April 2, 2019 / 1:28 AM / 3 months ago

GRAINS-Corn gains for 2nd day on U.S. planting delays; soybeans rise

    SINGAPORE, April 2 (Reuters) - Chicago corn futures rose for
a second straight session on Tuesday with planting delays in
several key U.S. growing areas underpinning prices, although
ample global supplies kept a lid on the market.
    Soybeans gained more ground as the market was supported by
expectations of a trade deal between Washington and Beijing.
    
    FUNDAMENTALS
    * The Chicago Board of Trade most-active corn contract
rose 0.2 percent to $3.62-1/2 a bushel by 0112 GMT, after
gaining 1.5 percent on Monday.
    * Soybeans gained 0.1 percent to $8.96-1/2 a bushel
and wheat added 0.2 percent to $4.63-3/4 a bushel. 
    * There are forecasts for more rain in the U.S. Midwest
after recent flooding which will keep farmers out of the fields
in southern areas that start plant corn in early April.
    * It has resulted in uncertainty over the scale of corn
planting as flooding could push farmers to shift some acreage
towards later-planted soybeans.
    * At least 1 million acres (405,000 hectares) of U.S.
farmland were flooded after a "bomb cyclone" storm left parts of
nine major grain producing states under water, satellite data
analysed by Gro Intelligence for Reuters showed.
    * Soybean futures received support from optimism about a
trade deal with China after the U.S. Agriculture Department said
private exporters reported the sale of 828,000 tonnes of
soybeans to China.
    
    MARKET NEWS
    * Asia shares extended their rally on Tuesday as factory
activity surveys from China and the United States boosted
investor confidence, triggering the largest one-day sell-off in
the U.S. Treasury market in nearly three months.
    
    DATA/EVENTS (GMT)
0330      Australia     RBA Cash Rate             April
1200      Brazil        Industrial Output  MM YY  Feb
1230      US            Durable Goods             Feb
    
 Grains prices at 0112 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  463.75  1.00     +0.22%   -0.16%       462.76  49
 CBOT corn   362.50  0.75     +0.21%   -3.07%       372.65  38
 CBOT soy    896.50  1.00     +0.11%   +0.79%       905.96  49
 CBOT rice   10.86   $0.00    +0.00%   -0.41%       $10.74  48
 WTI crude   61.89   $0.30    +0.49%   +4.37%       $57.86  
 Currencies                                                 
 Euro/dlr    $1.120  -$0.001  -0.12%   -0.15%               
 USD/AUD     0.7106  0.001    +0.17%   +0.44%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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