You are here

GRAINS-Corn up for 3rd session on US planting delays, soybeans ease after rally

* Corn up 5.3 pct in 3 sessions, biggest 3 day rally since Nov * Soybeans tick lower after strong gains, US-China trade in focus (Adds details, quote) By Naveen Thukral SINGAPORE, May 15 (Reuters) - Chicago corn rose for a third consecutive session on Wednesday, notching its biggest 3-day gain since late November as concerns over planting delays in the U.S. Midwest underpinned the market. Soybeans lost ground after rallying in the last session, with Washington-Beijing trade talks taking the spotlight. The most-active corn contract on the Chicago Board of Trade rose 0.4% to $3.70-1/4 a bushel by 0305 GMT after closing up 3.4% in the previous session when prices hit a high of $3.70-3/4 a bushel - the highest since May 3. Soybeans slid 0.3% to $8.29-1/4 a bushel and wheat was up 0.3% at $4.49-3/4 a bushel. U.S. farmers seeded 30% of the U.S. 2019 corn crop by Sunday, the government said, lagging the five-year average of 66% as well as the average estimate in a Reuters analyst survey of 35%. The soybean crop was 9% planted, behind the five-year average of 29% and the average trade estimate of 15%. "This weather risk is amplified by the large short position speculative funds are holding in corn and beans," said Ole Houe, director of advisory services at brokerage IKON Commodities. "Mind you the corn weather issue is not necessarily a small one." Soybeans jumped from 10-year lows on Tuesday on optimistic comments from U.S. President Donald Trump. Trump on Tuesday called the trade war with China "a little squabble" and insisted talks between the world's two largest economies had not collapsed, as investors remained on guard for a further escalation of tit-for-tat tariffs. The U.S. soybean processing pace in April was expected to be above last year and the highest ever for the month as soy plants took advantage of good margins and ample supplies of beans, according to analysts polled ahead of a monthly industry report. Commodity funds were net buyers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Tuesday, traders said. Trader estimates of net fund buying in corn ranged widely from 30,000 to 70,000 contracts and in soybeans from 13,000 to 30,000 contracts. Grains prices at 0305 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 449.75 1.25 +0.28% +2.92% 449.38 59 CBOT corn 370.25 1.50 +0.41% +3.86% 365.59 59 CBOT soy 829.25 -2.25 -0.27% +3.33% 869.95 43 CBOT rice 10.93 -$0.09 -0.77% -0.59% $10.72 80 WTI crude 61.43 -$0.35 -0.57% +0.64% $63.26 Currencies Euro/dlr $1.121 $0.000 +0.03% -0.15% USD/AUD 0.6928 -0.001 -0.19% -0.22% 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)

© Copyright Thomson Reuters 2019. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Agronomy Tip: Fall Residue Management

A birds eye view of a no-till soybean field. Evaluate residue size in fields this fall.

Talk in Marketing