April 30, 2019 / 7:56 AM / 5 months ago

GRAINS-Wheat hits 6-wk low on crop-friendly weather, soybean prices firm

    * Chicago wheat falls for 2nd day to weakest since mid-March
    * Soybeans underpinned by U.S.-China trade deal hopes

 (Updates prices, adds graphic)
    By Naveen Thukral
    SINGAPORE, April 30 (Reuters) - Chicago wheat futures slid
for a second session on Tuesday to a six-week low after the U.S.
Department of Agriculture (USDA) rated the condition of the
winter crop ahead of market expectations.
    Soybeans firmed after closing lower in the last two
sessions, with prices supported by expectations of a
Washington-Beijing trade deal.
    The most-active wheat contract on the Chicago Board of Trade
 had given up 0.8 percent to $4.32 a bushel as of 0728 GMT,
after earlier in the session dropping to its weakest since March
12 at $4.29-1/4 a bushel. 
    Corn was unchanged at $3.61-3/4, while soybeans
were up 0.2 percent at $8.62 a bushel.
    "Weather is very good everywhere for the wheat crop," said a
Singapore-based trader. "Asian millers are waiting and not
buying as there could be further decline in prices."
    Beneficial crop weather in the southern U.S. Plains hard
wheat belt, and key wheat production areas around the globe,
including top exporter Russia, are dragging on wheat prices.
    The USDA in a weekly report said 64 percent of the U.S.
winter wheat crop is in good-to-excellent condition, ahead of
market forecasts and above last year's 33 percent at this time
of year.
    On the technical front, CBOT July wheat may fall to
$4.23-1/4 per bushel as it has broken support at $4.38-1/4, Wang
Tao, Reuters market analyst for commodities technicals, wrote in
a report.
    The USDA said 15 percent of the U.S. corn crop has been
planted, slightly ahead of market expectations.

    It pegged U.S. soybean planting at 3 percent, slightly
behind market forecasts.
    More rain is expected across the Midwest in the coming days,
which could prolong river flooding and lengthen spring planting
delays. 
    Expectations for a U.S.-China trade deal supported beans.
    International Monetary Fund Managing Director Christine
Lagarde said on Monday she expects the United States and China
to reach a deal to end their trade dispute, which has unnerved
financial markets and cast a shadow over the global economy.

    Brazil's 2018/19 soybean crop is poised to be the
second-largest on record, a Reuters poll showed.
    Commodity funds were net buyers of CBOT corn and soyoil
futures contracts on Monday and net sellers of soybeans, soymeal
and wheat, traders said.
    
 Grains prices at 0728 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  432.00  -3.25   -0.75%   -2.15%       462.20  19
 CBOT corn   361.75  0.00    +0.00%   +1.26%       372.04  39
 CBOT soy    862.00  1.25    +0.15%   +0.32%       890.13  23
 CBOT rice   10.63   $0.00   +0.00%   +2.02%       $10.88  46
 WTI crude   63.60   $0.10   +0.16%   -2.47%       $62.40  
 Currencies                                                
 Euro/dlr    $1.118  $0.004  +0.31%   +0.48%               
 USD/AUD     0.7041  0.000   +0.03%   +0.40%               
 
 
 
 
    
 (Reporting by Naveen Thukral; Editing by Uttaresh.V)
  
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