May 1, 2018 / 2:44 AM / 21 days ago

GRAINS-Corn falls from 9-mth high, planting delays cap losses

    SYDNEY, May 1 (Reuters) - U.S. corn futures edged lower on Tuesday, retreating from a nine-month high
touched in the previous session, though losses were checked as the U.S. Department of Agriculture
confirmed planting was lagging market expectations.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade were down 0.1 percent at $4.00-1/2
by 0213 GMT, having gained 0.5 percent in the previous session when prices hit a high of $4.04 a bushel -
the highest since July 21. 
    * The most active soybean futures were down 0.3 percent at $10.46-1/4 a bushel, having closed
down 0.7 percent on Monday.
    * The most active wheat futures were down 0.4 percent at $5.08-1/2 a bushel, having closed up
2.4 percent on Monday. 
    * The U.S. Department of Agriculture said 17 percent of the U.S. corn crop had been planted as of
Sunday, behind the five-year average of 27 percent and lagging market forecasts.
    * Spring wheat was just 10 percent planted, well behind the five-year average of 36 percent. 
    * Rains across the Midwest are expected to slow corn planting.     
         
    MARKET NEWS  
    * The dollar held steady near four-month highs on Tuesday, awaiting the Federal Reserve's policy
decision and key U.S. employment data due later in the week for fresh cues.  
    * Oil prices extended gains on Tuesday, supported by comments from Israeli Prime Minister Benjamin
Netanyahu that he was sure U.S. President Donald Trump would do "the right thing" in reviewing Iran's
nuclear deal with western powers.  
    * Wall Street fell on Monday as healthcare stocks slid and investors worried about rising costs for
companies as oil prices rose, although the major indexes eked out a gain in April to snap a two-month
losing streak  
    
    DATA/EVENT AHEAD (GMT)
1400  U.S.          ISM manufacturing PMI                  Apr
1400  U.S.          Construction spending                  Mar
      U.S.          Federal Reserve starts two-day monetary policy meeting 
    
    
 Grains prices at  0226 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   508.50   -2.00   -0.39%       +2.01%   482.43    74
 CBOT corn    400.50   -0.25   -0.06%       +0.50%   392.49    69
 CBOT soy    1046.50   -2.00   -0.19%       -0.92%  1046.46    50
 CBOT rice     13.05  -$0.02   -0.15%       +0.35%   $12.95    42
 WTI crude     68.67   $0.10   +0.15%       +0.84%   $66.01    64
 Currencies                                                      
 Euro/dlr     $1.207  $0.000   -0.03%       -0.45%               
 USD/AUD      0.7536   0.001   +0.07%       -0.59%               
 
 (Reporting by Colin Packham; Editing by Biju Dwarakanath)
  
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