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Naveen Thukral

GRAINS-Corn faces biggest weekly drop in 2 years on cooler U.S. weather

19 Jul 2019

* Corn firms after deep losses, set for weekly decline * Forecasts of more U.S. Midwest rains keep pressure on prices (Adds details, comments) By Naveen Thukral SINGAPORE, July 19 Chicago corn futures ticked higher on Friday, but the market was poised for its biggest weekly drop since June 2017 as cooler weather across the U.S. Midwest boosted crop prospects. Wheat edged higher on bargain-buying after finishing lower for the last four sessions, with gains were capped by harvest pressure around the northern hemisphere. The most-active corn contract on the Chicago Board Of Trade has declined by 5.9% this week, the most since the week ended June 23, 2017. Soybeans are down 3% for the week, giving up some of last week's gains, while wheat has lost 5.1%, the most since early March. "We are in weather market and there is going to be volatility until the harvest," said a Singapore-based grains trader. Last week, grain markets were underpinned by fears that U.S. crops could suffer from prolonged hot and dry weather, but Midwest rains brought some relief on Thursday. The U.S. Department of Agriculture's (USDA) export data also showed Russia and Mexico cancelled 171,000 tonnes and 32,000 tonnes of soybeans, respectively, adding pressure on prices. Investors in the grains market are awaiting the USDA acreage report on Aug. 12 for price direction. "The corn story is far from over," said Ole Houe, director of advisory services at brokerage IKON Commodities. "The market still need to reach a consensus as to how many acres were lost due to rains and flooding." Russian agriculture consultancy IKAR has lowered its forecast for the Russian grain harvest to 121.4 million tonnes, Interfax news agency reported. On July 3, IKAR forecast that the grain harvest would be 123.4 million tonnes. Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean, soymeal and soyoil contracts on Thursday, traders said. Grains prices at 0331 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 496.50 3.00 +0.61% -2.17% 522.24 36 CBOT corn 432.00 2.25 +0.52% -2.10% 443.09 43 CBOT soy 903.25 4.25 +0.47% -0.30% 911.41 48 CBOT rice 11.83 -$0.06 -0.50% +0.38% $11.76 64 WTI crude 56.25 $0.95 +1.72% -0.93% $56.51 Currencies Euro/dlr $1.126 $0.004 +0.37% +0.49% USD/AUD 0.7070 0.006 +0.87% +0.83% 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)

GRAINS-Soybeans rebound, crop-friendly U.S. weather cap gains

18 Jul 2019

* Soybeans tick up after dropping to over 1-week low * Wheat futures ease for 4th session on harvest pressure (Adds details, quote) By Naveen Thukral SINGAPORE, July 18 Chicago soybean futures edged higher on Thursday, after dropping earlier in the session to their lowest in more than a week on pressure from forecasts for cooler crop-friendly weather across the U.S. Midwest. Wheat slid for a fourth consecutive session as freshly harvested grain weighed on markets across the northern hemisphere. The most-active soybean contract on the Chicago Board Of Trade was up 0.2% at $9.02-1/2 a bushel, as of 0310 GMT. Earlier in the session, it dropped to its lowest since July 9 at $8.96-1/2 a bushel. Corn shed 0.2% to $4.40-3/4 a bushel, while wheat slid 0.1% to $5.05 a bushel. Last week, grain markets were underpinned by fears that U.S. crops could suffer from prolonged hot and dry weather condition. Corn prices climbed for the last two weeks and hit a five-year high of $4.64-3/4 a bushel on Monday amid concerns over hot weather shortly after rain-plagued planting delays. Updated weather models call for temperatures to exceed 90 degrees Fahrenheit (32°C) in much of the Midwest for a few days before easing. The market is awaiting the U.S. Department of Agriculture (USDA) report next month for a price direction. "Crops that are well behind normal development schedules can be vulnerable to only slightly abnormal weather," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "The USDA will publish new survey data in August. Those survey data carry the potential to substantially alter our understanding of the impact of late planting. The potential means the market will be putting its collective mind to guessing the outcome." Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 60,000 tonnes of Russian wheat in a tender on Wednesday. As in recent Egyptian tenders, wheat from Black Sea suppliers Ukraine, Russia and Romania dominated the bidding, with no U.S. or western European wheat offered. Commodity funds were net sellers of CBOT wheat, corn, soybean, soymeal and soyoil contracts on Wednesday, traders said. Grains prices at 0310 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 505.00 -0.50 -0.10% -0.49% 522.53 39 CBOT corn 440.75 -0.75 -0.17% -0.11% 443.38 50 CBOT soy 902.50 2.00 +0.22% -0.39% 911.38 47 CBOT rice 11.76 -$0.05 -0.47% -0.21% $11.76 63 WTI crude 56.79 $0.01 +0.02% -1.44% $56.43 Currencies Euro/dlr $1.124 $0.001 +0.12% +0.25% USD/AUD 0.7031 0.002 +0.31% +0.27% 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)

