June 3, 2019 / 4:23 AM / 16 days ago

GRAINS-Wheat rises 1% on U.S. rains, Black Sea dryness; corn unmoved

    * Chicago wheat rebounds after closing lower on Friday
    * U.S. rains, dryness in Black Sea support prices
    * Eyes on U.S. weekly crop report for corn, soybean markets

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, June 3 (Reuters) - Chicago wheat futures bounced back on Monday with prices
supported by crop-damaging heavy rains in parts of the U.S. grain belt and dryness in the Black Sea
region.
    Corn was largely unchanged, while soybeans rose ahead of U.S. government's weekly crop planting
report after weeks of heavy rains result in historic delays in seeding crops.
    The most-active wheat contract on the Chicago Board Of Trade was up 1% at $5.08 a bushel,
as of 0401 GMT, having closed 2.2% weaker on Friday. 
    Corn was unchanged at $4.27 a bushel, having closed down 2.1% in the previous session and
soybeans were up 0.7% at $8.83-1/2 a bushel, having ended 1.3% lower on Friday.
    Wheat has drawn support as heavy rains across the Midwest stoked fears of damage to U.S. crops,
while corn has also risen on concerns about planting delays.
    "Wheat has gained largely on the back of rally in corn prices but we have rains hitting the
U.S. crop and now people are talking about dryness in the Black Sea region, which reduced yields in
Russia and Ukraine," said a Singapore-based grains trader.
    Corn, wheat and soybean futures dropped on Friday, weighed down by fresh concerns over demand
after U.S. President Donald Trump threatened to place tariffs on imports of goods from Mexico in
response to illegal immigration.
    Trump said he will impose a tariff on all goods coming from Mexico starting at 5% and
ratcheting higher until the flow of illegal migrants cease.
    The Trump administration on Friday lifted restrictions on the sale of higher ethanol blends of
gasoline, keeping a campaign promise to farmers suffering from the trade war with China but drawing
a legal threat from the oil industry.
    Large speculators flipped their net position from net short to long in CBOT corn futures and
options in the week to May 28, regulatory data released on Friday showed. 
    The Commodity Futures Trading Commission's weekly commitments of traders report also showed
that non-commercial traders, a category that includes hedge funds, trimmed their net short position
in CBOT wheat and soybeans.
    
 Grains prices at 0401 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  508.00  5.00    +0.99%   -1.26%       457.93  68
 CBOT corn   427.00  0.00    +0.00%   -2.12%       379.68  76
 CBOT soy    883.50  5.75    +0.66%   -0.62%       845.95  70
 CBOT rice   11.40   -$0.05  -0.48%   -2.23%       $11.00  57
 WTI crude   53.13   -$0.37  -0.69%   -6.11%       $61.53  
 Currencies                                                
 Euro/dlr    $1.118  $0.002  +0.14%   +0.48%               
 USD/AUD     0.6955  0.002   +0.25%   +0.64%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
    
 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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