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Naveen Thukral

Fall armyworm invades crops across Asia, smallholders worst hit

7:34am BST

BAN NONG TOR, Thailand/SINGAPORE Looking out at his empty, red-earth field, Thai farmer Puang Timdon said his two-week-old maize crop didn't stand a chance against the fall armyworm pest.

GRAINS-Corn drops to 1-week low, soybeans ease on fund-selling

3:59am BST

* Corn drops for 3rd straight session to one-week low * Fund-selling adds pressure, planting delays limit losses (Adds details, quote) By Naveen Thukral SINGAPORE, June 20 Chicago corn futures slid to a one-week low on Thursday, falling for a third consecutive session, as prices were pressured by fund selling although planting delays provided a floor under the market. Wheat and soybean futures lost ground. The most-active corn contract on the Chicago Board Of Trade gave up 0.3% at $4.39-1/2 a bushel by 0229 GMT, having dropped earlier in the session to its lowest since June 13 at $4.36-1/2 a bushel. Wheat was down 0.6% at $5.19-1/4 a bushel, having closed down 1.7% on Wednesday and soybeans lost 0.5% to $8.98-1/2, adding to Wednesday's losses of 1.1%. "It seems the corn market is putting in a strong case for having reached a peak for now," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The U.S. corn crop is going to be substantially smaller in season 2019. Nonetheless the drop does not leave supply tight, it just loses comfort." Heavy rains across the Midwest threaten to delay planting of both corn and soybeans. Both crops are lagging well behind historical average levels, but the biggest concern centres around corn, which has an earlier planting window. Commodity funds were net sellers of CBOT corn, soybean, wheat and soymeal futures contracts on Wednesday and net buyers of soyoil, traders said. Heavy storms that have hit eastern Argentina over the past few days will cause delays in planting of next season's wheat crop, but they could also help farmers grow more of the grain thanks to replenished water reserves, weather experts said. Argentina, one of the world's major grain exporters, has been benefiting recently from adverse weather hitting U.S. wheat crops, with the local exchange estimating record wheat production in the 2019/20 season. Egypt's state grains buyer purchased 290,000 tonnes of wheat in an international tender. It bought 110,000 tonnes of Russian and 180,000 tonnes of Romanian wheat. Grains prices at 0229 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 519.25 -3.00 -0.57% -3.75% 490.33 53 CBOT corn 439.50 -1.50 -0.34% -3.35% 407.11 60 CBOT soy 898.50 -4.75 -0.53% -1.56% 855.64 62 CBOT rice 11.31 -$0.06 -0.53% -2.67% $11.42 33 WTI crude 54.41 $0.65 +1.21% +0.95% $56.91 Currencies Euro/dlr $1.126 $0.005 +0.46% -0.15% USD/AUD 0.6887 0.001 +0.22% -0.38% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

GRAINS-Corn extends losses on U.S. planting; soybeans ease after rally

19 Jun 2019

* Corn loses more ground as U.S. farmers nearly finish planting * Chicago soybeans drop after seven-session rally, wheat falls (Adds chart, updates prices) By Naveen Thukral SINGAPORE, June 19 Chicago corn futures slid for a second session on Wednesday as U.S. farmers race to finish planting, which has been delayed by excessive rains and flooding across the U.S. Midwest. Soybean fell for the first time in eight sessions after climbing to a three-month high in the previous session, though losses were checked amid planting delays and on hopes that Washington and Beijing would restart trade talks after a recent lull. The most-active corn contract on the Chicago Board Of Trade was down 0.1% at $4.49-1/4 a bushel, as of 0741 GMT, having closed 1.1% lower in the previous session. Soybeans lost 0.3% to $9.11 a bushel, having climbed to their highest since March 4 at $9.21-1/2 bushel on Tuesday, and wheat gave up 0.6% to $5.28-1/2 a bushel, having closed down 1.5% in the previous session. "U.S. corn was overvalued as compared with the international market to the point that it was almost possible for the United States to import South American corn," said Ole Houe, director of advisory services at brokerage IKON Commodities. The U.S. Department of Agriculture (USDA) said the 2019 U.S. crop was 92% planted, matching trade expectations. The USDA rated 59% of the crop in good-to-excellent condition, unchanged from the week before. CBOT July corn is expected to break a support at $4.44-1/2 per bushel and fall towards the next support at $4.30-1/2, according to Wang Tao, a Reuters market analyst for commodities technicals. In the previous session, soybeans had been supported by ongoing U.S. planting delays and renewed optimism about U.S.-China trade talks. U.S. soybean planting was 77% finished by Sunday, lagging the average trade estimate of 79% and the five-year average of 93%, the USDA said. In the wheat market, focus is on wheat tender issued by the world's top importer Egypt. The country's General Authority for Supply Commodities set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from July 22-31. Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday and net buyers of soybeans and soyoil. Trader estimates of net fund selling in corn ranged widely from 5,000 to 30,000 contracts. Grains prices at 0741 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 528.50 -3.00 -0.56% -1.86% 487.58 61 CBOT corn 449.25 -0.50 -0.11% -0.83% 404.66 72 CBOT soy 911.00 -2.50 -0.27% +1.59% 853.30 75 CBOT rice 11.52 -$0.04 -0.39% -1.03% $11.41 45 WTI crude 54.05 $0.15 +0.28% +2.93% $57.43 Currencies Euro/dlr $1.119 -$0.002 -0.13% -0.74% USD/AUD 0.6871 0.000 -0.01% -0.61% (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