GRAINS-Corn, soybeans drop for third session on improved U.S. weather

17 Jul 2019

* Corn, beans down as Midwest rains boost crop prospects * Wheat loses ground as ample supplies keep lid on market (Adds details, quote) By Naveen Thukral SINGAPORE, July 17 Chicago corn and soybean futures slid for a third consecutive session on Wednesday as improved weather in parts of the U.S. Midwest boosted crop prospects. Wheat lost ground as abundant world supplies continued to weigh on the market. The most-active corn contract on the Chicago Board Of Trade was down 0.3% at $4.40 a bushel, as of 0207 GMT, having closed 1.3% lower in the previous session. Prices hit a five-year high of $4.64-3/4 a bushel on Monday. Soybeans were down 0.1% at $9.05 a bushel, having closed 1.5% weaker on Tuesday; while wheat lost 0.5% to $5.05 a bushel, having closed little changed on Tuesday. "Corn and beans are facing pressure as there have been some beneficial rains but there could be trouble if it gets hot," said Phin Ziebell, agribusiness economist, National Australia Bank. The USDA surprised traders on Monday afternoon by raising its condition rating for U.S. corn to 58% good-to-excellent in a weekly report. That was up from 57% a week earlier and above market expectations for 56%. U.S. soybeans were rated 54% good-to-excellent, up from 53% last week and above analysts' expectations for 53%. Ukraine, which expects its 2019 grain crop to remain steady at last year's level of about 70 million tonnes, has harvested 17.4 million tonnes of early grains as of July 15, the agriculture ministry said on Tuesday. Farmers have threshed 5.1 million hectares of grains or 52% of the early grains sown area, the ministry said in a statement. Wheat traders are awaiting the results of a tender from Egypt's General Authority for Supply Commodities. Commodity funds were net sellers of CBOT wheat, corn, soybean, soymeal and soyoil contracts on Tuesday, traders said. Grains prices at 0207 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 505.00 -2.50 -0.49% -0.54% 522.18 38 CBOT corn 440.00 -1.25 -0.28% -1.57% 442.73 48 CBOT soy 905.00 -1.00 -0.11% -1.63% 911.21 48 CBOT rice 11.81 $0.02 +0.17% -0.67% $11.76 69 WTI crude 57.72 $0.10 +0.17% -3.12% $56.29 Currencies Euro/dlr $1.121 $0.000 +0.04% -0.39% USD/AUD 0.7017 0.000 +0.07% -0.31% 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)

