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Naveen Thukral

GRAINS-Wheat firm after losses, but global production outlook caps gains

17 Apr 2019

* Wheat recovers after dropping to one-month low on Tuesday * Higher yields in U.S., Russia, Germany on crop-friendly weather (Adds comment, detail) By Naveen Thukral SINGAPORE, April 17 Chicago wheat futures edged up on Wednesday, supported as investors looked for bargains after the market dropped to a one-month low in the last session on pressure from expectations of bumper production across the northern hemisphere. Soybean prices edged up, while corn was little changed. The most-active wheat contract on the Chicago Board of Trade had climbed 0.5 percent to $4.47 a bushel by 0328 GMT, after dropping to its lowest since March 13 at $4.42 a bushel on Tuesday. "Wheat crop yields are looking good in top exporting countries, but bargain-buying could be part of today's action," said Phin Ziebell, agribusiness economist at National Australia Bank. Corn was flat at $3.59 a bushel, while soybeans gained 0.1 percent to $8.88-3/4 a bushel. The wheat market is coming under pressure as crop-friendly weather boosts crops across the northern hemisphere. The U.S. Department of Agriculture in a weekly report issued on Monday rated 60 percent of the U.S. winter wheat crop in good-to-excellent condition. That was unchanged from the previous week and in line with trade expectations, but up from 31 percent a year ago. Agriculture consultancy SovEcon has raised its forecast for Russia's 2019 wheat crop to 83.4 million tonnes from 80 million tonnes, signalling bigger supplies in the world's top exporter. Germany's 2019 wheat harvest will jump 20.6 percent on the year to 24.44 million tonnes with rising expectations of a recovery after the drought-reduced harvest last year, the country's association of farm cooperatives (DRV) said on Tuesday. Hopes for a positive outcome from U.S. trade talks are likely to aid soybean prices. China would likely lift a ban on U.S. poultry as part of a trade deal and may buy more pork to meet a growing supply deficit, but it is not willing to allow a prohibited growth drug used in roughly half the U.S. hog herd, two sources with knowledge of the negotiations said. The United States and China are trying to hammer out a deal to end a months-long trade war that has cost the world's two largest economies billions and roiled global financial markets and supply chains. Grains prices at 0328 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 447.00 2.00 +0.45% -2.72% 458.60 35 CBOT corn 359.00 0.00 +0.00% -1.03% 366.48 42 CBOT soy 888.75 0.75 +0.08% -1.11% 898.59 39 CBOT rice 10.53 $0.01 +0.14% -0.24% $10.74 50 WTI crude 64.45 $0.40 +0.62% +1.66% $60.68 Currencies Euro/dlr $1.130 $0.002 +0.15% -0.09% USD/AUD 0.7185 0.001 +0.14% +0.17% (Reporting by Naveen Thukral; Editing by Joseph Radford)

