May 15, 2019 / 1:47 AM / 4 months ago

GRAINS-Corn extends grains, lingers near 12-day high on planting delays

    SYDNEY, May 15 (Reuters) - U.S. corn futures edged higher
for a third straight session on Wednesday as concerns that
planting delays in North America could force some farmers to
switch to soybeans pushed prices towards a 12-day high. 
                 
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 rose 0.3 percent to $3.69-3/4 a bushel by 0115 GMT after
closing up 3.4% in the previous session when prices hit a high
of $3.70-3/4 a bushel - the highest since May 3.
    * The most active wheat futures were up 0.2% at
$4.49-1/4 a bushel, after rising 2.6% on Tuesday.
    * The most active soybean futures down 0.1% at
$8.30-1/2 a bushel after closing up 3.6% on Tuesday when prices
hit a high of $8.38 a bushel, the highest since May 3.
    * U.S. farmers seeded 30% of the U.S. 2019 corn crop by
Sunday, the government said, lagging the five-year average of
66% as well as the average estimate in a Reuters analyst survey
of 35%.
    * The soybean crop was 9% planted, behind the five-year
average of 29% and the average trade estimate of 15%.
    * U.S. President Donald Trump sounded optimistic about
prospects for a trade deal even as his administration readied
25% tariffs on all remaining Chinese imports, while the Chinese
government said the two sides had agreed to keep talking.

         
    MARKET NEWS  
    * The dollar was firmer in early Asian trade on Wednesday
while the Australian dollar brushed a more than four-month low
as traders eyed Chinese and European data for clues on whether
the worst is over for the global economy.  
    * Oil prices rose over 1% on Tuesday after top exporter
Saudi Arabia said explosive-laden drones launched by a
Yemeni-armed movement aligned to Iran had attacked facilities
belonging to state oil company Aramco.  
    * U.S. stocks on Tuesday reclaimed some of the ground lost
in the prior day's steep sell-off, with tariff-sensitive
technology stocks leading the S&P 500 and the Nasdaq higher as
investors were heartened by a tonal shift in U.S.-China trade
rhetoric.  
    
    DATA/EVENTS (GMT)
0130   Australia   Wage Price Index QQ YY     Q1
0200   China       Urban Investment (ytd) YY  April
0200   China       Industrial Output YY       April
0200   China       Retail Sales YY            April
0200   Indonesia   Trade Balance (Bln of $)   April
0600   Germany     GDP Flash QQ SA            Q1
0600   Germany     GDP Flash YY NSA           Q1
0645   France      CPI (EU Norm) Final MM YY  April
0900   EU          GDP Flash Estimate QQ YY   Q1
1000   EU          Reserve Assets Total       April
1230   US          Retail Sales MM            April
1315   US          Industrial Production MM   April
    
 Grains prices at  0115 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   449.25    0.75    +0.17%       +2.80%  449.37    59
 CBOT corn    369.75    1.00    +0.27%       +3.72%  365.58    59
 CBOT soy     830.50   -1.00    -0.12%       +3.49%  869.99    43
 CBOT rice     10.96  -$0.05    -0.50%       -0.32%  $10.72    80
 WTI crude     61.43  -$0.35    -0.57%       +0.64%  $63.26    41
 Currencies                                                      
 Euro/dlr     $1.120  $0.000    +0.00%       -0.18%              
 USD/AUD      0.6928  -0.001    -0.19%       -0.22%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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