* Corn planting lags behind average levels
* Corn hit 3-week high in previous session
* Wheat edges higher, soybeans fall
By Colin Packham
SYDNEY, April 26 U.S. corn rose for a third
straight session on Wednesday to hover near a three-week high as
forecasts for rain stoked fears that farmers will switch to
Wheat edged higher, extending gains into a second session,
while soybeans fell.
The most active corn Chicago Board Of Trade Cv1 rose 0.27
percent to $3.72-3/4 a bushel by 0328 GMT, having gained 1.7
percent in the previous session when prices hit a high of
$3.74-3/4 a bushel - the highest since March 8.
Analysts said corn continues to draw support from fears of
further planting delays, with forecasts for rainy weather and
colder temperatures in the coming days likely to keep corn
planting behind the average pace.
"It is too wet to plant and with prices perhaps not as
attractive, further delays could encourage farmers to switch to
soybeans," said Phin Ziebell, agribusiness economist, at the
National Australia Bank.
Corn planting is already lagging. The U.S. Department of
Agriculture estimated U.S. corn planting at 17 percent complete
as of Sunday, well behind last season's pace of 28 percent and
slightly less than the five-year average of 18 percent.
The most active soybeans fell 0.26 percent to
$9.62-1/2 a bushel, having closed down 0.7 percent on Tuesday.
The most active wheat futures rose 0.3 percent to
$4.28-1/4 a bushel, having closed up nearly 2 percent on
Analysts said wheat continues to draw support from
slower-than-normal planting further supported spring wheat.
Grains prices at 0328 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 428.25 1.25 +0.29% +2.15% 440.28 37
CBOT corn 372.75 1.00 +0.27% +1.98% 368.67 55
CBOT soy 962.50 -2.50 -0.26% -0.95% 973.55 47
CBOT rice 9.29 $0.00 -0.05% -3.28% $9.91 9
WTI crude 49.42 -$0.14 -0.28% +0.39% $50.17 31
Euro/dlr $1.094 $0.001 +0.11% +0.64%
USD/AUD 0.7514 -0.002 -0.28% -0.69%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Kenneth Maxwell)