GRAINS-Wheat eases for 2nd day on U.S., Russia production outlook

16 Apr 2019

* Wheat dips on expectations of bumper northern hemisphere output * Corn falls, U.S. planting delays limit decline in prices (Adds comment, detail) By Naveen Thukral SINGAPORE, April 16 Chicago wheat futures slid for a second session on Tuesday, with prices under pressure from expectations of bumper production in Russia and the United States. Corn edged down to ease from a 10-day high touched in the previous session, though losses were checked as the U.S. Department of Agriculture (USDA) said planting was lagging market expectations. The most-active wheat contract on the Chicago Board of Trade had slipped 0.1 percent to $4.59-1/4 a bushel by 0242 GMT, after closing 1 percent lower on Monday. Corn was down 0.1 percent at $3.62-1/4 a bushel, while soybeans fell 0.1 percent to $8.97-3/4 a bushel. "U.S. winter wheat crops remain in largely good or better condition much as the market expected," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, in a note to clients. "(There is) nothing in this to suggest that U.S. inventories are being reduced, so the market remains bearish." The USDA said 60 percent of the winter wheat crop is in good-to-excellent condition, compared with 31 percent a year ago. Russia's SovEcon agriculture consultancy has raised its forecast for the country's wheat crop in 2019 to 83.4 million tonnes from 80 million tonnes because sowings are in good condition in the majority of Russia's regions, it said on Monday. SovEcon has also raised its overall grain forecast to 129.1 million tonnes from 126.1 million tonnes, it said. Corn prices were supported by wet weather delaying planting across the Midwest. The USDA said 3 percent of the corn crop has been planted, below market expectations. More rain is expected in the Delta region, eastern Plains and Midwest this week. Showers have already stalled planting in the Delta over the weekend, according to Radiant Solutions, a U.S. weather firm. Hopes for a positive outcome from U.S.-China trade talks supported soybean prices. U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions, marking a retreat on a core U.S. objective for the trade talks. The U.S. soybean crush increased by more than expected in March to the second-largest on record for the month, according to National Oilseed Processors Association (NOPA) data released on Monday. NOPA members, which handle about 95 percent of all soybeans crushed in the United States, processed 170.011 million bushels of the oilseed last month, up from 154.498 million bushels in February and just below the 171.858 million bushels crushed in March 2018, the record for the month. Grains prices at 0242 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 459.25 -0.25 -0.05% -1.13% 459.18 46 CBOT corn 362.25 -0.50 -0.14% +0.35% 367.04 49 CBOT soy 897.75 -1.00 -0.11% +0.28% 899.36 51 CBOT rice 10.59 $0.03 +0.28% +1.20% $10.75 53 WTI crude 63.32 -$0.08 -0.13% -0.89% $60.39 Currencies Euro/dlr $1.130 -$0.001 -0.09% -0.03% USD/AUD 0.7148 -0.003 -0.35% -0.32% (Reporting by Naveen Thukral; Editing by Joseph Radford)

GRAINS-Soybeans, corn set for weekly losses on dismal U.S. exports

12 Apr 2019

* Soybeans, corn face weekly losses after posting gains last week * Disappointing U.S. weekly exports, ample supply weigh on prices (Adds chart, updates prices) By Naveen Thukral SINGAPORE, April 12 Chicago soybean and corn futures slid on Friday with both markets set for weekly declines, under pressure from lacklustre U.S. weekly exports and ample global supplies. Wheat edged higher but the market is poised for a weekly loss on better-than-expected U.S. winter crop prospects. The most-active soybean contract on the Chicago Board of Trade is down half a percent this week, corn has lost 0.8 percent and wheat has given up 1.2 percent. All three markets posted gains last week. Soybeans came under pressure after the U.S. Department of Agriculture reported export sales of U.S. soybeans in the week to April 4 at 280,400 tonnes, well below a range of trade expectations. Corn export sales, at 548,000 tonnes, also fell below expectations. The CBOT soybean May contract may test a support at $8.92 per bushel, a break below which could cause a loss to $8.87-1/4, according to Wang Tao, Reuters market analyst for commodities and energy technicals. There is additional pressure stemming from higher output in South America. Argentina will harvest 55 million tonnes of soy this season, the Buenos Aires Grains Exchange said on Thursday, citing high yields as it raised its previous forecast a day after the Rosario exchange also increased its estimate for the crop. Mild weather for the Pampas farm belt over the last month has pumped yields to higher-than-expected levels as growers bring in the crop. An ample harvest of soy, Argentina's main cash crop, would help bring in export tax revenue needed by the government to cut its fiscal deficit. A second "bomb cyclone" blizzard hitting the United States was limiting the movement and processing of corn, soybeans and wheat around the Midwest and Plains on Thursday. "Weather forecasters do not seem to think the cold will do much damage to crops," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "And the additional moisture may benefit some crops on the western side of U.S. winter wheat." Grains prices at 0654 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 462.00 1.50 +0.33% +0.54% 458.97 47 CBOT corn 359.75 -0.25 -0.07% -0.07% 368.28 36 CBOT soy 894.75 -0.50 -0.06% -0.45% 900.99 42 CBOT rice 10.28 -$0.01 -0.10% -0.15% $10.76 23 WTI crude 63.85 $0.27 +0.42% -1.18% $59.93 Currencies Euro/dlr $1.129 $0.007 +0.63% +0.58% USD/AUD 0.7125 0.002 +0.28% +0.20% 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 and Shreejay Sinha)

