May 15, 2019 / 3:27 AM / 2 months ago

GRAINS-Corn up for 3rd session on US planting delays, soybeans ease after rally

    * Corn up 5.3 pct in 3 sessions, biggest 3 day rally since
Nov
    * Soybeans tick lower after strong gains, US-China trade in
focus

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, May 15 (Reuters) - Chicago corn rose for a third
consecutive session on Wednesday, notching its biggest 3-day
gain since late November as concerns over planting delays in the
U.S. Midwest underpinned the market. 
    Soybeans lost ground after rallying in the last session,
with Washington-Beijing trade talks taking the spotlight.
    The most-active corn contract on the Chicago Board of Trade
 rose 0.4% to $3.70-1/4 a bushel by 0305 GMT after closing
up 3.4% in the previous session when prices hit a high of
$3.70-3/4 a bushel - the highest since May 3.
    Soybeans slid 0.3% to $8.29-1/4 a bushel and wheat
 was up 0.3% at $4.49-3/4 a bushel.
    U.S. farmers seeded 30% of the U.S. 2019 corn crop by
Sunday, the government said, lagging the five-year average of
66% as well as the average estimate in a Reuters analyst survey
of 35%.
    The soybean crop was 9% planted, behind the five-year
average of 29% and the average trade estimate of 15%.
    "This weather risk is amplified by the large short position
speculative funds are holding in corn and beans," said Ole Houe,
director of advisory services at brokerage IKON Commodities.
    "Mind you the corn weather issue is not necessarily a small
one."
    Soybeans jumped from 10-year lows on Tuesday on optimistic
comments from U.S. President Donald Trump.
    Trump on Tuesday called the trade war with China "a little
squabble" and insisted talks between the world's two largest
economies had not collapsed, as investors remained on guard for
a further escalation of tit-for-tat tariffs.
     The U.S. soybean processing pace in April was expected to
be above last year and the highest ever for the month as soy
plants took advantage of good margins and ample supplies of
beans, according to analysts polled ahead of a monthly industry
report.
    Commodity funds were net buyers of CBOT corn, soybean,
wheat, soymeal and soyoil futures contracts on Tuesday, traders
said. 
    Trader estimates of net fund buying in corn ranged widely
from 30,000 to 70,000 contracts and in soybeans from 13,000 to
30,000 contracts.
    
 Grains prices at 0305 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  449.75  1.25    +0.28%   +2.92%       449.38  59
 CBOT corn   370.25  1.50    +0.41%   +3.86%       365.59  59
 CBOT soy    829.25  -2.25   -0.27%   +3.33%       869.95  43
 CBOT rice   10.93   -$0.09  -0.77%   -0.59%       $10.72  80
 WTI crude   61.43   -$0.35  -0.57%   +0.64%       $63.26  
 Currencies                                                
 Euro/dlr    $1.121  $0.000  +0.03%   -0.15%               
 USD/AUD     0.6928  -0.001  -0.19%   -0.22%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
      

 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
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