May 23, 2017 / 3:46 AM / 6 months ago

GRAINS-Chicago corn eases from 3-week top, wheat dips for 2nd day

    * Corn down 0.1 pct after climbing on Monday to 3-week high
    * Wheat faces pressure on USDA's winter crop ratings

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 23 (Reuters) - Chicago corn futures ticked
lower on Tuesday as the market took a breather after climbing to
a three-week high in the last session on concerns over wet
weather delaying U.S. planting.
    Wheat edged down for a second day as the market came under
pressure after a U.S. Department of Agriculture (USDA) report
showed the U.S. winter crop was stable.
    "The USDA's survey of winter wheat crop conditions recorded
no deterioration despite poor weather in these regions," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia.
    "We would ordinarily expect producer selling at this time of
year to place a cap on price gains."
    The Chicago Board Of Trade most-active wheat contract
slid 0.1 percent to $4.34 a bushel by 0314 GMT, having closed
down 0.2 percent on Tuesday.
    Corn lost 0.1 percent to $3.74-3/4 a bushel, having
gained 0.7 percent in the previous session when prices climbed
to $3.77-1/2 a bushel, the highest since May 2.
    Soybeans were unchanged at $9.56-1/2 a bushel, having
firmed 0.4 percent on Tuesday.
    The USDA rated the U.S. winter wheat crop at 52 percent in
good-to-excellent condition as compared with 51 percent a week
ago but behind last year's 62 percent.
    The country's winter wheat growing areas have experienced
excessive moisture, leading to concerns of crop damage and yield
    Forecasts are calling for more unfavourably wet weather in
the central Plains hard red wheat zone in the next two weeks,
but more limited rain prospects in the southern Plains could
help harvesting.
    Wheat export prices in rival exporter Russia rose last week,
supported by a state purchase by Egypt, the largest buyer of
Russian wheat, and expectations that the rouble would rise
further against the dollar, analysts said on Monday.

    U.S. corn planting was seen 84 percent complete, slightly
behind market expectations.
    The soybean planting was pegged at 53 percent complete,
slightly ahead of market forecasts.
    Commodity funds were net buyers of CBOT corn, soybean and
soymeal contracts on Monday, traders said. They were net sellers
of soyoil and wheat futures.
 Grains prices at  0314 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  434.00  -0.25   -0.06%   -0.29%       434.98  59
 CBOT corn   374.75  -0.25   -0.07%   +0.60%       370.15  62
 CBOT soy    956.50  0.00    +0.00%   +0.37%       963.61  47
 CBOT rice   11.01   -$0.04  -0.41%   +1.66%       $10.22  75
 WTI crude   50.98   -$0.15  -0.29%   +1.29%       $49.37  74
 Euro/dlr    $1.125  $0.001  +0.12%   +0.40%               
 USD/AUD     0.7493  0.002   +0.24%   +0.46%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Sunil Nair)

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