GRAINS-Soybeans, corn set for weekly losses on dismal U.S. exports

12 Apr 2019

* Soybeans, corn face weekly losses after posting gains last week * Disappointing U.S. weekly exports, ample supplies weigh on prices (Adds quote, updates prices) By Naveen Thukral SINGAPORE, April 12 Chicago soybean and corn futures slid on Friday with both markets set for weekly declines, under pressure from disappointing U.S. weekly exports and ample global supplies. Wheat edged higher but the market is poised for a weekly loss on better-than-expected U.S. winter crop prospects. The most-active soybean contract on the Chicago Board of Trade is down half a percent this week, corn has lost 0.8 percent and wheat has given up 1.3 percent. All three markets posted gains last week. Soybeans came under pressure after the U.S. Department of Agriculture reported export sales of U.S. soybeans in the week to April 4 at 280,400 tonnes, well below a range of trade expectations. Corn export sales, at 548,000 tonnes, also fell below expectations. There is additional pressure stemming from higher output in South America. Argentina will harvest 55 million tonnes of soy this season, the Buenos Aires Grains Exchange said on Thursday, citing high yields as it raised its previous forecast a day after the Rosario exchange also increased its estimate for the crop. Mild weather for the Pampas farm belt over the last month has pumped yields to higher-than-expected levels as growers bring in the crop. An ample harvest of soy, Argentina's main cash crop, would help bring in export tax revenue needed by the government to cut its fiscal deficit. A second "bomb cyclone" blizzard hitting the United States was limiting the movement and processing of corn, soybeans and wheat around the Midwest and Plains on Thursday. "Weather forecasters do not seem to think the cold will do much damage to crops," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "And the additional moisture may benefit some crops on the western side of U.S. winter wheat." Grains prices at 0241 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 461.50 1.00 +0.22% +0.44% 458.95 45 CBOT corn 359.75 -0.25 -0.07% -0.07% 368.28 36 CBOT soy 894.50 -0.75 -0.08% -0.47% 900.98 42 CBOT rice 10.28 -$0.01 -0.10% -0.15% $10.76 23 WTI crude 63.74 $0.16 +0.25% -1.35% $59.93 Currencies Euro/dlr $1.129 $0.007 +0.65% +0.60% USD/AUD 0.7127 0.002 +0.31% +0.23% 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 and Shreejay Sinha)

