May 16, 2018 / 2:09 AM / 10 months ago

CORRECTED-GRAINS-Corn hits 6-day high as forecast rain expected to delay sowing

 (Corrects headline to show that rain is forecast, not that it
has already started to fall)
    SYDNEY, May 16 (Reuters) - U.S. corn futures edged higher on
Wednesday as forecasts for rains stoked concerns of planting
delays, pushing prices to a six-day high.
    * The most active corn futures on the Chicago Board Of Trade
 were up 0.1 percent to $4.02-3/4 a bushel by 0140 GMT,
near the session high of $4.03-1/4 a bushel - the highest since
May 10. Corn gained 1.5 percent in the previous session.
    * The most active soybean futures were down 0.4
percent to $10.14-1/4 a bushel, having firmed 0.1 percent on
    * The most active wheat futures were up 0.2 percent to
$4.92-1/4 a bushel, having closed up 0.5 percent on Wednesday. 
    * The U.S. Agriculture Department on Monday afternoon said
the U.S. winter wheat crop was rated 36 percent good to
excellent as of May 14, up 2 percentage points from a week
    * USDA pegged corn planting progress at 62 percent, up from
39 percent a week earlier. The five-year average for mid-May is
63 percent.
    * Forecasts call for rains across the U.S. Midwest,
threatening sowing pace.
    * The U.S. soybean crush in April jumped by almost 16
percent from the same month a year ago as soybean plants
processed their largest-ever volume of beans for the month of
April, the National Oilseed Processors Association said.

    * The dollar hovered near a five-month high against a group
of major currencies on Wednesday, as a surge in the benchmark
10-year Treasury yield above 3 percent reignited a rally that
had lost steam last week.  
    * Oil prices fell on Wednesday, weighed down by ample
supplies despite ongoing output cuts by producer cartel OPEC and
looming U.S. sanctions against major crude exporter Iran. 
    * A surge in U.S. government bond yields to their highest
level in almost seven years sent Wall Street shares sliding on
Tuesday after strong retail sales data stoked inflation concerns
and investors fretted about looming trade talks between the
United States and China.  
0130  China               House prices                     Apr
1230  U.S.                Housing starts                   Apr
1230  U.S.                Building permits                 Apr
1315  U.S.                Industrial production            Apr
 Grains prices at  0140 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   494.25     0.75   +0.15%       +0.61%   498.98   45
 CBOT corn    402.75     0.50   +0.12%       +1.58%   397.85   67
 CBOT soy    1014.25    -4.50   -0.44%       -0.34%  1040.58   47
 CBOT rice     12.51    $0.03   +0.20%       +0.04%   $12.98   50
 WTI crude     70.98   -$0.33   -0.46%       +0.03%   $68.08   64
 Euro/dlr     $1.183  -$0.001   -0.10%       -0.84%              
 USD/AUD      0.7457   -0.001   -0.19%       -0.90%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham
Editing by Vyas Mohan)
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