May 1, 2018 / 3:49 AM / 3 months ago

GRAINS-Corn prices edge down, but losses curbed as USDA confirms planting delays

    * USDA says corn planting lagging market forecasts
    * Soybeans extend two-day losses to nearly 1.5 percent
    * Wheat falls despite threat to U.S. crops from adverse
weather

    By Colin Packham
    SYDNEY, May 1 (Reuters) - U.S. corn futures edged down on
Tuesday to retreat from a nine-month high touched in the
previous session, but losses were curbed as the U.S. Department
of Agriculture said planting was lagging behind market
forecasts.
    Soybean prices fell, extending two-day losses to nearly 1.5
percent, while wheat also slid.
    The most active corn futures on the Chicago Board of Trade
 were down 0.3 percent at $3.99-3/4 by 0321 GMT. They
gained 0.5 percent in the previous session, when prices hit
their highest since July 21 at $4.04 a bushel.
    "The USDA planting numbers add to concerns that farmers are
struggling to sow their crops, if it continues then yield losses
are possible," said a Melbourne-based grain trader, who declined
to be named as he is not authorised to talk to the media.
    The U.S. Department of Agriculture said 17 percent of the
U.S. corn crop had been planted as of Sunday, behind the
five-year average of 27 percent and lagging market forecasts.

    Forecasts of rain across the U.S. Midwest have inhibited
farmer efforts to increase planting.
    The most active soybean futures were down 0.7 percent
at $10.41-1/2 a bushel, having closed down 0.7 percent on
Monday.
    The most active wheat futures were down 0.5 percent at
$5.07-3/4 a bushel, having closed up 2.4 percent on Monday.
    U.S. winter wheat crop ratings improved slightly to 33
percent good-to-excellent, up 2 points from the previous week.
    The USDA said spring wheat was just 10 percent planted, well
behind the five-year average of 36 percent.

 Grains prices at  0321 GMT
 Contract       Last  Change  Pct chg  Two-day chg     MA 30  RSI
 CBOT wheat   507.75   -2.75   -0.54%       +1.86%    482.40   74
 CBOT corn    399.75   -1.00   -0.25%       +0.31%    392.47   69
 CBOT soy    1041.50   -7.00   -0.67%       -1.40%   1046.29   50
 CBOT rice     13.05  -$0.02   -0.15%       +0.35%    $12.95   42
 WTI crude     68.73   $0.16   +0.23%       +0.93%    $66.01   64
 Currencies                                                      
 Euro/dlr     $1.207  $0.000   -0.02%       -0.45%               
 USD/AUD      0.7538   0.001   +0.09%       -0.57%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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