GRAINS-Corn prices supported by US planting delays; wheat rebounds

11 Apr 2019

* Flooding, snow storms in parts of U.S. Midwest delay planting * Wheat supported by bargain-buying after five days of losses (Adds chart, updates prices) By Naveen Thukral SINGAPORE, April 11 Chicago corn futures were little changed on Thursday after closing higher in the last session as storms delayed planting in parts of the U.S. Midwest, although plentiful world supplies kept a lid on the market. Wheat gained ground on bargain-buying after falling for the last five sessions. The most-active corn contract on the Chicago Board of Trade was unchanged at $3.61-3/4 a bushel by 0708 GMT, soybeans rose 0.1 percent to $9.02-1/2 and wheat added 0.6 percent to $4.60-1/2 a bushel. U.S. farmers, who have spent the last month sifting through damage left by a storm that flooded more than a million acres of crop land, now face a blizzard ahead of planting season. The latest storm hit the U.S. Rockies on Wednesday and was forecast to move eastward, threatening to bring as much as 30 inches of snow to western Minnesota and southeast South Dakota and another round of flooding to the Plains states. CBOT May corn may test a resistance at $3.64-3/4 per bushel, a break above which could lead to a gain to $3.68, Wang Tao, Reuters market analyst for commodities and energy technicals, wrote in a report. The soybean market was underpinned by expectations of a U.S.-China trade deal. U.S. Treasury Secretary Steven Mnuchin said the two sides have basically settled on a mechanism to police any agreement, including new enforcement offices. "There are hopes for a positive outcome from trade talks," said a Singapore-based trader. "There could be some sort of a trade deal in the coming weeks." China's Ministry of Commerce is set to review its anti-dumping tariffs on imports from the United States of distiller's dried grains, an animal feed ingredient that is a byproduct of ethanol plants, according to a document issued by the China Alcoholic Drinks Association. Ample soybean supplies and slowing Brazilian sales are likely to cap gains in prices. Brazilian soybean exports are expected to end April at the lowest level for that month in four years, based on government figures for the first few days of the month, ship lineup data going forward and industry source estimates. Argentina's soy production will likely reach 56 million tonnes for the 2018/2019 season, 2 million tonnes more than previously estimated, the Rosario grains exchange said on Wednesday, a fillip for the sector that was battered by drought last year. Grains prices at 0708 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 460.50 2.50 +0.55% -1.02% 458.97 44 CBOT corn 361.75 0.00 +0.00% +0.49% 368.65 40 CBOT soy 902.50 0.50 +0.06% +0.42% 901.53 55 CBOT rice 10.24 $0.01 +0.05% -1.73% $10.77 17 WTI crude 64.28 -$0.33 -0.51% -0.19% $59.44 Currencies Euro/dlr $1.128 $0.007 +0.61% +0.55% USD/AUD 0.7158 0.005 +0.75% +0.66% 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 and Shreejay Sinha)

GRAINS-Corn up for 2nd day as storms delay US planting, wheat rises

11 Apr 2019

* Flooding, snow storms in parts of U.S. Midwest delay planting * Wheat supported by bargain-buying after five days of losses (Adds comment, updates prices) By Naveen Thukral SINGAPORE, April 11 Chicago corn futures climbed for a second session on Thursday as storms delayed planting in parts of the U.S. Midwest, although plentiful world supplies kept a lid on the market. Wheat gained ground on bargain-buying after falling for the last five sessions. The most-active corn contract on the Chicago Board of Trade had risen 0.1 percent to $3.62 a bushel by 0340 GMT, soybeans gained 0.1 percent to $9.02-1/2 and wheat added 0.1 percent to $4.58-1/4 a bushel. U.S. farmers, who have spent the last month sifting through damage left by a storm that flooded more than a million acres of crop land, now face a blizzard ahead of planting season. The latest storm hit the U.S. Rockies on Wednesday and was forecast to move eastward, threatening to bring as much as 30 inches of snow to western Minnesota and southeast South Dakota and another round of flooding to the Plains states. The soybean market was underpinned by expectations of a U.S.-China trade deal. U.S. Treasury Secretary Steven Mnuchin said the two sides have basically settled on a mechanism to police any agreement, including new enforcement offices. "There are hopes for a positive outcome from trade talks," said a Singapore-based trader. "There could be some sort of a trade deal in the coming weeks." China's Ministry of Commerce is set to review its anti-dumping tariffs on imports from the United States of distiller's dried grains, an animal feed ingredient that is a byproduct of ethanol plants, according to a document issued by the China Alcoholic Drinks Association. Ample soybean supplies and slowing Brazilian sales are likely to cap gains in prices. Brazilian soybean exports are expected to end April at the lowest level for that month in four years, based on government figures for the first few days of the month, ship lineup data going forward and industry source estimates. Argentina's soy production will likely reach 56 million tonnes for the 2018/2019 season, 2 million tonnes more than previously estimated, the Rosario grains exchange said on Wednesday, a fillip for the sector that was battered by drought last year. Grains prices at 0340 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 458.25 0.25 +0.05% -1.50% 458.89 40 CBOT corn 362.00 0.25 +0.07% +0.56% 368.66 42 CBOT soy 902.50 0.50 +0.06% +0.42% 901.53 55 CBOT rice 10.24 $0.01 +0.05% -1.73% $10.77 17 WTI crude 64.24 -$0.37 -0.57% -0.25% $59.44 Currencies Euro/dlr $1.128 $0.006 +0.54% +0.49% USD/AUD 0.7155 0.005 +0.70% +0.62% (Reporting by Naveen Thukral; Editing by Shreejay Sinha and Joseph Radford)

