April 19, 2017 / 1:35 AM / 7 months ago

GRAINS-U.S. corn hits 1-1/2-week low on prospects for dry weather

MANILA, April 19 (Reuters) - U.S. corn futures slipped to their lowest in one and a half weeks on Wednesday amid expectations of dry weather in the country’s corn belt that will allow farmers to speed up seeding next week. Wheat and soybeans also edged lower.

FUNDAMENTALS

* Corn for May delivery on the Chicago Board of Trade was down 0.1 percent at $3.61-1/4 a bushel by 0120 GMT, after falling as far as $3.60-1/2 earlier.

* Weather forecasters are looking at drier weather at the end of April or start of May in the U.S. Midwest which should allow farmers to make better progress with fieldwork, Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

* Chicago soybeans eased 0.2 percent to $9.44-1/4 a bushel, extending losses to a third straight session.

* Traders pointed to concerns about soy demand following the release of disappointing U.S. export data and a bearish monthly crush report on Monday. Improving weather in Argentina also added to worries that supplies will outstrip global needs as the harvest in South America progresses, they said.

* The National Oilseed Processors Association said U.S. processors crushed fewer soybeans than expected during March at 153.060 million bushels.

* Wheat slipped 0.3 percent to $4.21-1/4 per bushel.

* While “the market appeared to find a small seam of late buying” after wheat recently dipped below the $4.35 level, prices remain near season lows due to the weight of global supply, said CBA’s Gorey.

MARKET NEWS

* Sterling stole the show in Asia amid speculation Britain’s surprise decision to call a snap election could ultimately deliver a more market-friendly outcome in its divorce from the European Union.

* Safe-havens stayed in favour as gold and bonds climbed ahead of presidential elections in France and on escalating tensions between the United States and North Korea.

DATA AHEAD (GMT)

0900 Euro zone Eurostat trade Feb

0900 Euro zone Inflation final Mar

1800 U.S. Federal Reserve’s Beige Book (Reporting by Manolo Serapio Jr.; Editing by Kenneth Maxwell)

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