October 8, 2019 / 3:45 AM / 10 days ago

GRAINS-Corn rises for 2nd session on slow U.S. harvest pace; soybeans firm

    * Corn gains more ground as U.S. harvest lags average pace
    * Soybeans rise on Chinese buying, Brazilian planting delays

 (Adds details, quote)
    By Naveen Thukral
    Oct 8 (Reuters) - Chicago corn futures rose for a second
straight session on Tuesday, with a slower pace of U.S. harvest
and concerns over forecasts for a freeze looming for the
country's northwestern grain belt supporting prices.
    Soybeans gained on purchases by the world's top buyer China
and worries about planting delays in the biggest exporter
Brazil.
    The most-active corn contract on the Chicago Board of Trade
 was up 0.2% at $3.87-3/4 a bushel by 0320 GMT, having
gained 0.6% in the previous session.
    Soybeans added 0.1% at $9.16 a bushel, having closed
down 0.1% on Monday, and wheat rose 0.1% to $4.89-3/4 a
bushel, having closed down 0.3% in the previous session.
    "All eyes are on whether the USDA shaves its U.S. corn yield
forecast again," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
    "Oilseed futures prices have mostly gained to leave prices
around their recent highs."
    The U.S. Department of Agriculture said 15% of the corn crop
had been harvested, below analysts' forecasts and lower than the
average pace of 27%.
    The agency said 56% of the corn crop was in good to
excellent condition, slightly behind market forecasts.
    On the soybean crop, the USDA said 14% had been harvested,
slightly behind market forecasts.
    The market is now eyeing the USDA's report on world
agriculture supply and demand on Oct. 10. 
    Analysts surveyed by Reuters on average expect the
government to lower its forecasts of U.S. yield, production and
2019/20 ending stocks for both corn and soybeans.

    The corn market is drawing additional support from forecasts
for late-week snowstorms across the Dakotas and western
Minnesota followed by a cold spell. Lows in northwest Iowa next
weekend could dip to 28 degrees Fahrenheit (minus 2 Celsius).
    In the soybean market, the focus is on Chinese buying and
Brazilian planting. 
    The USDA on Monday reported more soybean exports to China,
the latest in a flurry of buying the world's top buyer of the
oilseed has done ahead of high-level trade negotiations with the
United States.
    Brazilian farmers have planted 3.1% of the estimated soybean
area for the 2019/2020 crop, agribusiness consultancy AgRural
said on Monday, blaming a lack of rain for the slowest start to
the season in six years.
    Commodity funds were net buyers of CBOT corn and soyoil
futures contracts on Monday, traders said. The funds were small
net sellers of soybeans, soymeal and wheat futures.

    
 Grains prices at 0320 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  489.75  0.50    +0.10%   +0.20%       480.30  52
 CBOT corn   387.75  0.75    +0.19%   -0.26%       371.48  63
 CBOT soy    916.00  0.75    +0.08%   +0.47%       885.75  68
 CBOT rice   11.64   -$0.01  -0.09%   -0.68%       $11.97  30
 WTI crude   53.07   $0.32   +0.61%   +0.49%       $55.97  
 Currencies                                                
 Euro/dlr    $1.098  $0.000  -0.01%   +0.10%               
 USD/AUD     0.6749  -0.002  -0.28%   +0.12%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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