GRAINS-Wheat falls for fifth day on supply pressure; corn, soybeans firm

10 Apr 2019

* Chicago wheat trades near last session's one-week low * Rising U.S., global stocks add pressure on wheat prices (Adds chart, updates prices) By Naveen Thukral SINGAPORE, April 10 Chicago wheat futures fell for a fifth consecutive session on Wednesday, their worst losing streak since February, after a U.S. government report raised its estimate for world wheat inventories. Corn and soybeans edged higher after closing almost unchanged on Tuesday. The most-active wheat contract on the Chicago Board of Trade was down 0.3 percent at $4.58-1/4 a bushel by 0600 GMT, corn gained 0.3 percent to $3.61 a bushel and soybeans were up 0.2 percent at $9.00-1/4 a bushel. The five days of losses for the wheat contract are the worst streak of declines since prices dropped for six days in a row from Feb. 25 to March 4. The wheat market is under pressure after the U.S. Department of Agriculture (USDA) in a monthly report on Tuesday raised its forecast of global 2018/19 wheat ending stocks to 275.61 million tonnes, topping the highest in a range of trade expectations. "The USDA cut their forecast of U.S. exports for season 2018," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The wheat that was not exported is largely forecast to end up in inventories." The agency raised its outlook for how much corn will be left in grain elevators ahead of harvest this year due to falling demand from the export, feed and residual and ethanol sectors. The USDA also boosted its estimate of domestic wheat supplies. However, it trimmed its outlook for soybean stocks for the third report in a row. The USDA in a weekly crop progress report late on Monday rated 60 percent of the U.S. winter wheat crop in good-to-excellent condition, up from 56 percent a week earlier, a sign of improving yield prospects. Analysts on average had expected no change in weekly ratings. A spring snowstorm was forecast to cross parts of Nebraska, South Dakota, Minnesota and Wisconsin starting Wednesday, potentially dumping 8 to 16 inches of snow, the Commodity Weather Group said in a client note. Farmers in those areas are trying to prepare fields for the seeding of spring crops including corn. CBOT soybean May contract may retest a support at $8.97-1/2 per bushel, with a good chance of breaking below this level and falling to the next support at $8.92, Wang Tao, Reuters market analyst for commodities and energy technicals, wrote in a report. Commodity funds were net sellers of CBOT wheat and soybean futures contracts on Tuesday and net buyers of soyoil, traders said. Estimates of fund activity in corn ranged widely, from net sales of 12,500 contracts to net purchases of 8,000 lots. Grains prices at 0600 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 458.25 -1.25 -0.27% -2.03% 459.13 38 CBOT corn 361.00 1.00 +0.28% -0.41% 369.04 39 CBOT soy 900.25 1.50 +0.17% +0.14% 902.05 51 CBOT rice 10.40 $0.11 +1.07% -1.09% $10.79 29 WTI crude 64.12 $0.14 +0.22% +1.65% $59.20 Currencies Euro/dlr $1.126 $0.005 +0.43% +0.37% USD/AUD 0.7143 0.004 +0.53% +0.45% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Christian Schmollinger and Sherry Jacob-Phillips)

