June 18, 2019 / 3:29 AM / 3 months ago

GRAINS-Corn set for biggest 1-day drop in 2 weeks on US planting progress

    * Corn falls 2.03%, biggest 1-day decline since early June
    * U.S. corn planting at 92%, adds pressure on prices
    * Wheat falls for 1st time 7 sessions, soybeans down

 (Recasts with move in corn prices)
    By Naveen Thukral
    SINGAPORE, June 18 (Reuters) - Chicago corn futures slid 2%
on Tuesday and were headed for their biggest one-day decline in
two weeks, weighed down by U.S. planting progress and forecasts
of dry weather in the days ahead. 
    Wheat dropped 1.5%, falling for the first time in seven
sessions, while soybeans lost ground after climbing to their
highest since early March.
    The most-active corn contract on the Chicago Board of Trade 
   was down 2.03% at $4.45-1/2 a bushel, having hit its
highest since June 2014 at $4.64-1/4 a bushel on Monday.
    Wheat lost 1.5% at $5.31-1/2 a bushel and soybeans
 were down 0.7% at $9.06-1/4 a bushel after touching their
highest since early March at $9.21-1/2 a bushel earlier in the
session.
    "Corn planting is 92% complete and the market couldn't be
held at those levels given planting data," said Phin Ziebell, an
agribusiness economist at National Australia Bank.
    "Although prices are still higher than pre-rain levels."
    The U.S. Department of Agriculture (USDA) said U.S. corn
crop was 92% seeded, in line with trade expectations, although
behind the average of 100%. Forecasts are calling for dry
weather this week and early next week in parts of the U.S.
Midwest which could allow farmers to finish planting.
    The agency said U.S. soybean planting was 77% finished by
Sunday, lagging the average trade estimate of 79% and the
five-year average of 93%.
    Brazilian farmers will export a record 38 million tonnes of
corn this year, as their crop becomes more competitive due to a
record harvest and historic U.S. planting delays, according to
agribusiness consultancy Agroconsult.
    The National Oilseed Processors Association said its members
crushed 154.8 million bushels of soybeans in May, below an
average of trade estimates for 162.5 million bushels.

    The USDA said 8% of the winter wheat crop was harvested by
Sunday, behind the five-year average of 20%. Condition ratings
remained relatively strong with 64% of the winter wheat seen as
good-to-excellent, up from 39% a year ago.
    The Australian Bureau of Agricultural and Resource Economics
and Sciences lowered its forecast of 2019/20 wheat exports to
11.7 million tonnes from 14.2 million tonnes, citing drought.

    Commodity funds were net buyers of CBOT soybean, soyoil and
corn futures contracts on Monday, traders said. The funds were
net sellers of CBOT wheat futures and even in soymeal, traders
said.

 Grains prices at 0301 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  531.50  -8.00   -1.48%   -0.75%       484.27  64
 CBOT corn   445.50  -9.25   -2.03%   +0.79%       401.52  66
 CBOT soy    906.25  -6.50   -0.71%   +2.06%       850.39  71
 CBOT rice   11.63   $0.01   +0.09%   -0.21%       $11.38  53
 WTI crude   51.82   -$0.11  -0.21%   -1.31%       $57.35  
 Currencies                                                
 Euro/dlr    $1.123  $0.002  +0.21%   -0.40%               
 USD/AUD     0.6842  -0.003  -0.44%   -1.03%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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