May 9, 2019 / 1:39 AM / 2 months ago

GRAINS-Corn drops for 2nd session as U.S. weather improves; soybeans down

    SINGAPORE, May 9 (Reuters) - Chicago corn slid 1 percent on
Thursday, falling for a second session as forecasts for dry
weather next week in parts of the U.S. Midwest boosted hopes
that farmers will be able to catch up on planting.
    Soybeans lost ground amid Washington-Beijing trade tension
which has curbed U.S. soybean exports to China.
    * The spotlight is on weather across the U.S. Midwest after
weeks of rain put corn plantings behind the average pace. The
U.S. Department of Agriculture (USDA) noted in an outlook that
the National Weather Service forecast below-normal rainfall in
the Midwest during May 13-17.
    * The agency on Monday said 23 percent of the corn crop had
been planted, below the five-year average of 46 percent.
    * Expectations for the USDA to estimate ample crop
inventories are further pressuring agriculture markets.
    * The USDA, in a report on Friday, will peg 2018-19 U.S.
corn ending stocks at 2.055 billion bushels, up from 2.035
billion last month, and soybean stocks at 920 million bushels,
up from 895 million in April, according to a Reuters poll of
    * Wheat ending stocks are expected to swell to 1.097 billion
bushels from 1.087 billion. 
    * U.S.-China trade war is weighing on the soybean market.
    * U.S. President Donald Trump said on Wednesday he would be
happy to keep tariffs on Chinese imports as the two countries
prepare for new talks to try to rescue a faltering trade deal
amid a sharp increase in U.S. duties. 
    * Soybeans were the single most valuable U.S. agricultural
export crop and until the trade war China bought $12
billion-worth a year from U.S. farmers. The dispute, however,
has slashed shipments of American beans to China.
    * A gauge of world equity markets slid and the dollar traded
near break-even on Wednesday over growing concerns about the
latest U.S.-China trade talks and as the United States moved
closer to raising tariffs on $200 billion worth of Chinese
0130    China   PPI YY                   April
0130    China   CPI YY                   April
1200    Brazil  Retail Sales YY          March
1230    US      International Trade      March
1230    US      Initial Jobless Claims   Weekly
1230    France  Reserve Assets Total     April
 Grains prices at 0124 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  434.75  -4.25   -0.97%   -0.57%       454.54  46
 CBOT corn   360.50  -3.75   -1.03%   -1.03%       367.87  47
 CBOT soy    821.75  -5.50   -0.66%   -1.02%       884.36  9
 CBOT rice   10.95   -$0.01  -0.05%   +2.29%       $10.75  69
 WTI crude   61.68   -$0.44  -0.71%   +0.46%       $63.18  
 Euro/dlr    $1.119  $0.000  +0.01%   -0.05%               
 USD/AUD     0.6978  -0.003  -0.47%   -0.16%               
 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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