GRAINS-Wheat falls for fifth session on supply pressure; corn, soybeans firm

10 Apr 2019

* Chicago wheat trades near last session's one-week low * Rising U.S., global stocks add pressure on wheat prices (Adds quote, updates prices) By Naveen Thukral SINGAPORE, April 10 Chicago wheat futures fell for a fifth consecutive session on Wednesday, its worst losing streak since February, after a U.S. government report raised its estimate for world wheat inventories. Corn and soybeans edged higher after closing almost unchanged on Tuesday. The most-active wheat contract on the Chicago Board of Trade fell 0.3 percent to $4.58-1/4 a bushel by 0255 GMT, corn gained 0.3 percent at $3.61 a bushel and soybeans were up 0.2 percent at $9.00-1/2 a bushel. The five days of losses for the wheat contract are the worst streak of declines since prices fell for six days in a row from Feb. 25 to March 4. The wheat market is under pressure after the U.S. Department of Agriculture (USDA) in a monthly report on Tuesday raised its forecast of global 2018/19 wheat ending stocks to 275.61 million tonnes, topping the highest in a range of trade expectations. "The USDA cut their forecast of U.S. exports for season 2018," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The wheat that was not exported is largely forecast to end up in inventories." The agency raised its outlook for how much corn will be left in grain elevators ahead of harvest this year due to falling demand from the export, feed and residual and ethanol sectors. The USDA also boosted its estimate of domestic wheat supplies. But it trimmed its outlook for soybean stocks for the third report in a row. The USDA in a weekly crop progress report late on Monday rated 60 percent of the U.S. winter wheat crop in good to excellent condition, up from 56 percent a week earlier, a sign of improving yield prospects. Analysts on average had expected no change in weekly ratings. A spring snowstorm was forecast to cross parts of Nebraska, South Dakota, Minnesota and Wisconsin starting Wednesday, potentially dumping 8 to 16 inches of snow, the Commodity Weather Group said in a client note. Farmers in those areas are trying to prepare fields for the seeding of spring crops including corn. Commodity funds were net sellers of CBOT wheat and soybean futures contracts on Tuesday and net buyers of soyoil, traders said. Estimates of fund activity in corn ranged widely, from net sales of 12,500 contracts to net purchases of 8,000 lots. Grains prices at 0255 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 458.25 -1.25 -0.27% -2.03% 459.13 38 CBOT corn 361.00 1.00 +0.28% -0.41% 369.04 39 CBOT soy 900.50 1.75 +0.19% +0.17% 902.06 51 CBOT rice 10.40 $0.11 +1.07% -1.09% $10.79 29 WTI crude 64.11 $0.13 +0.20% +1.63% $59.20 Currencies Euro/dlr $1.126 $0.004 +0.38% +0.33% USD/AUD 0.7113 0.001 +0.11% +0.03% (Reporting by Naveen Thukral; editing by Richard Pullin and Christian Schmollinger)

GRAINS-Wheat drops to 1-wk low on better US crop condition, corn eases for 3rd day

09 Apr 2019

* Chicago wheat falls 1 percent, hits lowest since April 2 * USDA rated 60 pct of wheat in good-to-excellent condition * Uncertainty over U.S.-China trade deal pressures soybeans (Adds comment, details) By Naveen Thukral SINGAPORE, April 9 Chicago wheat prices slid 1 percent on Tuesday, dropping to their lowest since April 2 amid the improved condition of the U.S. winter crop and abundant world supplies. Corn eased for a third consecutive session ahead of a U.S. Department of Agriculture report which is expected to raise the outlook for stocks in the United States. The most-active wheat contract on the Chicago Board of Trade had dropped 1 percent to $4.60-1/2 a bushel by 0341 GMT, after hitting its lowest since April 2 at $4.60-1/4 a bushel. Corn fell 0.1 percent to $3.59-3/4 a bushel and soybeans were up half-a-cent at $8.99-1/4 a bushel. The wheat market is facing pressure from improved condition of the winter crop which will be harvested in the coming months. "(The) U.S. crop rating came in better than expected," said a Singapore-based grains trader. "U.S. prices are coming down, but Black Sea wheat is still cheaper for Asian buyers. Russian wheat is around $20 lower than U.S. wheat for August shipment." The USDA rated 60 percent of the U.S. winter wheat crop in good to excellent condition, up from 56 percent a week ago and above an average of analyst expectations for no change. Corn futures are trading near a one-week low ahead of the USDA report. The average estimate among analysts surveyed by Reuters for the amount of corn left over at the end of the 2018/19 marketing year was 1.991 billion bushels, up from USDA's March forecast of 1.835 billion. U.S. farmers have begun planting the 2019 U.S. corn crop in southern fringes of the crop belt. After the CBOT close, the USDA reported U.S. corn planting progress as 2 percent complete, matching the five-year average and an average of analyst expectations. A storm is forecast to bring rain and potentially heavy snow to northwestern portions of the U.S. Corn Belt on Wednesday and Thursday. The storm could drop 6 to 12 inches of snow, with a few local amounts of 18 inches, on parts of South Dakota, Nebraska, Iowa, Minnesota and Wisconsin, the Commodity Weather Group said in a note to clients. The soybean market is focused on U.S.-China trade talks. U.S. officials are "not satisfied yet" about all the issues standing in the way of a deal to end the U.S.-China trade war but made progress in talks with China last week, a top White House official said on Monday. Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Monday and net buyers of soymeal and soybeans, traders said. Grains prices at 0341 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 460.50 -4.75 -1.02% -2.18% 459.31 41 CBOT corn 359.75 -0.25 -0.07% -1.51% 369.50 35 CBOT soy 899.25 0.50 +0.06% -0.80% 902.63 50 CBOT rice 10.40 -$0.03 -0.24% -1.47% $10.79 22 WTI crude 64.54 $0.14 +0.22% +3.93% $58.92 Currencies Euro/dlr $1.126 $0.005 +0.44% +0.38% USD/AUD 0.7127 0.002 +0.31% +0.23% 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 and Joseph Radford)

