April 25, 2017 / 4:20 AM / 7 months ago

GRAINS-Soybeans ease from 3-week top on strong pace of U.S. planting

    * Soybeans fall after 2-day rally as U.S. farmers boost
    * Corn gives up gains, wheat falls for 3rd day on ample

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, April 25 (Reuters) - Chicago soybeans lost ground
on Tuesday with the market falling from last session's
three-week high as rapid U.S. planting weighed on the market. 
    Corn edged lower, giving up some of Monday's gains, while
wheat slid a third session, pressured by ample world supplies. 
    The Chicago Board Of Trade most-active soybean contract
 fell 0.4 percent to $9.68 a bushel by 0336 GMT. It touched
$9.72-1/2 a bushel on Monday, highest since March 29. 
    Corn gave up 0.3 percent to $3.64-1/2 a bushel, having
gained 0.5 percent in the previous session. Wheat lost 0.3
percent to $4.18 a bushel, after dropping 0.4 percent on Monday
and 0.2 percent on Friday. 
    "The crop report released by the U.S. Department of
Agriculture showed corn and soybean planting above forecasts,"
said Kaname Gokon from brokerage Okato Shoji in Tokyo. 
    "Farmers are expected to continue planting at a strong pace.
U.S. Midwest conditions will remain in focus even as we have
record South American supplies hitting the market." 
    The USDA said soybean planting was 6 percent complete, well
ahead of market forecasts.
    It pegged corn planting at 17 percent complete as of Sunday,
also exceeding market expectations. 
    Wheat was seen at 54 percent good-to-excellent, slightly
behind expectations but ample supplies in key export countries
continue to drag down wheat futures, which lost nearly 4 percent
in March and are down 1.9 percent so far in April. 
    There could be additional pressure on corn with improved
weather in Brazil for its winter corn crop. 
    The advance of a cold front in southern Brazil and storms in
the centre-west growing region may trigger rains and bolster
prospects for the country's winter corn this week, according to
weather forecasters. 
    The likelihood of rains in parts of Mato Grosso, Goiás and
Minas Gerais will maintain good levels of soil humidity in those
regions, according to RuralClima. 
    U.S. export inspections of corn last week came in at 1.45
million tonnes. Year-to-date inspections are 62 percent ahead of
a year ago, according to USDA data.
    Soybean and wheat export inspections were at 634,877 tonnes
and 612,536 tonnes, respectively.
    Commodity funds were net buyers of Chicago Board of Trade
corn, soybeans and soymeal contracts on Monday, while they were
net sellers wheat and soyoil.
 Grains prices at  0336 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  418.00  -1.25    -0.30%   -0.89%       440.62  17
 CBOT corn   364.50  -1.00    -0.27%   +0.34%       368.28  38
 CBOT soy    968.00  -3.75    -0.39%   +0.68%       975.23  56
 CBOT rice   9.61    $0.00    +0.00%   -1.69%       $9.93   16
 WTI crude   49.48   $0.25    +0.51%   -0.28%       $50.11  30
 Euro/dlr    $1.086  -$0.001  -0.06%   +1.26%               
 USD/AUD     0.7553  -0.001   -0.17%   +0.15%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Tom Hogue)

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