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GRAINS-Soybeans hit 2-week high on U.S. planting delay, corn eases
April 17, 2017 / 3:56 AM / 8 months ago

GRAINS-Soybeans hit 2-week high on U.S. planting delay, corn eases

    * Soybeans rise for 3rd session on U.S. planting delays
    * Corn eases after 2-day gain, planting delay limits losses

 (Adds quotes, details)
    By Naveen Thukral
    SINGAPORE, April 17 (Reuters) - Chicago soybean futures
climbed to their highest in more than two weeks on Monday,
rising for a third consecutive session as forecasts of heavy
rains in parts of the U.S. Midwest are expected to delay
fieldwork.
    Corn edged lower after rising for the last two sessions
although losses were limited by delays in planting in the United
States, wheat was little changed after closing 0.8 percent lower
on Friday.
    Rain showers forecast across the western half of the U.S.
grain belt this week are likely to stall farmers as they try to
plant corn and soybeans, agricultural meteorologists said on
Thursday.
    "We are expecting some planting delays in the U.S., as over
the next 15 days, there are forecast of excessive rains in some
areas," said Rajesh Singla, head of agriculture research at
Societe Generale.
    "The demand side looks good, Chinese economy is doing well
and imports are rising."
    The Chicago Board of Trade most-active soybean contract
 climbed as high as $9.62 a bushel, the highest since March
31. It was trading up 0.2 percent at $9.57 a bushel by 0330 GMT.
    Corn eased 0.1 percent to $3.70-1/2 a bushel and wheat
was unchanged at $4.29-3/4 a bushel. 
    The U.S. Department of Agriculture (USDA) said the U.S. corn
crop was 3 percent seeded by April 9, matching the five-year
average. But progress lagged in Illinois, the No. 2 U.S. corn
producer, where the crop was only 1 percent seeded, compared
with the state's average of 5 percent. Planting had not begun by
April 9 in Iowa, the top corn state.
    Typically corn is planted before soybeans. Analysts said
that the delay is likely to impact corn as well as soybeans. 
    Large speculators increased their net-short position in CBOT
corn futures in the week to April. 11, regulatory data released
on Friday showed. 
    The Commodity Futures Trading Commission's weekly commitment
of traders report also showed that non-commercial traders, a
category that includes hedge funds, increased their net-short
position in CBOT wheat and increased their net-short position in
soybeans.
    On Thursday, funds were net-buyers of CBOT corn and soybean
futures contracts and net-sellers in wheat, traders said.

    Chinese demand remains strong support soybean prices. China,
the world's largest soybean buyer, imported 6.33 million tonnes
of the beans in March, a record for the month.
    The soybean market dropped to a one-year low last week with
record South American supplies anchoring the market. 
    The USDA in a monthly report raised its projections of the
Brazilian and Argentine soy harvests. Those figures followed a
March 31 USDA report projecting a jump in U.S. soybean plantings
to record levels this year.
    
 Grains prices at  0330 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  429.75  0.00    +0.00%   -0.81%       431.51  51
 CBOT corn   370.50  -0.50   -0.13%   +0.41%       364.28  63
 CBOT soy    957.00  1.50    +0.16%   +0.98%       978.02  55
 CBOT rice   10.16   -$0.01  -0.10%   -0.20%       $9.90   66
 WTI crude   52.73   -$0.45  -0.85%   -0.72%       $50.15  63
 Currencies                                                
 Euro/dlr    $1.062  $0.001  +0.10%   +0.08%               
 USD/AUD     0.7586  0.001   +0.18%   +0.25%               
 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell and
Christian Schmollinger)
  

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