May 1, 2019 / 1:48 AM / 5 months ago

GRAINS-Corn extends gains into sixth session on planting delay fears

    SYDNEY, May 1 (Reuters) - U.S. corn futures extended gains into a sixth consecutive session on Wednesday as forecasts for rains triggered worries of wet soils and spring planting delays.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade were up 0.6 percent at $3.64-1/2, as of 0118 GMT, having gained 0.2 percent in the previous session.
    * The most active soybean futures climbed 0.2 percent to $8.55-1/2 a bushel, having closed down 0.8 percent on Tuesday when prices hit a low of $8.51-1/4 a bushel - the lowest since Nov 1.
    * The most active wheat futures were up 0.4 percent at $4.30-1/4 a bushel, having closed 1.4 percent higher on Tuesday. 
    * Grain market shrugs off optimism for a breakthrough in U.S.-China trade negotiations. 
    * A trade deal could trigger accelerated U.S. commodities purchases by China, which would help whittle down massive stockpiles of crops such as soybeans, corn and wheat.
    * The U.S. Department of Agriculture said 15 percent of the U.S. corn crop has been planted, slightly ahead of market expectations, while soybeans were 3 percent seeded.
    * More rain is expected across the Midwest in the coming days, lengthening spring planting delays. If delays stretch into late May, some farmers may switch acres from corn to later-planted soy.
         
    MARKET NEWS  
    *  The euro climbed to a one-week high against the dollar on Tuesday after first-quarter economic growth figures in the euro zone beat market expectations, dispelling some pessimism over the economic bloc's common
currency.  
    * Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the
country's crude exports.  
    * The S&P 500 eked out another record high close on Tuesday and capped its best four-month stretch in nearly nine years after a recent rally that helped to restore investors' belief in the decade-long bull run.
  
    
    DATA/EVENTS (GMT)
0600   UK    Nationwide house price MM  YY  April
0830   UK    Markit/CIPS Mfg PMI            April
1400   US    ISM Manufacturing PMI          April
1800   US    Federal Reserve's Federal Open Market Committee 
announces its decision on interest rates followed by a statement
1830   US    Federal Reserve chairperson holds a news 
conference
        
 Grains prices at  0118 GMT
 Contract       Last   Change  Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat   430.25     1.50   +0.35%        -1.15%  460.10   17
 CBOT corn    364.50     2.00   +0.55%        +0.76%  370.92   51
 CBOT soy     855.50     1.50   +0.18%        -0.61%  898.67   16
 CBOT rice     10.55   -$0.04   -0.33%        -0.75%  $10.85   42
 WTI crude     63.50   -$0.41   -0.64%        +0.00%  $62.71   44
 Currencies                                                      
 Euro/dlr     $1.122   $0.000   +0.00%        +0.27%             
 USD/AUD      0.7051    0.000   +0.04%        -0.06%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below