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GRAINS-Corn up for 3rd day on US planting outlook, wheat prices firm
April 4, 2017 / 3:56 AM / 7 months ago

GRAINS-Corn up for 3rd day on US planting outlook, wheat prices firm

    * Corn ticks up, U.S. planting forecast underpins prices
    * Soybeans struggle amid record LatAm production

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, April 4 (Reuters) - Chicago corn edged up on
Tuesday, with the market trading close to its highest in more
than three weeks on support from a U.S. government forecast of
lower plantings this year.
    Soybeans edged higher as the market recovered from last
session's lowest since October, although prices remained under
pressure from a record Brazilian harvest.
    The Chicago Board of Trade most-active corn contract
had added 0.1 percent to $3.68 a bushel by 0312 GMT after
climbing to its highest since March 9 at $3.71-3/4 a bushel on
Monday.
    Soybeans gained 0.1 percent to $9.38-3/4 a bushel
following a decline on Monday to $9.37-1/4 a bushel, matching
the lowest price since Oct. 13. Wheat gained 0.1 percent
to $4.28-1/4 a bushel.
    The corn market was supported by the U.S. Department of
Agriculture's projection on Friday that U.S. farmers would plant
89.996 million acres of corn. The figure fell below a range of
trade expectations.
    The agency forecast U.S. soybean plantings at 89.482 million
acres, above trade expectations.
    Soybean futures are struggling as record supplies from
Brazil hit the market.
    "South Americans are churning out record volumes of
soybeans," said Phin Ziebell, agribusiness economist at National
Australia Bank. "There is no shortfall of supplies unless we see
a major weather event."
    Brazilian soybean exports totalled 9.7 million tonnes in
March, the highest on record for the month, according to grain
export association Anec, which warned of the potential stresses
of a bumper crop on the country's major ports.
    After the close on Monday, the USDA rated 51 percent of the
U.S. winter wheat crop as good to excellent, compared with 59
percent a year earlier.
    But the USDA's state reports showed week-on-week
improvements in crop ratings for several key winter wheat
states, including Kansas, Texas, Oklahoma and Colorado.
    Russian wheat export prices fell last week, hit by weaker
demand from Egypt and Turkey and the rouble's strength against
the dollar, an agricultural consultancy said on Monday.

    Commodity funds were net buyers of CBOT corn and wheat
futures contracts on Monday and net sellers of soybeans, traders
said.
    Trade estimates of net fund buying in corn ranged widely
from 5,000 to 25,000 contracts.
    
 
 Grains prices at  0325 GMT
 
 Contract    Last    Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  428.25  0.50    +0.12%   +1.72%       438.08   52
 CBOT corn   368.00  0.25    +0.07%   +2.94%       367.10   68
 CBOT soy    938.75  0.50    +0.05%   -2.52%       1004.55  10
 CBOT rice   10.10   $0.03   +0.30%   +2.59%       $9.75    77
 WTI crude   50.25   $0.01   +0.02%   -0.69%       $50.44   60
 Currencies                                                 
 Euro/dlr    $1.067  $0.002  +0.15%   -0.08%                
 USD/AUD     0.7602  -0.003  -0.34%   -0.50%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
   

 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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