GRAINS-Corn rises for 2nd session on U.S. crop concerns; wheat falls

03 Jul 2019

* Corn rises on worries about late-planted U.S. crop * Wheat drops for 4th straight session on harvest pressure (Adds details, quote) By Naveen Thukral SINGAPORE, July 3 Chicago corn futures rose for a second session on Wednesday with prices underpinned by concerns over late-planted crops vulnerable to adverse weather. Wheat slid for a fourth consecutive session on pressure from the northern hemisphere harvest, while soybeans ticked higher after dropping for the last two sessions. The most-active corn contract on the Chicago Board of Trade was up 0.5% at $4.28-1/4 a bushel by 0317 GMT, having gained 0.8% in the previous session. Soybeans were up 0.1% at $8.99-1/2 a bushel, having closed down 1.1% on Tuesday, while wheat lost 0.2% to $5.02-1/4 a bushel, having slid 1.7% on Tuesday. The U.S. Department of Agriculture (USDA) on Monday pegged the condition of the corn crop at 56% good-to-excellent, unchanged from the previous week. Analysts polled by Reuters had expected a slight improvement. A year ago, 76% of the corn crop was rated good-to-excellent. On Friday, the USDA surprised traders by estimating U.S. 2019 corn plantings at 91.7 million acres. "The USDA planting intentions came out higher than the market expected," said Ole Houe, director of advisory services at brokerage IKON Commodities. "There is still likely to be a significant lack of U.S. corn production, to the tune of 30-40 million tonnes or maybe more." The agency left its crop condition rating for soybeans at 54% good-to-excellent, unchanged from the previous week, but well down from 71% a year ago. Wheat faced pressure as supplies from the northern hemisphere, including top exporter Russia, hit the market. Russia's Agriculture Ministry said on Tuesday that it had kept its grain harvest forecast for 2019 unchanged at 118 million tonnes, RIA news agency reported. Commodity funds were net sellers of CBOT wheat, soybean, soyoil and soymeal contracts, and net buyers of corn contracts on Tuesday, traders said. Grains prices at 0317 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 502.25 -1.00 -0.20% -4.74% 518.28 34 CBOT corn 428.25 2.25 +0.53% +1.06% 431.04 37 CBOT soy 899.50 0.75 +0.08% -2.52% 900.88 40 CBOT rice 11.29 $0.02 +0.18% -2.51% $11.81 31 WTI crude 56.55 $0.30 +0.53% -3.28% $55.96 Currencies Euro/dlr $1.129 -$0.008 -0.69% -0.69% USD/AUD 0.6993 -0.003 -0.38% -0.21% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral Editing by Kenneth Maxwell)

GRAINS-Corn rises for 1st time in 4 sessions, U.S. crop rating supports

02 Jul 2019

* Corn futures rise after dropping to a near 3-week low * USDA says 56 pct corn crop in good/excellent condition (Adds details, quote) By Naveen Thukral SINGAPORE, July 2 Chicago corn futures rose for the first time in four sessions on Tuesday as the market recovered from its lowest in nearly three weeks after a widely watched report pegged the condition of the U.S. crop below forecasts. Soybeans also gained following Monday's deep losses as the U.S. Department of Agriculture (USDA) rated the crop condition well below last year's level. The most-active corn contract on the Chicago Board Of Trade was up 0.4% at $4.24-1/4 a bushel by 0203 GMT. The market dropped to $4.20-3/4 a bushel in the last session, matching Friday's lowest price which was the weakest since June 11. Soybeans added 0.3% to $9.11-1/4 a bushel, having closed down 1.6% on Monday and wheat rose 0.5% to $5.14-1/4 a bushel, having dropped 2.9% on Monday. "Corn is firming up a bit as U.S. crop rating is supportive for prices," said Phin Ziebell, an agribusiness economist at National Australia Bank. "Although I wonder whether the run-up has been overdone given the acreage." The USDA on Friday surprised traders by estimating U.S. 2019 corn plantings at 91.7 million acres, topping trade expectations. The agency in its weekly crop progress report left its condition ratings for both corn and soybeans unchanged from the prior week, at 56% and 54% at a good-to-excellent state, respectively. Analysts polled by Reuters had expected a slight improvement for both crops in this week's report. At the same time last year, 76% of the corn crop and 71% of the soybean crop were in good-to-excellent condition. Improving crop weather, including warmer Midwest temperatures over the weekend and beneficial rains in northern areas, is expected to help delayed crop growth. Corn and soybean futures have been underpinned by a thaw in U.S.-China trade relations following talks between the two nations. The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing. Grains prices at 0203 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 514.25 2.50 +0.49% -5.94% 517.71 39 CBOT corn 424.25 1.75 +0.41% CBOT soy 911.25 2.75 +0.30% +2.65% 877.25 47 CBOT rice 11.54 $0.02 +0.17% +0.39% $11.82 44 WTI crude 58.92 -$0.17 -0.29% +0.77% $56.04 Currencies Euro/dlr $1.128 -$0.009 -0.76% -0.76% USD/AUD 0.6976 -0.004 -0.63% -0.46% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Richard Pullin)

