybeans added 0.1 percent to $9.22-3/4 a bushel,
while corn slid 0.2 percent to $3.72-1/4 a bushel.
"Spring wheat regions either side of the U.S. and Canada
border are drying rapidly to the detriment of young crops," said
Tobin Gorey, director of agricultural strategy, Commonwealth
Bank of Australia.
"Weather forecasters are not offering much by way of
comfort. A possible weekend storm offers the best chance of rain
in the region – but that is far from a certainty."
The U.S. Department of Agriculture rated 55 percent of the
U.S. spring wheat crop in good-to-excellent condition, down from
62 percent a week earlier.
Analysts surveyed by Reuters had expected a drop of 1
percentage point, to 61 percent good-to-excellent.
For winter wheat, 49 percent was rated good-to-excellent as
compared with 50 percent a week ago and 62 percent last year.
Concerns over crops in the Black Sea region also supported
Russian wheat export prices have risen for a third
consecutive week due to persistent concerns over wheat crops in
Russia and Ukraine to be harvested this summer, analysts said on
The U.S. soybean crop was 83 percent planted as of Sunday,
ahead of the five-year average of 79 percent, according to the
The government rated 68 percent of the U.S. corn crop as
good-to-excellent, up from 65 percent a week earlier and above
an average of analyst expectations of 67 percent.
Commodity funds were net sellers of CBOT wheat futures on
Monday and net buyers of corn and soybeans, traders said.
Trader estimates of net fund activity in corn ranged from
net selling of 4,000 contracts to net buying of 5,000 contracts.
Grains prices at 0238 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 431.50 2.00 +0.47% +0.58% 433.03 56
CBOT corn 372.25 -0.75 -0.20% +0.47% 370.24 54
CBOT soy 922.75 0.75 +0.08% +1.15% 954.18 36
CBOT rice 11.05 $0.00 +0.00% -0.05% $10.41 62
WTI crude 47.02 -$0.38 -0.80% -2.77% $48.59 29
Euro/dlr $1.127 -$0.001 -0.05% +0.56%
USD/AUD 0.7465 0.002 +0.32% +1.26%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)