May 16, 2017 / 1:50 AM / 3 months ago

GRAINS-Corn prices fall to 6-day low as planting pace beats forecasts

    SYDNEY, May 16 (Reuters) - U.S. corn edged down to hit a
six-day low on Tuesday as the U.S. Department of Agriculture
pegged the pace of planting beyond analyst expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 were down 0.2 percent at $3.67 a bushel, after earlier
touching their weakest since May 10 at $3.66-1/2 a bushel. Corn
closed down 0.9 percent in the previous session.
    * The most active soybean futures rose 0.1 percent to
$9.66 a bushel, having firmed 0.2 percent on Monday.
    * The most active wheat futures fell 0.35 percent to
4.21-3/4 a bushel, near the session low of $4.21-1/4 a bushel -
the weakest since April 25. Wheat closed down 2.2 percent in the
previous session. 
    * The USDA said the U.S. corn crop was 71 percent planted,
just ahead of the five-year average of 70 percent and above the
average analyst estimate in a Reuters poll of 68 percent.

    * Improved U.S. weather in recent days helped corn planting
in the Midwest, although showers will return this week.
    * The USDA said soybean planting was 32 percent complete,
matching the five-year average and above the average expectation
of 28 percent in the Reuters poll.
    * Wheat prices were pressured by abundant global supplies.  
 
         
    MARKET NEWS  
    * The dollar traded near a one-week low versus a basket of
major currencies on Tuesday, having come under pressure after a
surprisingly soft U.S. manufacturing report.  
    * Oil jumped 2 percent to its highest in more than three
weeks on Monday, topping $52 a barrel after Saudi Arabia and
Russia said that supply cuts need to last into 2018, a step
towards extending an OPEC-led deal to support prices for longer
than first agreed.  
    * The S&P 500 and the Nasdaq notched record closing highs on
Monday, powered by demand for technology stocks after a global
cyber attack and by rising oil prices.  
    
    DATA (GMT)
0645  France    EU-harmonised CPI   Apr  
0830  UK        CPI                 Apr 
0830  UK        PPI                 Apr 
0900  Euro Zone GDP(revised)        Q1  
0900  Germany   Economic sentiment  May 
0900  Euro Zone Trade data          Mar 
1230  US        Housing starts      Apr 
1315  US        Industrial output   Apr 
        
 Grains prices at  0121 GMT
 Contract      Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  421.75    -1.50    -0.35%        -2.54%  436.90    44
 CBOT corn   367.00    -0.75    -0.20%        -1.08%  369.68    58
 CBOT soy    966.00     0.75    +0.08%        +0.31%  962.38    62
 CBOT rice    10.68    $0.04    +0.42%        +2.55%  $10.14    80
 WTI crude    49.09    $0.24    +0.49%        +2.61%  $49.68    62
 Currencies                                                       
 Euro/dlr    $1.098   $0.001    +0.09%        +0.50%              
 USD/AUD     0.7431    0.002    +0.26%        +0.62%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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