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GRAINS-Wheat jumps 1 pct as colder weather threatens U.S. crop
* Wheat up 1.4 pct as extreme cold weather hurts U.S. crop
* Corn near 1-week low, soybean prices ease on ample world
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, March 21 (Reuters) - Chicago wheat futures rose
more than 1 percent on Monday, with the market underpinned as
extremely cold weather threatened to curb yields of the U.S.
hard red winter crop.
Corn slid to trade near one-week lows, while soybeans lost
ground as plentiful global supply anchored the markets.
The most-active wheat contract on the Chicago Board of Trade
climbed as much as 1.4 percent to $4.69-1/2 a bushel,
having closed up 0.1 percent on Friday.
Corn fell 0.1 percent to hit a low of $3.66 a bushel,
matching Friday's prices and the lowest since March 14. Soybeans
lost 0.2 percent to $8.95-1/2 a bushel.
Wheat is drawing support as cold weather hit Kansas and
Oklahoma, two major U.S. producing regions, over the weekend.
"The move in wheat is definitely driven by the weekend
weather which was much colder than expected in the U.S. Plains,"
said one Australia-based agricultural commodities analyst.
"Temperatures in parts of western Kansas were below the
critical level for 10 hours. Given the stage of the crop, our
fear is that it may have done some damage."
India canceled a tender to import 240,000 tonnes of corn,
hoping for a bigger-than-expected local summer harvest and
following uncertainty over the availability of non-genetically
modified corn, trade and government sources said.
But the country may import wheat for the first time in a
decade as persistent rain and hailstorms could cut India's wheat
crop by at least 14 percent, an industry body said on Friday.
Private analytics firm Informa Economics raised its forecast
for U.S. 2016 corn plantings to 89.5 million acres and lowered
its forecast for soybeans to 84.0 million acres, trade sources
said on Friday.
Large speculators trimmed their net short position in CBOT
corn futures in the week to March 15, regulatory data released
on Friday showed.
The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and curbed their net short position
(Reporting by Naveen Thukral; Editing by Joseph Radford)
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