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GRAINS-Corn rises for 2nd day on fears of U.S. planting delays
May 22, 2017 / 3:50 AM / 3 months ago

GRAINS-Corn rises for 2nd day on fears of U.S. planting delays

    * Corn rises to highest since May 10, soybeans extend gains
    * Wet, cold weather seen delaying U.S. Midwest fieldwork
    * Wheat hits 2-week high on strong demand for U.S. cargoes

 (Recasts with corn, adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 22 (Reuters) - Chicago corn futures rose for
a second straight session on Monday, climbing to their highest
since May 10, while soybeans gained more ground with cold and
wet weather expected to delay planting in parts of the U.S.
Midwest.
    Wheat rose to a two-week high as strong demand and forecast
of heavy rains in U.S. crop growing areas underpinned the
market.
    The Chicago Board Of Trade most-active corn contract
was up 0.3 percent at $3.73-3/4 a bushel as of 0323 GMT, after
climbing to its highest since May 10 at $3.74 a bushel.
    Soybeans gained 0.5 percent to $9.58 a bushel, having
firmed 0.9 percent on Friday.
    Wheat added 0.7 percent to $4.38-1/4 a bushel, near
the session high of $4.39-1/4 a bushel - the highest since May
8. Wheat closed up 2.2 percent on Friday. 
    "Bad weather is continuing to delay U.S. planting of corn
and soybeans," said Kaname Gokon from Tokyo brokerage Okato
Shoji.
    "There is lot of rain and cold weather in the Midwest."
    Corn in some areas of the Midwest will need reseeding due to
flooding and poor crop emergence, but farmers are running out of
time. Corn planted after mid-May begins to lose yield potential.
    Soybeans and corn were under pressure last week amid a slump
in the Brazilian real, which saw farmers rush to sell their
record supplies.
    Wheat draws support as forecasts for rains across the United
States stoke fears of production losses.
    Export sales of U.S. wheat in a weekly U.S. government
report on Thursday topped trade expectations, and Egypt's main
state grain buyer purchased U.S. wheat.
    Still, the Egyptian government's first purchase of U.S.
wheat in more than two years was a stopgap measure to ensure it
had enough supplies until offerings from its favoured sources in
the Black Sea region were more readily available.
    The condition of French soft wheat declined slightly last
week, with 75 percent of crops rated good or excellent as of May
15, down from 76 percent a week earlier, farm office
FranceAgriMer said on Friday.

 Grains prices at  0323 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  438.25  3.00     +0.69%   +2.94%       435.49  66
 CBOT corn   373.75  1.25     +0.34%   +2.12%       370.06  62
 CBOT soy    958.00  5.00     +0.52%   +1.40%       963.52  49
 CBOT rice   10.86   $0.03    +0.28%   -0.23%       $10.20  75
 WTI crude   50.80   $0.47    +0.93%   +2.94%       $49.44  74
 Currencies                                                 
 Euro/dlr    $1.119  -$0.001  -0.12%   +0.81%               
 USD/AUD     0.7441  -0.002   -0.24%   +0.34%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  

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