April 2, 2019 / 3:08 AM / 3 months ago

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

    * Corn rises as U.S. Midwest floods threaten planting delays
    * Soybeans gain as China buys more U.S. cargoes, wheat  firm

 (Adds details, quote)
    By Naveen Thukral
    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.
    The Chicago Board of Trade (CBOT) most-active corn contract
 rose 0.4 percent to $3.63-1/4 a bushel by 0243 GMT, after
gaining 1.5 percent on Monday.
    Soybeans gained 0.6 percent to $9.00-1/2 a bushel and
wheat added 0.3 percent to $4.64-1/4 a bushel.
    "Flooding from cyclone and rains across U.S. Midwest are
threatening to disrupt corn planting and shift more area to
soybeans," said Ole Houe, director of advisory services at
brokerage IKON Commodities.
    "This could be a real game changer. It could see corn
explode to the upside if we lose more than 2 million acres."
    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.
    Commodity funds were net buyers of CBOT corn, soybean,
wheat, soymeal and soyoil contracts on Monday, traders said.

    
 Grains prices at 0243 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  464.25  1.50     +0.32%   -0.05%       462.78  51
 CBOT corn   363.25  1.50     +0.41%   -2.87%       372.68  40
 CBOT soy    900.50  5.00     +0.56%   +1.24%       906.09  53
 CBOT rice   10.86   $0.00    +0.00%   -0.41%       $10.74  48
 WTI crude   61.88   $0.29    +0.47%   +4.35%       $57.86  
 Currencies                                                 
 Euro/dlr    $1.120  -$0.001  -0.12%   -0.15%               
 USD/AUD     0.7107  0.001    +0.18%   +0.45%               
 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 and
Uttaresh.V)
  
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