July 15, 2019 / 2:43 AM / a month ago

GRAINS-Corn jumps 1% to hit 5-year high as forecast stokes supply woes

    * Corn hits high of $4.64-3/4 a bushel
    * Wheat follows corn higher
    * Soybeans hit more than 1-year high 

    By Colin Packham
    SYDNEY, July 15 (Reuters) - U.S. corn futures rose as much as 1% on Monday to hit a five-year high as forecasts for
hot, dry weather across a key North American growing region stoked fears that crops could face further damage.
    Wheat edged higher, drawing support from corn, while soybeans firmed to hit a more than one-year high.
    The most active corn futures on the Chicago Board Of Trade Cv1 were up 0.9% at $4.63-1/2, as of 0231 GMT, near a
session high of $4.64-3/4 a bushel - the highest since June 2014. Corn gained 2.5% in the previous session.
    Analysts said forecasts for unfavourable weather were supporting prices.
    "Its too hot and the market is weighing up the very real prospect of supply issues," said Phin Ziebell, agribusiness
economist, National Australia Bank.
    The forecasts for hot, dry weather comes on the back of recent adverse weather, which has weighed on the condition of
crops.
    This is likely to be on stark display again when U.S. Department of Agriculture reports its latest condition report
on Monday.
    The USDA last week said 57% of the nation's corn crop was in good-to-excellent shape, as of July 7, down from 75% a
year earlier.
    The most active wheat futures climbed 0.7% to $5.26-1/2 a bushel, having closed up 0.3% on Friday.
    Analysts said fears about global production continue to support prices.
    The USDA last week lowered its forecast of world wheat production in 2019/20 by over 9 million tonnes, including a
3.8 million decrease to projected output in top exporter Russia.
    The most active soybean futures were up 0.2% at $9.33-1/2 a bushel, near the session high of $9.36-1/2 a bushel
- the highest since June 2018; soybeans firmed 1.6% on Friday.
    The USDA lowered its U.S. 2019-20 soybean production estimate but a cut to expected exports reinforced demand
concerns amid a trade dispute with China and a spreading pig disease that has also cut Chinese demand for soybeans in
feed.
        
 Grains prices at 0231 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   526.50    3.50    +0.67%       +0.96%  523.59     52
 CBOT corn    463.50    4.25    +0.93%       +3.46%  442.76     70
 CBOT soy     933.50    2.00    +0.21%       +1.77%  911.52     69
 CBOT rice     11.86  -$0.05    -0.42%       -0.63%  $11.78     77
 WTI crude     59.92  -$0.29    -0.48%       -0.47%  $56.02     64
 Currencies                                                       
 Euro/dlr     $1.127  $0.000    -0.02%       +0.13%               
 USD/AUD      0.7029   0.001    +0.17%       +0.80%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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