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GRAINS-US new-crop soy up for 6th day on planting delays; corn dips
May 30, 2013 / 1:22 AM / 4 years ago

GRAINS-US new-crop soy up for 6th day on planting delays; corn dips

SINGAPORE, May 30 (Reuters) - Chicago new-crop soybean
futures rose for a sixth consecutive session to near a
three-month high on Thursday, buoyed by delays to U.S. planting.
    Corn edged lower as the market took a breather after five
straight session's of gains, while wheat fell on expectations of
ample global supplies following crop-friendly weather in key
producers.
    
    FUNDAMENTALS
    * Wet weather will continue to stymie U.S. farmers' attempts
to make rapid progress planting soybeans and finish remaining
corn sowing.
    * Excessive rain late this week will further slow U.S. corn
and soybean planting, with the risk of additional flooding that
could harm crops in low-lying areas, an agricultural
meteorologist said.
    * "It will be wettest beginning Thursday with the heaviest
rains in Missouri, Iowa and Illinois," said Don Keeney, a
meteorologist for MDA Weather Services.
    * Keeney said there would be widespread rains of more than 1
inch, or around 2.5 cm, with many areas receiving 2 to 3 inches
or more. It will also rain in the U.S. Central Plains and in the
Northern Plains, with heavy downpours of 2 to 4 inches or more
on Thursday and Friday.
    * U.S. farmers slowed their planting pace during the past
week due to rainy conditions that delayed the tail end of corn
seeding and pushed soybean planting to its slowest in 17 years,
the U.S. Department of Agriculture said in its weekly crop
progress report.
    * The USDA said that corn planting was 86 percent complete
as of May 26, up 15 percentage points from a week earlier.
Corn's progress was down from 99 percent a year ago and behind
the five-year average of 90 percent.
    * Farmers had finished 44 percent of their soybean planting
as of May 26, compared with 87 percent a year ago and a
five-year average of 61 percent.
    * CBOT spot-month soybeans came under pressure on
Wednesday following news that China, the world's largest buyer
of soybeans, had cancelled an order for U.S. soy.
    * The USDA said private exporters reported the cancellation
of sales of 147,000 tonnes of U.S. soybeans to China for
delivery this marketing year.
    
    MARKET NEWS
    * The dollar remained under pressure in early Asian trading
on Thursday. 
    * U.S. crude futures fell below $93 a barrel on Thursday,
extending declines from a near 2-percent drop a day earlier.
 
    
    DATA/EVENTS (GMT)
    0800  Italy         Producer prices          
    0900  Euro zone     Economic sentiment       
    1230  U.S.          Q1 GDP                   
    1230  U.S.          Weekly jobless claims     
    1400  U.S.          Pending home sales        
    1500  U.S.          EIA weekly crude stocks  
    
    
  Prices at 0051 GMT
  Contract        Last    Change  Pct chg  MA 30   RSI 
  CBOT wheat     697.50    -5.25  -0.75%   867.66   57
  CBOT corn      664.75    -0.25  -0.04%   764.07   50
  CBOT soy      1506.25     4.50  +0.30%  1580.75   58
  CBOT rice      $15.38   -$0.08  -0.55%   $15.48   55
  WTI crude      $92.98   -$0.15  -0.16%   $89.08   39
  Currencies                                                
  Euro/dlr       $1.294   $0.065  
  USD/AUD         0.962   -0.094  
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
                                                                                                                       
    

 (Reporting by Naveen Thukral)

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