June 28, 2019 / 3:22 AM / 4 months ago

GRAINS-Corn holds steady ahead of USDA report, but set to close June with 3% gain

    * Corn rallies in recent weeks as rains slow planting
    * Wheat up for 2nd month as European temperatures soar

    By Colin Packham
    SYDNEY, June 28 (Reuters) - U.S. corn futures held steady on
Friday as traders awaited a widely watched U.S. government
report, though the grain was headed for a monthly gain of 3%
amid concerns that North American production could be hit by
recent adverse weather.
    Wheat was little changed, while soybeans edged higher.
    The most active corn futures on the Chicago Board Of Trade
 were nearly unchanged at $4.39-1/2 a bushel by 0234 GMT,
having closed down 0.7% on Thursday.
    Thursday's losses came as weather forecasts called for dry
weather in the U.S. Midwest, easing fears that crops recently
planted would be damaged by recent heavy rains in the region.
    However, the wet weather has seen planting slow to a halt,
leaving some farmers unable to finish sowing before the planting
window closed.
    As a result, corn is headed for a second straight monthly
    Analysts said traders were unwilling to place positions on
Friday ahead of the U.S. Department of Agriculture's acreage and
quarterly stocks reports later in the session.
    "The report will give some idea of how many acres did not
get planted with corn because of the very wet spring," said
Tobin Gorey, director of agricultural strategy, Commonwealth
Bank of Australia.
    The most active soybean futures were up 0.1% at $9.13
a bushel after closing down 0.7% on Thursday.
    Soybeans are up 1% in June, heading for a second straight
monthly gain.
    The most active wheat futures were little changed at
$5.46-1/2 a bushel after closing flat on Thursday when prices
hit their highest since August 2018.
    Wheat is up 8.5% for the month, extending two-month gains to
more than 25%.
    Analysts said fears that hot weather in Europe would wilt
crops drove the gains.
    Temperatures in parts of France and Germany reached 40
degrees Celsius (104°F), adding to doubts about harvest yields
following recent hot, dry weather in top wheat exporter Russia.

 Grains prices at  0234 GMT
 Contract      Last  Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  546.50   -0.25    -0.05%       +1.20%   514.35    66
 CBOT corn   439.50   -0.50    -0.11%       -1.79%   424.00    51
 CBOT soy    889.00    1.25    +0.14%       -1.60%   872.31    48
 CBOT rice    11.48  -$0.02    -0.17%       +0.66%   $11.80    37
 WTI crude    59.08  -$0.35    -0.59%       -0.51%   $56.32    68
 Euro/dlr    $1.137  $0.000    -0.01%       -0.01%               
 USD/AUD     0.7002  -0.001    -0.09%       +0.27%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
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