April 30, 2018 / 3:57 AM / a year ago

GRAINS-Wheat climbs to 7-wk high on dry conditions in U.S.; corn at 9-mth peak

    * Wheat up for 4 out of 5 sessions, at highest since early
    * Corn rises to 9-mth top, soybeans at 2-wk high

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, April 30 (Reuters) - Chicago wheat gained 0.8
percent on Monday, rising to its highest since early March as
concerns over dry weather in the U.S. southern Plains
underpinned the market.
    Corn prices jumped to a nine-month peak, while soybeans hit
a two-week high as cold and wet weather continues to delay
planting in parts of the U.S. Midwest.
    The Chicago Board of Trade most-active wheat contract
had gained 0.8 percent to $5.02-1/4 a bushel by 0323 GMT.
Earlier in the session, wheat futures hit their highest since
March 7 at $5.06 a bushel.
    A dry growing season in the U.S. southern Plains is expected
to take a toll on yields for the Hard Red Winter wheat crop.
    A widely watched crop tour through Kansas that begins this
week that will allow crop scouts to get a first-hand look at
damage caused by drought.
    Corn and soybean futures are being underpinned by wet
weather in the U.S. Midwest.
    "Growers in the U.S. Midwest continue to have their planting
dogged by often wet, and sometimes cool, weather," said Tobin
Gorey, director of agricultural strategy at Commonwealth Bank of
    "The jump in soybean prices on Friday had echoes across most
feed prices in the U.S. too."
    Corn gained 0.7 percent to $4.01-1/4 a bushel, near
the session-peak of $4.02 a bushel, the highest since July.
Soybeans climbed 0.7 percent to $10.63-3/4 a bushel after
hitting their highest since April 13 at $10.65 a bushel.
    There was additional support for soybean prices stemming
from expectations that the United States will boost its share of
the soymeal export market due to shortfalls in Argentina.
    Large speculators cut their net long position in CBOT corn
futures in the week to April 24, regulatory data released on
Friday showed.
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and cut their net long position
in soybeans.
    "Chicago's gains also took prices away from levels that
might prompt selling by some, heavily long, investors," said
    Canadian farmers expect to plant 21.4 million acres of
canola in 2018, down 7 percent from a record-high 22.997 million
in 2017 and less than trade expectations, a Statistics Canada
survey released on Friday showed.

 Grains prices at 0323 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  502.25   3.75    +0.75%   +2.60%       480.69   70
 CBOT corn   401.25   2.75    +0.69%   +1.52%       391.97   71
 CBOT soy    1063.75  7.50    +0.71%   +2.33%       1046.55  66
 CBOT rice   13.00    -$0.01  -0.04%   +0.39%       $12.93   43
 WTI crude   67.84    -$0.26  -0.38%   -0.51%       $65.77   56
 Euro/dlr    $1.213   $0.000  -0.02%   +0.20%                
 USD/AUD     0.7562   -0.002  -0.25%   +0.09%                
 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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