May 2, 2018 / 3:26 AM / 3 months ago

GRAINS-Wheat eases from 9-mth top, U.S. crop condition curbs losses

    * Chicago wheat dips after gaining 8 pct in last 3 sessions
    * Wheat market eyes crop tour of U.S. Plains for direction
    * Corn falls after strong rally, slow U.S. planting supports

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 2 (Reuters) - Chicago wheat slid on Wednesday
as the market took a breather after rallying to a nine-month top
in the last session and the focus is on a crop tour of the U.S.
southern Plains where drought is expected to reduce yields.
    Corn edged lower after a strong rally which drove prices to
their highest since July on concerns over planting delays in the
United States and adverse weather in Brazil. 
    The Chicago Board of Trade most-active wheat contract
fell 0.4 percent to $5.27-1/4 a bushel by 0304 GMT. It closed up
3.7 percent on Tuesday, when prices hit their highest since July
at $5.30 a bushel.
    Corn gave up 0.1 percent at $4.05-1/4 a bushel after
marking its strongest since July at $4.06 a bushel on Tuesday.
Soybeans were down 0.2 percent at $10.51-1/4 a bushel,
having firmed 0.5 percent on Tuesday.
    Yield prospects for hard red winter wheat in northern Kansas
were estimated at 38.2 bushels per acre (bpa), according to crop
scouts on the first day of an annual three-day tour.

    "We have crop issues in the United States and Australia,
Buyers are getting used to higher prices," said one
Singapore-based trader at an international trading company.
    Australian farmers are planting wheat in some of the driest
soils in years, following on from a severe drought that cut
2017/18 output in the world's fourth-largest wheat exporter to
the lowest in a decade.
    The U.S. Department of Agriculture said 17 percent of the
U.S. corn crop had been planted by Sunday, behind the five-year
average of 27 percent.
    The USDA has projected that U.S. farmers will seed 88
million acres of corn, down 2 percent from a year ago.
    Traders also eyed weather in Brazil, where the country's
second-crop corn is developing amid stressful dry conditions. A
shortfall there could imply increased export demand for U.S.
cargoes.
    Commodity funds were net buyers of CBOT corn, wheat, soybean
and soymeal futures contracts on Tuesday and net sellers of
soyoil, traders said.

 Grains prices at  0304 GMT    
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  527.25   -2.00   -0.38%   +3.28%       485.13   80
 CBOT corn   405.25   -0.50   -0.12%   +1.12%       393.38   73
 CBOT soy    1051.25  -2.00   -0.19%   +0.26%       1047.07  55
 CBOT rice   12.92    $0.04   +0.27%   -1.15%       $12.96   34
 WTI crude   67.56    $0.31   +0.46%   -1.47%       $66.10   49
 Currencies                                                  
 Euro/dlr    $1.201   $0.001  +0.10%   -0.60%                
 USD/AUD     0.7502   0.001   +0.17%   -0.39%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Sunil Nair)
  
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