SINGAPORE, May 2 Chicago wheat futures climbed
to their highest since early March on Tuesday, building on the
biggest one-day rally in almost two years in the previous
session after heavy snow threatened to damage the U.S. winter
Corn edged lower with pressure from U.S. farmers making
strong planting progress.
* Chicago wheat gained 5.5 percent on Monday, the
biggest daily gain since June 2015, as adverse weather raised
more concerns for the crop that is already under stress.
* Heavy snow in western Kansas and southeastern Colorado is
causing wheat lodging, the Commodity Weather Group said in a
note to clients. Snow is expected to melt quickly and drier
conditions are seen from Thursday to next Tuesday, but a
significant storm is then expected to hinder recovery of lodged
Plains wheat, it added.
* The cold weather in the U.S. has added to a spate of
unfavourable weather that threatens to curtail global
* Farming agency FranceAgriMer on Friday reported a sharp
decline in crop conditions for the French wheat crop.
* Corn slid, giving up some of last session's gains as U.S.
farmers continue to quickly plant crops.
* Farmers have sown 34 pct of the U.S. corn crop as compared
with 17 percent a week ago and at par with five-year average of
34 percent at this time of the year, the U.S. Department of
Agriculture said in a weekly crop progress report.
* U.S. soybeans were 10 percent planted, up from 6 percent a
week ago and above the five-year average pace of 7 percent, the
* On Monday, all three commodities benefited from
short-covering following a Commodity Futures Trading Commission
report released on Friday that showed speculators had built up
their biggest bearish bet on record in the grains markets.
* Asian shares advanced on Tuesday, helped by rising
optimism on the technology industry and easing concerns over
North Korea, while the dollar edged up to one-month high versus
DATA/EVENT AHEAD (GMT)
0145 China Caixin manufacturing PMI final Apr
0750 France Markit manufacturing PMI Apr
0755 Germany Markit/BME manufacturing PMI Apr
0800 Eurozone Markit manufacturing PMI final Apr
0900 Eurozone Unemployment rate Mar
1345 U.S. ISM-New York index Apr
Federal Open Market Committee starts two-day policy meeting
Grains prices at 0114 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 457.00 1.00 +0.22% +5.73% 439.26 76
CBOT corn 376.75 -0.75 -0.20% +2.80% 368.62 57
CBOT soy 971.75 1.50 +0.15% +1.62% 967.17 56
CBOT rice 9.66 $0.03 +0.26% +2.55% $10.12 34
WTI crude 48.79 -$0.05 -0.10% -1.09% $50.22 30
Euro/dlr $1.091 $0.001 +0.07% +0.10%
USD/AUD 0.7544 0.002 +0.28% +0.80%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Richard Pullin)