SINGAPORE, May 5 (Reuters) - Chicago corn futures edged higher on Tuesday after two sessions of losses, although gains were capped by rapid U.S. planting progress and coronavirus-fuelled demand concerns.
Wheat lost ground as forecasts of rains in parts of Europe boosted crop prospects.
* The most-active corn contract on the Chicago Board Of Trade corn rose 0.2% to $3.16 a bushel, as of 0058 GMT.
* Wheat dropped 0.5% to $5.17 a bushel and soybeans added 0.1% to $8.37-1/4 a bushel.
* The U.S. Department of Agriculture (USDA) said U.S. farmers planted 51% of their intended corn acres as of Sunday, above the average of analyst estimates of 48% in a Reuters poll.
* The USDA also said U.S. farmers planted 23% of their intended soybean acreage by Sunday, topping the average soybean estimate in the Reuters poll of 21%. The USDA’s figure was up from 8% a week ago and ahead of the five-year average of 11%.
* The COVID-19 pandemic has already dented grain prices by hammering demand for corn-based ethanol biofuel and has threatened to curb consumption of livestock feed after the closure of some meat factories.
* U.S. President Donald Trump said on Thursday the Phase 1 trade deal with China was now of secondary importance to the coronavirus outbreak and threatened new tariffs over the pandemic.
* Agriculture was a key part of the trade pact signed in January, raising hopes that China, the world’s biggest soybean importer, would ramp up purchases of U.S. supplies.
* Brazilian soybean exports in April reached 16.3 million tonnes, an all-time record for a single month and an increase from 9.4 million tonnes in same month last year, according to average daily export data released on Monday by the government.
* The previous record was 12.35 million tonnes, set in May 2018. Brazil, the world’s largest exporter of soybeans, had shipped 11.64 million tonnes of soybeans in March, according to government data, as local farmers finish collecting another bumper crop.
* Rain relief in Europe piled pressure on U.S. wheat futures, although long-term dryness across the continent and in the Black Sea limited downward pressure.
* A late Wall Street rally is expected to lead Asian stocks higher on Tuesday after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-U.S. trade tensions.
DATA/EVENTS (GMT) 0430 Australia RBA Cash Rate May 0830 UK Reserve Assets Total April 1230 US International Trade March 1345 US Markit Comp, Svcs Final PMIs April 1400 US ISM N-Mfg PMI April (Reporting by Naveen Thukral; Editing by Aditya Soni)