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GRAINS-Soybeans up for 2nd day on short-covering, focus on US planting
April 13, 2017 / 3:02 AM / in 8 months

GRAINS-Soybeans up for 2nd day on short-covering, focus on US planting

    * Soybeans up 0.5 pct, corn gains 0.3 pct, wheat adds 0.2
    * Concerns about wet weather in U.S. grain-belt

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, April 13 (Reuters) - Chicago soybean and corn
futures rose for a second session on Thursday as investors
covered short positions and rains delayed fieldwork in parts of
the U.S. grain belt.
    Wheat edged higher although abundant global supplies kept a
lid on the market.
    The Chicago Board of Trade most-active soybean contract
 gained 0.5 percent to $9.52 a bushel by 0240 GMT. The
market hit a one-year low at $9.29-3/4 bushel on Tuesday. 
    Corn rose 0.3 percent to $3.70 a bushel and wheat
 added 0.2 percent to $4.34 a bushel.
    "The market is, perhaps a little prematurely, starting to
worry about rainy conditions in the U.S. Midwest over the next
fortnight or so," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
    "The issue warrants watching, but it's still early days for
U.S. corn planting."
    The market's attention is shifting to the planting of the
2017 U.S. corn and soybean crops, focusing on weather in the
core Midwest production belt. 
    The USDA said the corn crop was 3 percent seeded by April 9,
matching the five-year average. But rains this week stalled
fieldwork in some areas, raising concern about planting delays.
    Commodity funds were net buyers of CBOT corn, soybean and
wheat futures contracts on Wednesday, traders said.

    There was additional support from slow sales by Brazilian
farmers. Faced with weak international prices and a record
harvest, Brazil's soybean farmers have been hoarding their crop
in hopes the market will rebound in the coming months.

    Soybean futures plunged to a one-year low on Tuesday
after the U.S. Department of Agriculture estimated higher than
expected inventories.
    Reflecting the big harvests, the USDA raised its forecast of
global soybean stocks at the end of the 2016-17 marketing year
to 87.41 million tonnes, up from 82.82 million in March and
above an average of trade estimates for 83.91 million.
    The agency in a monthly report on Tuesday raised its
estimate of Brazil's soybean crop to 111 million tonnes, from
108 million last month. The USDA put the Argentine soy crop at
56 million tonnes, up from 55.5 million in March.
    Ukraine's agriculture ministry on Wednesday officially
confirmed planned exports of around 42 million tonnes of grain
in the 2016/17 July-June season.

 Grains prices at  0240 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  434.00  0.75    +0.17%   +1.22%       433.09  63
 CBOT corn   370.00  1.00    +0.27%   +0.82%       364.93  65
 CBOT soy    952.00  4.25    +0.45%   +1.09%       983.57  47
 CBOT rice   10.07   -$0.11  -1.08%   -1.90%       $9.86   56
 WTI crude   53.02   -$0.09  -0.17%   -0.11%       $50.15  71
 Euro/dlr    $1.067  $0.008  +0.78%   +0.27%               
 USD/AUD     0.7566  0.007   +0.95%   +0.28%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Joseph Radford and
Biju Dwarakanath)

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