GRAINS-Soybeans at 1-year top on trade hopes, corn unchanged after deep losses

01 Jul 2019

* Chicago soybeans rise for 2nd session after U.S.-China trade talks * Corn faces pressure as planted acres above trade expectations (Adds details, quote) By Naveen Thukral SINGAPORE, July 1 Chicago soybean futures rose for a second session on Monday to a one-year high as a thaw in U.S.-China trade relations following talks between the two nations underpinned the market. Corn was largely unchanged after Friday's deep losses, while wheat lost ground. The most-active soybean contract on the Chicago Board of Trade rose 0.6% to $9.28-1/4 a bushel by 0254 GMT after marking it highest since June 2018 at $9.34 a bushel. Corn unchanged at $4.24-3/4 a bushel and wheat slid 0.4% at $5.25-1/4 a bushel. The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing. However, China and the United States will face a long road before they can reach a deal to end their bitter trade war, with more fights ahead likely, Chinese state media said after the two countries' presidents held ice-breaking talks in Japan. "Trade relations between the two economic behemoths are not going get worse for now," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "Nonetheless agreeing to talk is both the minimum and maximum expected from last weekend. And it is easy to agree to talk. The tougher part is the talk creating compromises that lead to agreement." The corn market is being weighed down after the U.S. Department of Agriculture (USDA) pegged U.S. planted acres well above trade expectations despite rains and flooding this spring that disrupted sowing. In its annual acreage report on Friday, the USDA said U.S. farmers seeded 91.7 million acres of corn and 80.0 million acres of soybeans. This compares with the government's March forecasts of 92.8 million corn acres and 84.6 million soybean acres. Large speculators raised their net long position in CBOT corn futures in the week to June 25, 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 trimmed their net short position in soybeans. Grains prices at 0254 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 525.25 -2.00 -0.38% -3.93% 518.08 50 CBOT corn 424.75 0.00 +0.00% -3.47% 426.78 33 CBOT soy 928.25 5.25 +0.57% +4.56% 877.82 62 CBOT rice 11.64 $0.06 +0.56% +1.26% $11.82 49 WTI crude 59.68 $1.21 +2.07% +0.42% $56.20 Currencies Euro/dlr $1.135 -$0.002 -0.13% -0.13% USD/AUD 0.7004 -0.002 -0.23% -0.06% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

GRAINS-Wheat up for second day on weather concerns; corn, soybeans firm

27 Jun 2019

* Hot weather in Europe, lower Canadian planting support wheat * Corn, soybean futures rise after closing lower in previous session (Adds chart, updates prices) By Naveen Thukral SINGAPORE, June 27 Chicago wheat futures rose for a second session on Thursday with prices supported by hot weather in Europe and lower-than-expected planting in Canada. Corn and soybeans rose, although gains were checked by favourable weather forecasts for the U.S. Midwest grain belt, which eased fears of widespread crop losses. The most-active wheat contract on the Chicago Board Of Trade was up 1.1% at $5.52-3/4 a bushel, as of 0703 GMT, having closed 1.2% firmer on Wednesday. Soybeans added 0.1% at $8.95 a bushel, having earlier hit a low of $8.93 a bushel, the weakest since June 14, and corn was up 0.3% at $4.44-3/4 a bushel. Canada's Statscan pegged the wheat plantings at 24.6 million acres, down slightly from last year's 24.7 million and well below the average trade expectation of 25.7 million acres. The wheat market is being supported by hot weather in parts of Europe and the Black Sea region. "The situation in Europe is not great, they will have to lower the production estimate," said one Singapore-based grains trader at an international trading company. "In Canada it is not that bad." Conditions for Russia's spring wheat harvest are generally good or satisfactory with only a few areas affected by a heat wave that has hit some parts of the country, state weather forecaster Hydrometcentre said on Tuesday. Warm, dry weather across the U.S. Midwest to aid corn crops, which have deteriorated in recent weeks as a result of wet weather. Dry weather across the United States for the next week should allow farmers to rapidly increasing plantings, which have been lean in recent weeks by prolonged wet weather and flooding. CBOT September wheat may climb into a range of $5.55-1/2 to $5.64 per bushel, driven by a wave c, according to Wang Tao, a Reuters market analyst for commodities and energy technicals. "This is the third wave of a bigger wave C from $4.94. A projection analysis reveals a resistance at $5.48-1/2, the 50% level of the wave c," he wrote in a report. Commodity funds were net sellers of CBOT corn, soybean, soyoil and soymeal and buyers of wheat futures contracts on Wednesday, traders said. Grains prices at 0703 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 552.75 6.25 +1.14% +1.89% 511.45 74 CBOT corn 444.75 1.50 +0.34% -0.45% 421.72 58 CBOT soy 895.00 0.75 +0.08% -1.54% 870.55 54 CBOT rice 11.39 $0.04 +0.40% -1.17% $11.80 24 WTI crude 59.11 -$0.27 -0.45% +2.21% $56.44 Currencies Euro/dlr $1.136 $0.000 -0.02% -0.29% USD/AUD 0.6992 0.004 +0.50% +0.45% 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 & Uttaresh.V)

