April 29, 2019 / 3:49 AM / 3 months ago

GRAINS-Corn climbs to 1-week high on U.S. planting delays; wheat firms

    * Corn gains 1 pct as rains delay planting in U.S. Midwest
    * Wheat rises but gains capped by abundant world supplies 

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, April 29 (Reuters) - Chicago corn rose for a
fourth consecutive session on Monday to its highest in one week
as the market was underpinned by rains delaying planting in key
parts of the U.S. Midwest.
    Wheat rose on the back of gains in corn futures although
prices were capped by abundant world supplies and crop-friendly
weather in key growing areas of the northern hemisphere. 
    The most-active corn contract on the Chicago Board Of Trade
 rose 1 percent to $3.64-3/4 by 0312 GMT, after hitting its
highest since April 22 at $3.65 a bushel.
    Wheat added 0.7 percent to $4.45-1/2 a bushel and
soybeans were up 0.5 percent at $8.71-1/4 a bushel.
    Rain and even snow across the U.S. Midwest threaten further
corn planting delays.
    "There have been rains in the Midwest and more rains are
expected," said a Singapore-based trader. "There are chances
that farmers might not be able to finish planting."
    Farmers faced with significant delays could be encouraged to
switch some acres intended for corn to soybeans, which can be
planted later.
    Soybeans have been under pressure amid concerns about demand
from top buyer China, which is locked in a trade row with the
United States, and the spread of African swine fever in China's
hog herd. Soy is a key feedstuff for hogs.
    Brazil's 2018/19 soybean crop is poised to be the
second-largest on record, a Reuters poll showed. According to
the average of 12 forecasts, farmers will collect 115.46 million
tonnes of the oilseed this season, below only last year's record
output of 119.3 million tonnes.
    The International Grains Council on Thursday nudged up its
forecasts for world wheat production in the 2019/20 season,
largely reflecting an improved outlook for Russia's crop.

     Large speculators increased their net short position in
CBOT corn futures in the week to April 23, regulatory data
released on Friday showed. 
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and increased their net short
position in soybeans.
 Grains prices at 0312 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  445.50  3.00    +0.68%   +0.91%       462.65  38
 CBOT corn   364.75  3.50    +0.97%   +2.10%       372.14  46
 CBOT soy    871.25  4.25    +0.49%   +1.40%       890.43  27
 CBOT rice   10.53   $0.07   +0.72%   +1.06%       $10.87  34
 WTI crude   62.97   -$0.33  -0.52%   -3.44%       $62.38  
 Euro/dlr    $1.116  $0.001  +0.07%   +0.23%               
 USD/AUD     0.7054  0.002   +0.21%   +0.58%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Shreejay Sinha)
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