April 26, 2017 / 1:27 AM / 7 months ago

GRAINS-Corn extends gains, near three-week high on planting delay fears

    SYDNEY, April 26 (Reuters) - U.S. corn rose for a third
consecutive session on Wednesday as forecasts for Midwest rains
stoked fears of further planting delays, pushing the grain
towards a near three-week high.
         
    FUNDAMENTALS  
    * The most active corn Chicago Board Of Trade rose 0.5
percent to $3.73-3/4 a bushel, having gained 1.7 percent in the
previous session when prices hit a high of $3.74-3/4 a bushel -
the highest since March 8.
    * The most active soybeans rose 0.3 percent to
$9.67-3/4 a bushel, having closed down 0.7 percent on Tuesday.
    * The most active wheat futures rose 0.5 percent to
$4.29 a bushel, having closed up nearly 2 percent on Tuesday. 
    * The U.S. Department of Agriculture estimated U.S. corn
planting at 17 percent complete as of Sunday, well behind last
season's pace of 28 percent and slightly below the five-year
average of 18 percent.
    * Soybean planting, however, was estimated at 6 percent
complete, ahead of a 3-percent average for the crop that is
normally seeded after corn in the Midwest farm belt.
    * Forecasts for rainy weather and colder temperatures in the
coming days are likely to keep corn planting behind the average
pace which may ultimately shift more acres into soybeans,
analysts said.
    * U.S. wheat futures rose, led by the spring and hard red
winter wheat contracts, as a weakening dollar raised hopes for
better U.S. export demand. Slower-than-normal planting further
supported spring wheat.
             
    MARKET NEWS  
    * The yen edged lower on Wednesday, remaining under pressure
as risk sentiment improved and safe haven demand eased, on
relief over the first round of the French presidential election.
  
    * Oil prices settled slightly higher on Tuesday in volatile
trading, then were mixed after hours when an industry group's
preliminary report showed a surprise build in U.S. crude
inventories.  
    * The Nasdaq Composite hit a record high on Tuesday, while
the Dow and S&P 500 brushed against recent peaks as strong
earnings underscored the health of corporate America.  
    
    DATA AHEAD (GMT) 
0645  France             Consumer confidence              Apr 
        
 Grains prices at  0107 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  429.00     2.00    +0.47%       +2.33%  440.31    37
 CBOT corn   373.75     2.00    +0.54%       +2.26%  368.70    60
 CBOT soy    967.75     2.75    +0.28%       -0.41%  973.73    54
 CBOT rice     9.29    $0.00    -0.05%       -3.28%   $9.91     9
 WTI crude    49.33   -$0.23    -0.46%       +0.20%  $50.16    30
 Currencies                                                      
 Euro/dlr    $1.093   $0.001    +0.08%       +0.62%              
 USD/AUD     0.7541    0.001    +0.08%       -0.33%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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