May 24, 2017 / 4:03 AM / 6 months ago

GRAINS-Soybeans drop on U.S. planting, wheat falls for 3rd day

    * Soybeans fall for 2nd day, corn ticks up after closing
lower
    * Easing concerns over U.S. planting delays weigh on prices

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 24 (Reuters) - Chicago soybean futures slid
for a second session on Wednesday while corn edged up after
closing lower the previous day, with easing concerns over
planting delays in the U.S. grain belt adding pressure to grains
markets.     
    Wheat slid for a third straight session with the stable
condition of the U.S. hard red winter crop - despite late spring
snow storms - pulling the market lower. 
    The Chicago Board Of Trade most-active soybean contract
 lost 0.4 percent to $9.44-1/2 a bushel by 0322 GMT, having
closed down 0.9 percent on Tuesday. 
    Corn rose 0.1 percent to $3.69-3/4 a bushel, having
closed down 1.5 percent in the previous session. Wheat
fell 0.2 percent to $4.28-3/4 a bushel, having closed down 1.1
percent on Tuesday. 
    "The flood situation in not so severe. Farmers in the U.S.
Midwest are able to plant crops as we can see from the USDA
data," said Kaname Gokon from Tokyo brokerage Okato Shoji. 
    That has lent a bearish tone to corn and soybeans, he said.
    The U.S. Department of Agriculture (USDA) said late on
Monday that the U.S. corn crop was 84 percent planted, slightly
behind an average of trade expectations but close to the
five-year average of 85 percent.
    The USDA estimated U.S. soybean plantings were 53 percent
complete, just above the five-year average of 52 percent. 
    Soybean futures drew underlying support from a USDA
announcement on Tuesday that private exporters sold 126,000
tonnes of old-crop U.S. soybeans to unknown destinations.

    The market awaits the USDA's first corn condition ratings
for the season, which the government expects to release in its
next weekly crop progress report on May 30. 
    The wheat market extended losses after the USDA rated 52
percent of the U.S. winter wheat crop as good to excellent, up
from 51 percent a week earlier.
    Analysts on average had expected a decline, given wet
conditions in the southern Plains and Midwest that raised
concerns about yield prospects and grain quality.
    Still, there could be support for oilseed prices with
adverse weather delaying planting in Canada. 
    Heavy rain forecast for the soggiest parts of the Canadian
Prairies this week is likely to further delay plantings in the
world's biggest canola exporting country, meteorologists say.
    The rain, forecast to hit the provinces of Alberta and
Saskatchewan on Wednesday and Thursday, respectively, would be
the latest blow to farmers who could not harvest all of their
canola and wheat last autumn due to wet conditions that
stretched into spring.
    Commodity funds were net sellers of CBOT corn, soybean and
wheat futures contracts on Tuesday, traders said. They were also
net sellers of soymeal and soyoil futures.
    
 Grains prices at  0322 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  428.75  -0.75    -0.17%   -1.49%       434.80  50
 CBOT corn   369.75  0.25     +0.07%   -0.74%       369.98  53
 CBOT soy    944.50  -3.75    -0.40%   -0.89%       963.21  37
 CBOT rice   10.91   $0.00    +0.00%   +0.74%       $10.22  68
 WTI crude   51.56   $0.09    +0.17%   +1.64%       $49.33  79
 Currencies                                                 
 Euro/dlr    $1.118  -$0.005  -0.49%   -0.21%               
 USD/AUD     0.7451  -0.002   -0.32%   -0.11%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
        

 (Reporting by Naveen Thukral; Editing by Tom Hogue)
  

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