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GRAINS-Corn inches up, gains capped as fears ease on planting delays
May 24, 2017 / 1:52 AM / 2 months ago

GRAINS-Corn inches up, gains capped as fears ease on planting delays

4 Min Read

    SYDNEY, May 24 (Reuters) - U.S. corn edged higher on
Wednesday, rebounding slightly from losses of more than 1
percent in the previous session, though the grain remained under
pressure as fears eased about rain-related planting delays.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.1 percent to $3.69-3/4 a bushel, having closed down
1.3 percent in the previous session.
    * The most active soybean futures fell 0.2 percent to
$9.46-1/2 a bushel, having closed down 0.9 percent on Tuesday.
    * The most active wheat futures fell 0.12 percent to
$4.29 a bushel, having closed down 1.1 percent on Tuesday. 
    * U.S. Department of Agriculture said late on Monday that
the U.S. corn crop was 84 percent planted, slightly behind an
average of trade expectations but close to the five-year average
of 85 percent.
    * The USDA estimated that U.S. soybean plantings were 53
percent complete, above the five-year average of 52 percent. 
    * Soybean futures drew underlying support from a USDA
announcement that private exporters in the last day sold 126,000
tonnes of old-crop U.S. soybeans to unknown destinations.

         
    MARKET NEWS  
    * The dollar held firm early on Wednesday, having rebounded
from 6-1/2-month lows against its major peers thanks to a rise
in U.S. Treasury yields, with investor focus now turning towards
the Federal Reserve's monetary policy stance.  
    * Oil prices settled a bit higher on Tuesday as expectations
of an extension to OPEC-led supply cuts overshadowed a White
House proposal to sell half of U.S. petroleum reserves.  
    * Wall Street ended higher on Tuesday after the release of
President Donald Trump's budget plan, but gains were tempered by
declines in consumer discretionary stocks amid weakness in
auto-parts companies.  
    
     DATA/EVENT AHEAD (GMT) 
0600  Germany            GfK consumer sentiment              Jun
1300  U.S.               Monthly home price index            Mar
1345  European Central Bank President Mario Draghi speaks at 
               First Conference on Financial Stability 
1400  U.S.               Existing home sales                 Apr
1800  Federal Reserve to release minutes of May 2-3 meeting 
    
 Grains prices at  0129 GMT
 Contract       Last  Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   429.00   -0.50    -0.12%        -1.21%  434.13    52
 CBOT corn    369.75    0.25    +0.07%        -1.40%  369.88    53
 CBOT soy     946.50   -1.75    -0.18%        -1.05%  963.23    39
 CBOT rice     10.91   $0.00    +0.00%        -1.31%  $10.23    68
 WTI crude     51.51   $0.04    +0.08%        +1.54%  $49.32    79
 Currencies                                                       
 Euro/dlr     $1.118  $0.000    +0.01%        -0.47%              
 USD/AUD      0.7467  -0.001    -0.09%        -0.11%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sonali Paul)
  

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