August 6, 2019 / 3:28 AM / a month ago

GRAINS-Corn up for 3rd session on U.S. weather concerns, wheat dips

    * Corn gains ground as adverse weather threatens U.S. yields
    * Wheat eases after 2-session rally, harvest pressure weighs

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Aug 6 (Reuters) - Chicago corn prices rose for a
third session on Tuesday, underpinned by concerns over forecasts
of adverse crop weather in parts of the U.S. Midwest that could
potentially curb yields.
    Wheat slid for the first time in three sessions on harvest
pressure, while soybeans edged higher although gains were capped
by the intensifying U.S.-China trade war.
    The most-active corn contract on the Chicago Board of Trade 
   had added 0.2% to $4.15-1/2 a bushel by 0252 GMT,
having gained 1.3% in the previous session.
    Wheat lost 0.2% to $4.93-3/4 a bushel and soybeans
 were up 0.2% at $8.70-1/2 a bushel.
    The U.S. Department of Agriculture in a weekly crop update
said 57% of the U.S. corn was in good-to-excellent condition,
matching analyst expectations but below last year's rating of
71% at this time of year.
    Forecasts of cooler and wetter conditions across the U.S.
Midwest raised new concerns about how much of the current crop
might be lost - as well as how much corn and soybean yields
might be hit by the stress of excess moisture.
    "Chicago December corn has returned to a price level where
it has about a 50 cents gain from U.S. planting delays," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia. "U.S. Midwest weather is turning against the
current crop."
    The USDA said 73% of the U.S. wheat crop is in
good-to-excellent condition, ahead of analyst forecasts.
    It said 54% of the U.S. soybean crop is in good-to-excellent
condition, slightly ahead of market forecasts.
    The soybean market is facing pressure from renewed trade
tensions between Washington and Beijing.
    China's Commerce Ministry said that Chinese companies have
stopped buying U.S. agricultural products, and that it will not
rule out imposing import tariffs on U.S. farm products that were
purchased after Aug. 3.
    U.S. President Donald Trump last week said he would impose
an additional 10% tariff on $300 billion worth of Chinese
imports starting Sept. 1, citing insufficient progress in trade
talks between the world's two largest economies.
    Commodity funds were net buyers of CBOT corn, wheat and
soymeal futures contracts on Monday, and net sellers of soybean
and soyoil futures contracts, traders said.
    
 Grains prices at 0252 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  493.75  -0.75   -0.15%   +0.61%       506.49  46
 CBOT corn   415.50  0.75    +0.18%   +1.47%       432.48  41
 CBOT soy    870.50  1.75    +0.20%   +0.23%       902.33  32
 CBOT rice   11.41   -$0.03  -0.22%   -2.56%       $11.78  27
 WTI crude   55.08   $0.39   +0.71%   -1.04%       $57.35  
 Currencies                                                
 Euro/dlr    $1.123  $0.003  +0.24%   +1.10%               
 USD/AUD     0.6785  0.003   +0.43%   -0.21%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  
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