GRAINS-Wheat eases for 3rd session on improved US crop outlook; soybeans firm

08 Apr 2019

* Chicago wheat loses more ground ahead of USDA's crop report * Soybeans rebound amid uncertainty over U.S.-China trade deal (Adds quote, updates prices) By Naveen Thukral SINGAPORE, April 8 Chicago wheat futures slid for a third consecutive session on Monday with prices under pressure from improved outlook for the U.S. winter crop and ample world supplies. Soybeans rose after closing lower on Friday although gains were checked by uncertainty over U.S.-China trade agreement, while corn gained ground with support from planting delays in the U.S. Midwest. The Chicago Board of Trade most-active wheat contract slid 0.4 percent to $4.65-3/4 a bushel by 0319 GMT while soybeans rose 0.4 percent to $9.03 a bushel. Corn added 0.1 percent to $3.63 a bushel. "The wheat market is under pressure as supplies look pretty good overall," said Phin Ziebell, an agribusiness economist at National Australia Bank. "The USDA crop report will be interesting," Ziebell said, referring to the weekly crop condition report. Last week, in its first crop condition report for this year, the USDA assessed 56 percent of U.S. winter wheat in good-to-excellent condition, up from 32 percent a year ago and topping trade expectations of 55 percent. U.S. President Donald Trump on Friday would not predict that a trade deal with China will be reached, even though talks are moving along very well with China. On Thursday, Trump had said that a deal could be announced within four weeks. U.S. and Chinese negotiators wrapped up their latest round of trade talks on Friday and are scheduled to resume discussions this week to try to secure a pact that would end a tariff battle that has roiled global markets. The two sides offered few details of the progress. The sale of Brazilian soybeans has lagged due to a fall in port premiums, raising the prospect for a lack of storage space for the country's winter corn, which is planted after the oilseeds are harvested, according to analysts. Weather forecasters were predicting that a storm, bringing rain and maybe even snow in some places, will hit the U.S. Midwest this week, further delaying corn planting. Large speculators increased their net short position in CBOT corn futures in the week to April 2, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and increased their net short position in soybeans. Grains prices at 0319 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 465.75 -2.00 -0.43% -1.06% 459.48 49 CBOT corn 363.00 0.50 +0.14% -0.62% 369.61 42 CBOT soy 903.00 4.00 +0.44% -0.39% 902.75 54 CBOT rice 10.56 $0.04 +0.43% +0.09% $10.80 34 WTI crude 63.42 $0.34 +0.54% +2.13% $58.88 Currencies Euro/dlr $1.123 $0.001 +0.12% +0.06% USD/AUD 0.7097 -0.001 -0.11% -0.20% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Shreejay Sinha and Gopakumar Warrier)

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