GRAINS-Wheat up for second day on weather concerns; corn, soybeans firm

27 Jun 2019

* Hot weather in Europe, lower Canadian planting support wheat * Corn, soybean futures rise after closing lower in previous session (Adds details, quote) By Naveen Thukral SINGAPORE, June 27 Chicago wheat futures rose for a second session on Thursday with prices supported by hot weather in Europe and lower-than-expected planting in Canada. Corn and soybeans rose, although gains were checked by favourable weather forecasts for the U.S. Midwest grain belt which eased fears of widespread crop losses. The most-active wheat contract on the Chicago Board Of Trade was up 0.4% at $5.48-3/4 a bushel, as of 0241 GMT, having closed 1.2% firmer on Wednesday. Soybeans added 0.2% at $8.96-1/4 a bushel, having earlier hit a low of $8.93 a bushel, the weakest since June 14, and corn was up 0.5% at $4.45-1/4 a bushel. Canada's Statscan pegged the wheat plantings at 24.6 million acres, down slightly from last year's 24.7 million and well below the average trade expectation of 25.7 million acres. The wheat market is being supported by hot weather in parts of Europe and the Black Sea region. "The situation in Europe is not great, they will have to lower the production estimate," said one Singapore-based grains trader at an international trading company. "In Canada it is not that bad." Conditions for Russia's spring wheat harvest are generally good or satisfactory with only a few areas affected by a heat wave that has hit some parts of the country, state weather forecaster Hydrometcentre said on Tuesday. Warm, dry weather across the U.S. Midwest to aid corn crops, which have deteriorated in recent weeks as a result of wet weather. Dry weather across the United States for the next week should allow farmers to rapidly increasing plantings, which have been lean in recent weeks by prolonged wet weather and flooding. Commodity funds were net sellers of CBOT corn, soybean, soyoil and soymeal and buyers of wheat futures contracts on Wednesday, traders said. Grains prices at 0241 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 548.75 2.25 +0.41% +1.15% 511.32 71 CBOT corn 445.25 2.00 +0.45% -0.34% 421.73 59 CBOT soy 896.25 2.00 +0.22% -1.40% 870.59 54 CBOT rice 11.39 $0.04 +0.40% -1.17% $11.80 24 WTI crude 59.19 -$0.19 -0.32% +2.35% $56.44 Currencies Euro/dlr $1.136 $0.000 -0.03% -0.30% USD/AUD 0.6992 0.004 +0.50% +0.45% 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)

