May 4, 2017 / 2:59 AM / 4 months ago

GRAINS-Corn supported by U.S. rains; wheat awaits crop-damage estimates

    * Corn unmoved after rally as U.S. rains support prices
    * Wheat dips as market awaits estimates on snow storm damage

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 4 (Reuters) - Chicago corn futures were
unchanged on Thursday, holding on to  last session's gains as
recent wet weather across key growing regions raised fears that
some farmers may need to re-plant recently seeded crops. 
    Wheat edged lower, awaiting estimates of damage caused by
snow storms over the weekend in key U.S. growing areas.
    The Chicago Board Of Trade most-active corn contract
was flat at $3.74-3/4 a bushel by 0226 GMT, having gained 0.7
percent on Wednesday. Soybeans were also unchanged at
$9.75-1/4, having firmed 0.7 percent in the past session.
    Wheat dipped 0.1 percent to $4.53-3/4 a bushel, after
closing little changed on Wednesday.
    "Concern about flooding and planting delays in the Midwest
will continue to dominate the news flow for at least the next
couple of weeks," said Madeleine Donlan, an analyst at
Commonwealth Bank of Australia.
    "U.S. croppers had made good planting progress but there is
now a big question mark over how much has been washed away by
weekend storms and how quickly farmers can get back in their
fields."
    Corn is being underpinned by concerns heavy rains in the
Midwest and southern growing areas may have washed away recently
sown crops. Wheat is supported by concerns about damage caused
by recent cold weather across key U.S. states for the crop. 
    Still, Informa Economics, a private analytics firm,
projected 2017 U.S. winter wheat production at 1.326 billion
bushels, up 41 million bushels from their forecast in April for
1.285 billion bushels, three trade sources said on Wednesday.
    Yield prospects for hard red winter wheat in western Kansas
were uncertain after a major weekend storm buried some fields
under heavy snow, scouts on an annual crop tour said.
 
    The European Commission trimmed its forecast for usable
production of common wheat in the EU in the upcoming 2017/18
season to 141.9 million tonnes from 142.2 million a month ago.
    The reduced forecast was still well above last year's
estimated output of 134.4 million tonnes.
    Commodity funds were net buyers of CBOT corn, wheat and
soybeans on Wednesday, traders said. They were also net buyers
of soymeal and soyoil.

 Grains prices at  0226 GMT
 
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  453.75  -0.25   -0.06%   -0.49%       439.51  75
 CBOT corn   374.75  0.00    +0.00%   -0.73%       368.71  57
 CBOT soy    975.25  0.00    +0.00%   +0.52%       965.84  63
 CBOT rice   9.99    $0.08   +0.81%   +3.68%       $10.12  56
 WTI crude   47.71   -$0.11  -0.23%   +0.10%       $50.18  27
 Currencies                                                
 Euro/dlr    $1.089  $0.001  +0.07%   -0.34%               
 USD/AUD     0.7407  -0.001  -0.19%   -1.70%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
        

 (Reporting by Naveen Thukral; Editing by Tom Hogue)
  

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