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GRAINS-Wheat near 1-wk low as U.S. weather improves; corn, soybeans firm
May 9, 2017 / 3:28 AM / 7 months ago

GRAINS-Wheat near 1-wk low as U.S. weather improves; corn, soybeans firm

    * Improving weather for storm-hit U.S. wheat crop
    * Corn, soybeans tick up; U.S. planting lags average pace

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 9 (Reuters) - Chicago wheat futures slid on
Tuesday with the market still under pressure a day after deep
losses were sparked by improved weather conditions for the U.S.
winter crop. 
    Corn and soybeans edged higher, meanwhile, as U.S. planting
lagged the average pace for the last five years although the
improved weather outlook capped gains. 
    The Chicago Board of Trade most-active wheat contract
slid 0.1 percent to $4.33 a bushel by 0301 GMT, having lost
almost 2 percent on Monday when prices hit their lowest since
April 28 at $4.32-3/4 a bushel. 
    Soybeans rose a quarter of a cent to $9.65 a bushel,
and corn advanced 0.1 percent to $3.66-1/4 a bushel. 
    "Chicago prices have now given up all the gains made after
storms in U.S. winter wheat regions a couple of weekends ago,"
said Tobin Gorey, director of agricultural strategy at
Commonwealth Bank of Australia.
    "(For corn), weather forecasters are suggesting there will
be opportunities for soggy places to dry down and allow
    The U.S. Department of Agriculture's weekly crop progress
report rated 53 percent of the U.S. winter wheat crop in good to
excellent condition. The figure was down from 54 percent the
previous week, but above an average of analyst expectations for
51 percent. 
    The USDA said the U.S. corn crop was 47 percent planted as
of Sunday, behind the five-year average of 52 percent, but ahead
of an average of analyst estimates for 44 percent. 
    The agency said the U.S. soybean crop was 14 percent
planted, lagging the five-year average of 17 percent.
    Strong soybean demand from top importer China helped to
underpin the market, with its April imports up 13.4 percent from
a year ago, data from the country's General Administration of
Customs showed. 
    Commodity funds were net sellers of CBOT corn, wheat,
soybean and soymeal futures contracts on Monday, traders said.
They were small net buyers of soyoil.

 Grains prices at  0301 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  433.00  -0.50   -0.12%   -2.09%       439.21  43
 CBOT corn   366.25  0.25    +0.07%   -1.21%       369.28  45
 CBOT soy    965.00  0.25    +0.03%   -0.82%       962.41  47
 CBOT rice   9.89    -$0.05  -0.55%   +0.25%       $10.09  60
 WTI crude   46.48   $0.05   +0.11%   +0.56%       $49.97  32
 Euro/dlr    $1.093  $0.000  +0.03%   -0.64%               
 USD/AUD     0.7360  -0.003  -0.35%   -0.78%               
 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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