June 17, 2019 / 12:48 AM / a month ago

GRAINS-Corn jumps 2% to hit 5-year high on crop uncertainty

    By Colin Packham
    SYDNEY, June 17 (Reuters) - U.S. corn futures jumped 2% on Monday as forecasts for wet weather across a key-producing area stoked fears that
farmers will be unable to sow their full allotment of crops, pushing prices to a five-year high.
    Wheat edged higher, drawing support from the strength of corn, while soybeans rose more than 1%.
    The most active corn futures on the Chicago Board of Trade were up 2.2% at $4.62-3/4 a bushel, as of 0029 GMT, near the session high of $4.64
a bushel - the highest since June 2014. 
    Corn jumped 2.5% in the previous session.
    "The market does not believe that farmers can complete planting before the window closes. The weather will now have a material impact on supplies,"
said Phin Ziebell, agribusiness economist, National Australia Bank.
    End-users of corn, such as producers of livestock feed and ethanol, have been bidding up for old-crop supplies to prepare for tighter domestic
supplies.
    Until recently, big corn surpluses from a series of bumper U.S. harvests had traders selling nearby contracts and buying back months.
    The most active wheat futures were up 0.5% at $5.41-1/4 a bushel, after closing 0.6% firmer on Friday.
    The most active soybean futures were up 1.2% at $9.07-1/2 a bushel, having firmed 1% in the previous session.
    Analyst said soybeans were drawing support from the wet U.S. weather.
    Soybeans have a later planting window, but should the rains continue, farmers may be unable to finish planting of the oilseed too.
        
 Grains prices at 0029 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   541.25    2.75   +0.51%       +1.07%  484.59     73
 CBOT corn    462.75    9.75   +2.15%       +4.69%  402.09     83
 CBOT soy     907.50   10.75   +1.20%       +2.20%  850.43     77
 CBOT rice     11.61  -$0.04   -0.30%       -0.39%  $11.38     51
 WTI crude     52.71   $0.20   +0.38%       +0.82%  $57.73     39
 Currencies                                                      
 Euro/dlr     $1.122  $0.001   +0.10%       -0.51%               
 USD/AUD      0.6880   0.001   +0.12%       -0.48%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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