June 10, 2019 / 12:52 AM / 9 days ago

GRAINS-Corn prices fall on hopes for progress in U.S. planting

    SINGAPORE, June 10 (Reuters) - Chicago corn futures slid for
a second session on Monday, with prices falling more than 1% as
U.S. farmers are expected to get a window of dry weather to push
on with planting.
    Wheat fell 1%, while soybeans lost 0.8% in early Asian
trade.
    
    FUNDAMENTALS
    * U.S. farmers, suffering from historic planting delays, are
likely to see some dry weather this week which could help them
to seed crops.
    * The U.S. Department of Agriculture (USDA) last Monday
reported U.S. corn planting was 67% complete, behind market
estimates and well below the average pace of 96% at this time of
year.
    * The market is waiting for the first U.S. condition ratings
for the 2019 corn crop, which are expected from the USDA on
Monday.
    * Large speculators switched to a net long position in
Chicago Board of Trade corn futures in the week to June 4,
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 trimmed their net short
position in soybeans.
    * But on Friday, commodity funds were net sellers of CBOT
corn, soybeans, soymeal, soyoil and wheat futures contracts on
Friday, traders said.
    
    MARKET NEWS
    * U.S. stock futures jumped on Monday after a migration deal
between the United States and Mexico late last week to avert a
tariff war added to weak U.S. job data which cemented
expectations of Federal Reserve rate cuts.
    
    DATA/EVENTS (GMT)
0400    Indonesia  Inflation YY                May
0830    UK         GDP Est 3M/3M               April
0830    UK         GDP Estimate MM YY          April
0830    UK         Manufacturing Output MM     April
 ::     China      Exports YY                  May
 ::     China      Imports YY                  May
 ::     China      Trade Balance USD           May
    
 Grains prices at 0027 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  499.50  -5.00    -0.99%   -2.06%       468.41  53
 CBOT corn   410.75  -5.00    -1.20%   -2.32%       389.21  49
 CBOT soy    849.50  -6.75    -0.79%   -2.22%       844.22  42
 CBOT rice   11.68   -$0.05   -0.43%   -0.51%       $11.21  65
 WTI crude   54.43   $0.44    +0.81%   +3.50%       $59.53  
 Currencies                                                 
 Euro/dlr    $1.132  -$0.001  -0.11%   +0.40%               
 USD/AUD     0.6994  0.000    -0.06%   +0.26%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below