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GRAINS-Wheat rises for 4th day as snow hits U.S. crop; corn eases
May 2, 2017 / 2:57 AM / 4 months ago

GRAINS-Wheat rises for 4th day as snow hits U.S. crop; corn eases

    * Wheat climbs to highest since March 7 at $4.59 a bushel
    * Corn eases as U.S. farmers boost planting; soybeans firm

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 2 (Reuters) - 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
crop.
    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. The
market was trading up 0.4 percent at $4.58 a bushel by 0239 GMT.
    Corn gave up 0.1 percent to $3.77 a bushel, while
soybeans added 0.6 percent to $9.76-1/2 a bushel.
    "The hard red winter wheat crop is likely to see the bulk of
the losses given the storm hit Kansas, Colorado, Oklahoma and
Nebraska," said Tobin Gorey, director of agricultural strategy
at Commonwealth Bank of Australia.
    "We expect prices to continue rising, partly because they
now look too low, but mostly because of how the market is
positioned."
    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
production.
    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
agency said.
    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.

    
 Grains prices at  0239 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  458.00  2.00    +0.44%   +5.96%       439.29  76
 CBOT corn   377.00  -0.50   -0.13%   +2.86%       368.63  57
 CBOT soy    976.50  6.25    +0.64%   +2.12%       967.33  63
 CBOT rice   9.66    $0.02   +0.21%   +2.49%       $10.12  34
 WTI crude   48.74   -$0.10  -0.20%   -1.20%       $50.21  30
 Currencies                                                
 Euro/dlr    $1.091  $0.001  +0.11%   +0.14%               
 USD/AUD     0.7541  0.002   +0.24%   +0.76%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Richard Pullin and
Biju Dwarakanath)
  

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