October 4, 2018 / 2:56 AM / 7 months ago

GRAINS-Corn firms as U.S. rains delay harvest, soybeans ease on poor demand

    * Corn gains as rains in parts of U.S. Midwest slow harvest
    * Soybeans fall as China buys Brazilian beans, wheat rises

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Oct 4 (Reuters) - Chicago corn futures edged
higher on Thursday, rising for three out of four sessions as
rains in key growing areas of the U.S. Midwest are expected to
delay harvest of this year's bumper crop.
    Soybeans lost ground as China continues to buy Brazilian
soybeans in what is peak marketing season for the United States.
    The most-active corn contract on the Chicago Board Of Trade
 gained 0.1 percent to $3.65-1/4, as of 0238 GMT, having
closed down 0.7 percent in the previous session. Corn hit a high
of $3.69 a bushel on Tuesday, the highest since Sept. 11.
    Soybeans gave up 0.1 percent to $8.60-1/2 a bushel,
having closed down 0.5 percent on Wednesday, while wheat
was up 0.2 percent at $5.16-1/2 a bushel, having closed down 0.8
percent in the previous session.
    Rain forecast across the corn belt over the next 10 days
have raised concerns that corn and soybean harvests, that had
been ahead of the normal pace, could fall behind, which raises
the risk that crops could be damaged or difficult to harvest.
    "There is some support for corn and soybeans because of
rains in the U.S. Midwest, but for soybeans the bigger picture
is that China is buying Brazilian beans for October and November
shipment," said one Singapore-based trader at an international
trading company.
    "The market was expecting China to turn to U.S. soybeans for
the last quarter but that has not happened."
    China's soybean processors are snapping up record volumes of
Brazilian cargoes for shipment in the fourth quarter, curbing
purchases of U.S. crops in North America's peak marketing season
as the trade war between Washington and Beijing intensifies.

    In the wheat market, prices had rallied earlier this week
after a Russian watchdog said it could temporarily suspend
operations of 30 inland grain-loading points in two of the
country's top grain exporting regions - Krasnodar and Rostov. 
    But Russia's agriculture safety watchdog said it has no
immediate plans to suspend the operation of grain loading points
in Black Sea ports near the city of Krasnodar.
    Commodity funds were net sellers of CBOT corn, wheat,
soybean and soymeal futures contracts on Wednesday and net
buyers of soyoil, traders said.
 Grains prices at 0238 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  516.50  1.25     +0.24%   +1.37%       521.65  54
 CBOT corn   365.25  0.50     +0.14%   -0.14%       359.84  62
 CBOT soy    860.50  -1.00    -0.12%   +0.32%       843.49  62
 CBOT rice   10.49   $0.00    +0.00%   +3.50%       $10.44  70
 WTI crude   76.22   -$0.19   -0.25%   +1.22%       $70.32  82
 Euro/dlr    $1.147  -$0.014  -1.20%   -1.46%               
 USD/AUD     0.7094  -0.013   -1.85%   -1.55%               

 (Reporting by Naveen Thukral; editing by Richard Pullin)
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