June 13, 2019 / 1:17 AM / 6 days ago

GRAINS-Corn jumps 1% as rains threaten to halt planting

SYDNEY, June 13 (Reuters) - U.S. corn futures jumped 1% on Thursday to a nine-day high, as forecasts for wet weather across a key producing region stoked fears that farmers would be forced to abandon their sowing plans with the planting window closing.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were up 1% at $4.34-1/4 a bushel by 0043 GMT, near the session high of $4.36 a bushel - the highest since June 4. Corn gained 0.5% in the previous session.

* The most active soybean futures were up 0.5% at $8.82 a bushel, after closing up 2.2% on Wednesday.

* The most active wheat futures were up 0.4% at $5.28-1/4 a bushel, near the session high of $5.31 a bushel - the highest since Feb. 6. Wheat finished up 1.5% on Wednesday.

* Corn draws support particularly from forecasts for wet weather across the U.S. Midwest.

* The U.S. Department of Agriculture (USDA) on Tuesday cut its corn yield projection in a monthly report by 5.7% to 166 bushels, surprising analysts who had expected a smaller decline.

* The USDA left its estimates for soybean production and yields unchanged from May. Adjustments to the soybean crop outlook can be expected in the USDA’s July report, the agency’s chief economist told Reuters on Wednesday.

MARKET NEWS

* The dollar held its gains early on Thursday after rebounding from 11-week lows, as peers such as the euro, pound and commodity currencies sagged due to troubles of their own.

* Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.

* Wall Street closed slightly lower on Wednesday, with bank stocks declining as prospects of a U.S. interest rate cut rose and energy shares tumbling along with oil prices.

DATA/EVENTS (GMT) 0130 Australia Employment May 0130 Australia Unemployment Rate May 0600 Germany HICP Final YY May

Reporting by Colin Packham; Editing by Subhranshu Sahu

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