May 9, 2018 / 1:04 AM / 9 months ago

GRAINS-Corn, soybean prices up for 2nd day on U.S. planting delays

    SINGAPORE, May 9 (Reuters) - Chicago corn and soybean
futures extended gains into a second session on Wednesday, with
crop planting expected to be delayed in key growing regions of
the U.S. Midwest.
    Wheat lost ground, falling for three out of four sessions,
on expectations of improved weather for the drought-hit U.S.
winter wheat crop.
    * The focus in corn and soybean markets remains on U.S.
planting weather.
    * The U.S. Department of Agriculture (USDA) late Monday said
that the U.S. soybean crop was 15 percent seeded, ahead of the
five-year average of 14 percent. The corn crop was 39 percent
planted, behind the five-year average of 44 percent.
    * However, progress lagged in key states such as Minnesota
and North Dakota, and weather forecasts show rains in that
region this week that should stall field work.
    * In Argentina, heavy rains have complicated the harvest of
a soybean crop that has already been slashed by drought.

    * Still, gains in soybean prices are being capped by slowing
purchases by top importer China. The nation's April soybean
imports fell to 6.9 million tonnes, much lower than expected, as
arrivals were delayed because of tougher port inspections and a
tax change, said traders and analysts.
    * The 13.7 percent drop from a year ago to less than 7
million tonnes caught the market by surprise. China had been
expected to take 8.5 million tonnes in April, higher than last
year, amid good crushing margins in the world's top buyer of
    * Investors and traders are adjusting positions ahead of the
USDA's monthly supply-demand report due on Thursday, which will
include the government's first official forecasts for the
2018-19 crop year.
    * For wheat, there was pressure from abundant world supplies
and a slight improvement in the condition of the U.S. winter
    * The USDA late Monday rated 34 percent of the U.S. winter
wheat crop in good-to-excellent condition, up from 33 percent
last week.
    * Commodity funds were net buyers of CBOT corn, soybean,
wheat and soymeal futures contracts on Tuesday. They were net
sellers of soyoil, traders said. 
    * The USDA has postponed several adjustments announced in
April to its monthly world supply and demand reports, probably
until next month, a government official said on Tuesday.
    * Oil prices pushed higher in early trading on Wednesday
after U.S. President Donald Trump walked away from an
international nuclear deal with Iran, a move that may curb the
OPEC-member's crude exports in an already tight market.
0645  France              Industrial output            Mar
1400  U.S.                Wholesale sales              Mar
 Grains prices at  0045 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  512.75   -1.75    -0.34%   -2.57%       492.07   59
 CBOT corn   403.50   0.25     +0.06%   -0.68%       396.02   58
 CBOT soy    1020.75  0.50     +0.05%   -1.54%       1045.56  38
 CBOT rice   12.76    $0.00    +0.00%   -1.35%       $12.99   33
 WTI crude   70.32    $1.26    +1.82%   -0.58%       $66.85   63
 Euro/dlr    $1.186   -$0.013  -1.06%   -0.75%                
 USD/AUD     0.7436   -0.009   -1.24%   -0.77%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral
Editing by Joseph Radford)
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