May 23, 2019 / 3:21 AM / 4 months ago

GRAINS-Wheat eases for 2nd session on supply pressure, corn little changed

    * Wheat falls for 2nd session after climbing to 3-month top
    * Corn unmoved, U.S. planting delays support prices

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, May 23 (Reuters) - Chicago wheat futures slid for
a second session on Thursday with pressure from expectations of
bumper production across much of northern hemisphere.
    Corn was largely unchanged after strong gains this week,
underpinned by more rains in parts of the U.S. Midwest further
delaying planting. 
    The most active wheat contract on the Chicago Board of Trade
    lost 0.2% at $4.72 a bushel by 0259 GMT, after closing
down more than 1% on Wednesday.
    Corn was unchanged at $3.94-1/2 a bushel and soybeans
 gave up 0.2% to $8.26-3/4 a bushel.
    "Wheat prices rose largely on the back of gains in the corn
market," a Singapore-based grains trader said.
    "There are no bullish fundamentals with wheat as production
in the Black Sea region and the United States is expected to be
above average."
    Russia and Ukraine, dominant players in the global wheat
trade, are expected to harvest near-record crops in the coming
months.
    Heavy rain is expected this week in parts of the Midwest and
Plains. It has rattled grain markets as it could compound corn
planting delays after a soggy spring.  
    The U.S. Department of Agriculture said on Monday that a
lower-than-expected 49% of the U.S. corn crop has been planted,
the slowest pace on record, based on data going back to 1980.
Soybeans were 19% planted, also short of market expectations.

    The Trump administration is considering direct payments to
U.S. farmers of $2 per bushel for soybeans as part of an aid
package to offset the trade war with China, Bloomberg reported
on Tuesday, an offer that could encourage more soy planting
despite record supplies.
    The USDA, however, released a statement suggesting it was
inaccurate. 
    Commodity funds were net buyers of Chicago Board of Trade
corn, soybean, soymeal and soyoil futures contracts on Wednesday
and net sellers of wheat, traders said.
    
 Grains prices at 0259 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  472.00  -0.75   -0.16%   -1.31%       449.24  68
 CBOT corn   394.50  0.00    +0.00%   +1.41%       368.38  81
 CBOT soy    826.75  -1.75   -0.21%   -0.60%       855.96  49
 CBOT rice   11.34   $0.00   +0.00%   +0.98%       $10.79  90
 WTI crude   61.10   -$0.32  -0.52%   -3.00%       $63.07  
 Currencies                                                
 Euro/dlr    $1.115  $0.000  -0.04%   -0.19%               
 USD/AUD     0.6873  0.001   +0.07%   -0.28%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
        

 (Reporting by Naveen Thukral; Editing by Rashmi Aich)
  
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