May 24, 2019 / 4:12 AM / a month ago

GRAINS-Corn set for 2nd week of gains on U.S. planting delays

    * Corn gains over 11% in 2 weeks, biggest since 2017
    * Rains set to further delay planting across U.S. Midwest

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, May 24 (Reuters) - Chicago corn futures rose on
Friday with the market gaining for nine out of 10 sessions as
prices were underpinned by planting delays across the U.S.
Midwest.
    Wheat slid for a third consecutive session as expectations
of bumper winter crop harvest added pressure on prices.
    The most-active corn contract on the Chicago Board of Trade
 is up 2% this week, extending two-week gains to more than
11%. Corn this week hit its highest since June at $3.99 a
bushel.
    Wheat is down for the third session in a row although
the market is up 0.6% this week, its second straight weekly
gain. Soybeans were little changed for the week, after
closing up 1.5% percent last week.
    Corn prices have drawn support this week amid concerns that
ongoing adverse weather will further delay U.S. plantings of the
grain, forcing U.S. farmers to sow soybeans.
    The Trump administration on Thursday unveiled a $16 billion
farm aid package to offset losses from a 10-month trade war with
China and said payment rates to farmers would be determined by
where they farm rather than what crops they grow.
    The package, the bulk of which will be spent on direct
payments, surprised growers and traders who had expected to
learn separate payment rates for soybeans, hogs, corn and other
crops.
    "Turning to soybeans, the USDA's intention to make aid to
U.S. farmers crop-neutral is a plus for beans," said Tobin
Gorey, director of agricultural strategy at Commonwealth Bank of
Australia.
    Short-covering by investment funds have supported
agricultural market in recent weeks.
    Commodity funds were net sellers of Chicago Board of Trade
corn, wheat soybean, soymeal and soyoil futures contracts on
Thursday, traders said.
    
 Grains prices at 0349 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  468.00  -2.25   -0.48%   -2.25%       449.40  62
 CBOT corn   390.25  0.50    +0.13%   -1.01%       369.03  72
 CBOT soy    820.75  -0.75   -0.09%   -0.15%       852.87  44
 CBOT rice   11.56   $0.00   +0.04%   +2.17%       $10.83  93
 WTI crude   58.57   $0.66   +1.14%   -4.64%       $62.80  
 Currencies                                                
 Euro/dlr    $1.118  $0.002  +0.22%   +0.07%               
 USD/AUD     0.6880  0.001   +0.17%   -0.17%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Shreejay Sinha)
  
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