GRAINS-Corn, soybeans slip on improved U.S. weather outlook

26 Jun 2019

* Corn, soybeans lose ground on forecasts of dry weather * Wheat drops as northern hemisphere harvest gather pace (Adds details, quote) By Naveen Thukral SINGAPORE, June 26 Chicago corn and soybean futures slid on Wednesday with prices weighed down by forecasts of dry weather in parts of the U.S. Midwest, lifting hopes of an improved crop condition. Wheat fell as the market faced pressure from winter crop harvest gathering pace in top northern hemisphere exporters. The most-active corn contract on the Chicago Board Of Trade was down 0.6% at $4.45 a bushel, as of 0334 GMT, soybeans lost 0.6% to $8.98-1/2 a bushel and wheat gave up 0.3% at $5.38-1/4 a bushel. Updated forecasts suggest farmers may have a chance to plant more acres of soybean this week ahead of the next wave of storms. The U.S. Department of Agriculture (USDA) said on Monday 96% of corn and 77% of soybeans have been planted. At the same point last year, all U.S. corn acres and 93% of soybeans were planted. The USDA also rated 56% of the U.S. corn crop in good-to-excellent condition, down from 59% last week and behind market expectations of 59%. Some 54% of U.S. soybeans were seen in good-to-excellent condition, below expectations of 59%. The USDA said 61% of U.S. winter wheat was in good-to-excellent condition, down from 64% last week. The agency is due to issue acreage report on Friday. "The USDA's acreage report, released on Friday, is looming ever larger over the market," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "And the genuine 'news' in Monday's condition report was very modest compared with what is potentially in Friday's acreage report." CBOT July corn may break a support at $4.42-3/4 per bushel and fall to the next support at $4.36-1/4, as suggested by a retracement analysis, according to Wang Tao, a Reuters analyst for commodities technicals. These supports are identified as the 38.2% and the 50% retracements on the uptrend from $4.08-1/4 to $4.64-1/4. The drop from $4.64-1/4 consists of three waves. So far, only two have completed. Wheat market prices were weighed down by expectations of dry weather in the U.S. Plains and the Midwest, which will boost harvest of the Hard Red winter wheat crop. Farmers from Ukraine's southern and central regions have harvested almost 1.6 million tonnes of grain from the 2019 harvest, the agriculture ministry said on Tuesday. The ministry expects 2019 grain harvest to exceed last year's record crop of 70 million tonnes. Conditions for Russia's spring wheat harvest are generally good or satisfactory with only a few areas affected by a heatwave that has hit some parts of the country, state weather forecaster Hydrometcentre said on Tuesday. Grains prices at 0334 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 538.25 -1.75 -0.32% -0.78% 510.97 61 CBOT corn 445.00 -2.50 -0.56% -0.39% 421.73 60 CBOT soy 898.50 -5.00 -0.55% -1.16% 870.67 54 CBOT rice 11.39 -$0.01 -0.09% +1.83% $11.46 26 WTI crude 58.87 $1.04 +1.80% +1.68% $56.52 Currencies Euro/dlr $1.136 -$0.001 -0.08% -0.35% USD/AUD 0.6960 0.000 +0.04% -0.01% 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)

GRAINS-Corn up for 2nd session as adverse weather hits U.S. crop

25 Jun 2019

* Chicago corn prices gain 0.7% as U.S. crop condition worsens * Wheat at 1-week high as weather hurts crops in key producers (Adds comment, detail) By Naveen Thukral SINGAPORE, June 25 Chicago corn futures rose for a second session on Tuesday after the U.S. Department of Agriculture said the crop's condition deteriorated last week following wet weather, stoking fears of supply disruptions. Wheat prices gained more ground, climbing to their highest in a week following adverse weather in top exporting countries around the world. The most-active corn contract on the Chicago Board of Trade was up 0.8% at $4.50-1/2 a bushel as of 0221 GMT, having gained 1% in the previous session. Wheat was up 0.6% at $5.45-1/2 a bushel, after climbing earlier in the session to its highest since June 17 at $5.47-3/4 a bushel. Soybeans added 0.6% to $9.14-1/2 a bushel, having closed up 0.7% on Monday. The USDA said 96% of the U.S. corn crop had been planted, matching expectations. But the agency said 56% of the corn crop is in good-to-excellent condition, down from 59% reported the week before and behind market expectations. "The corn market is being supported by adverse weather in the United States," said Phin Ziebell, an agribusiness economist at National Australia Bank. "It has been not a great season by any means so far." The USDA said 85% of the soybean crop has been planted, slightly behind market forecasts, while 54% of the crop was in good-to-excellent condition, behind market expectations. Analysts, on average, expect 96% of U.S. corn to have been planted as of Sunday along with 88% of soybeans. Corn and soy crops were also estimated to be 59% in good-to-excellent shape. A heat wave taking hold in western Europe, dry conditions in Canada and overly wet weather in winter wheat production areas of the United States have raised the risk of yield losses and tempered recent expectations of bumper global supplies. The stressful conditions and concern over crop damage countered seasonal supply pressure on wheat prices as harvests get going across the northern hemisphere. Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Monday and net sellers of soyoil, traders said. Grains prices at 0221 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 545.50 3.00 +0.55% +2.83% 508.31 71 CBOT corn 450.50 3.75 +0.84% +1.87% 419.28 66 CBOT soy 914.50 5.50 +0.61% +1.30% 868.80 67 CBOT rice 11.20 $0.02 +0.13% -0.89% $11.46 32 WTI crude 57.77 -$0.13 -0.22% +0.59% $56.61 Currencies Euro/dlr $1.140 $0.001 +0.07% +0.33% USD/AUD 0.6965 0.000 +0.06% +0.61% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral)

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