May 1, 2019 / 2:28 AM / 20 days ago

GRAINS-Corn gains for 6th session on U.S. planting delays; wheat firms

    * Chicago corn up 4 pct in six sessions as rains delay spring planting
    * Wheat up after 2 days of fall, prices capped by ample supplies 

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, May 1 (Reuters) - Chicago corn futures rose for a sixth consecutive session on
Wednesday as excessive rains across key parts of the U.S. Midwest delayed planting. 
    Wheat rose after two sessions of declines although gains were limited by abundant world
supplies and benign weather boosting expectations of a bumper harvest in key exporting countries.
    The most-active corn contract on the Chicago Board Of Trade was up 0.7 percent at $3.65 a
bushel, as of 0212 GMT, having gained nearly 4 percent in six sessions.
    Wheat added 0.5 percent to $4.30-3/4 a bushel and soybeans climbed 0.2 percent to
$8.56 a bushel.
    "The market's consolidation at these levels is likely to continue, while planting is impeded by
wet weather in significant portions of the U.S. Midwest," said Tobin Gorey, director of
agricultural strategy at Commonwealth Bank of Australia, referring to U.S. corn futures.
    The U.S. Department of Agriculture said 15 percent of the U.S. corn crop has been planted as
compared with average pace of 27 percent.
    Soybeans were 3 percent seeded, just half of average pace of 6 percent.
    More rain is expected across the Midwest in the coming days, lengthening spring planting
delays. If delays stretch into late May, some farmers may switch acres from corn to later-planted
soy.
    Grain market shrugged off optimism for a breakthrough in U.S.-China trade negotiations. 
    A trade deal could trigger accelerated U.S. commodities purchases by China, which would help
whittle down massive stockpiles of crops such as soybeans, corn and wheat.
    The wheat market is being weighed down by forecasts of higher production in top exporting
countries, Russia and the United States.
    Crop scouts on the first day of an annual three-day tour of Kansas hard red winter wheat fields
projected on Tuesday an average yield of 46.9 bushels per acre (bpa) in the northern portion of the
state.
    That figure is above the Wheat Quality Council tour's five-year average for the same area of
39.5 bpa and up from the tour's year-ago finding of 38.2 bpa.
    Commodity funds were net sellers of Chicago Board of Trade corn, soybean, soymeal, soyoil and
wheat futures contracts on Tuesday, traders said. 
    Trade estimates for activity in corn ranged from funds buying a net 8,000 contracts to selling
a net 10,000 contacts.
    
 Grains prices at 0212 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  430.75  2.00    +0.47%   -2.66%       461.24  17
 CBOT corn   365.00  2.50    +0.69%   +1.04%       371.53  51
 CBOT soy    856.00  2.00    +0.23%   -1.27%       900.79  16
 CBOT rice   10.55   -$0.04  -0.33%   +0.91%       $10.86  42
 WTI crude   63.42   -$0.49  -0.77%   -0.13%       $62.71  
 Currencies                                                
 Euro/dlr    $1.122  $0.007  +0.62%   +0.78%               
 USD/AUD     0.7054  0.002   +0.21%   +0.58%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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