May 20, 2019 / 1:55 AM / 4 months ago

GRAINS-Corn jumps more than 1% as rains threaten more delays

    By Colin Packham
    SYDNEY, May 20 (Reuters) - U.S. corn futures rose more than
1% on Monday to hit a 10-month high as showers across a key
growing region stoked fears of more planting delays.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 rose 1.3% to $3.88-1/4 a bushel by 0119 GMT, near the
session high of $3.88-1/2 a bushel - the highest since July
2018. 
    * The most active wheat futures were up 1.4% at
$4.71-1/2 a bushel, after closing little down 0.4 percent on
Friday.
    * The most active soybean futures added nearly 1% at
$8.29-1/2 a bushel after closing down 2.1% on Friday.
    * Showers over the next 10 days are threatening to further
slow planting from the Dakotas to Illinois, regions that have
endured torrential rain this spring, the Commodity Weather Group
said.
    * The delayed planting season across much of North America
is starting to cause economic ripple effects along the farm
supply chain. Executives at agricultural equipment maker Deere &
Co on Friday warned that farmers are becoming "much more
cautious about making major purchases," in part because of the
weather impact on planting.
    * Traders are anxious, too, to see the U.S. Department of
Agriculture's next crop update on Monday to see whether farmers
made much headway during relatively drier conditions earlier
this week.
         
    MARKET NEWS  
    * The Australian dollar got a boost against the greenback on
Monday following a surprise election victory by the country's
conservative government, while the yen dipped slightly on a
recovery in market sentiment.  
    * Oil prices jumped as much as 1 percent on Monday after
Saudi Energy Minister Khalid al-Falih indicated there was
consensus among OPEC and allied oil producers to continue
limiting supplies.  
    
 Grains prices at  0119 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   471.50    6.50   +1.40%       +0.96%  448.55     78
 CBOT corn    388.25    5.00   +1.30%       +2.44%  366.67     80
 CBOT soy     829.50    7.75   +0.94%       -1.22%  861.73     51
 CBOT rice     11.07  -$0.01   -0.05%       +1.47%  $10.74     84
 WTI crude     63.64   $0.88   +1.40%       +1.22%  $63.34     65
 Currencies                                                      
 Euro/dlr     $1.116  $0.001   +0.06%       -0.08%               
 USD/AUD      0.6914   0.005   +0.67%       +0.32%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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