GRAINS-Corn extends losses on U.S. planting; soybeans ease after rally

19 Jun 2019

* Corn loses more ground as U.S. farmers nearly finish planting * Chicago soybeans drop after seven-session rally, wheat falls (Adds details, quote) By Naveen Thukral SINGAPORE, June 19 Chicago corn futures slid for a second session on Wednesday as U.S. farmers race to finish planting, which has been delayed by excessive rains and flooding across the U.S. Midwest. Soybean fell for the first time in eight sessions after climbing to a three-month high in the previous session, though losses were checked amid planting delays and on hopes that Washington and Beijing would restart trade talks after a recent lull. The most-active corn contract on the Chicago Board Of Trade was down 0.1% at $4.49-1/2 a bushel, as of 0248 GMT, having closed 1.1% lower in the previous session. Soybeans lost 0.4% to $9.10 a bushel, having climbed to their highest since March 4 at $9.21-1/2 bushel on Tuesday, and wheat gave up 0.5% to $5.28-3/4 a bushel, having closed down 1.5% on Tuesday. "U.S. corn was overvalued as compared with the international market to the point that it was almost possible for the United States to import South American corn," said Ole Houe, director of advisory services at brokerage IKON Commodities. The U.S. Department of Agriculture (USDA) said the 2019 U.S. crop was 92% planted, matching trade expectations. The USDA rated 59% of the crop in good-to-excellent condition, unchanged from the week before. In the previous session, soybeans had been supported by ongoing U.S. planting delays and renewed optimism about U.S.-China trade talks. U.S. soybean planting was 77% finished by Sunday, lagging the average trade estimate of 79% and the five-year average of 93%, the USDA said. In the wheat market, focus is on wheat tender issued by the world's top importer Egypt. The country's General Authority for Supply Commodities set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from July 22-31. Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday and net buyers of soybeans and soyoil. Trader estimates of net fund selling in corn ranged widely from 5,000 to 30,000 contracts. Grains prices at 0248 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 528.75 -2.75 -0.52% -1.81% 487.58 61 CBOT corn 449.50 -0.25 -0.06% -0.77% 404.67 72 CBOT soy 910.00 -3.50 -0.38% +1.48% 853.27 74 CBOT rice 11.52 -$0.04 -0.39% -1.03% $11.41 45 WTI crude 53.94 $0.04 +0.07% +2.72% $57.43 Currencies Euro/dlr $1.119 -$0.001 -0.12% -0.73% USD/AUD 0.6877 0.000 +0.07% -0.52% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

GRAINS-Corn set for biggest 1-day drop in 2 weeks on US planting progress

18 Jun 2019

* Corn falls 2.03%, biggest 1-day decline since early June * U.S. corn planting at 92%, adds pressure on prices * Wheat falls for 1st time 7 sessions, soybeans down (Recasts with move in corn prices) By Naveen Thukral SINGAPORE, June 18 Chicago corn futures slid 2% on Tuesday and were headed for their biggest one-day decline in two weeks, weighed down by U.S. planting progress and forecasts of dry weather in the days ahead. Wheat dropped 1.5%, falling for the first time in seven sessions, while soybeans lost ground after climbing to their highest since early March. The most-active corn contract on the Chicago Board of Trade was down 2.03% at $4.45-1/2 a bushel, having hit its highest since June 2014 at $4.64-1/4 a bushel on Monday. Wheat lost 1.5% at $5.31-1/2 a bushel and soybeans were down 0.7% at $9.06-1/4 a bushel after touching their highest since early March at $9.21-1/2 a bushel earlier in the session. "Corn planting is 92% complete and the market couldn't be held at those levels given planting data," said Phin Ziebell, an agribusiness economist at National Australia Bank. "Although prices are still higher than pre-rain levels." The U.S. Department of Agriculture (USDA) said U.S. corn crop was 92% seeded, in line with trade expectations, although behind the average of 100%. Forecasts are calling for dry weather this week and early next week in parts of the U.S. Midwest which could allow farmers to finish planting. The agency said U.S. soybean planting was 77% finished by Sunday, lagging the average trade estimate of 79% and the five-year average of 93%. Brazilian farmers will export a record 38 million tonnes of corn this year, as their crop becomes more competitive due to a record harvest and historic U.S. planting delays, according to agribusiness consultancy Agroconsult. The National Oilseed Processors Association said its members crushed 154.8 million bushels of soybeans in May, below an average of trade estimates for 162.5 million bushels. The USDA said 8% of the winter wheat crop was harvested by Sunday, behind the five-year average of 20%. Condition ratings remained relatively strong with 64% of the winter wheat seen as good-to-excellent, up from 39% a year ago. The Australian Bureau of Agricultural and Resource Economics and Sciences lowered its forecast of 2019/20 wheat exports to 11.7 million tonnes from 14.2 million tonnes, citing drought. Commodity funds were net buyers of CBOT soybean, soyoil and corn futures contracts on Monday, traders said. The funds were net sellers of CBOT wheat futures and even in soymeal, traders said. Grains prices at 0301 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 531.50 -8.00 -1.48% -0.75% 484.27 64 CBOT corn 445.50 -9.25 -2.03% +0.79% 401.52 66 CBOT soy 906.25 -6.50 -0.71% +2.06% 850.39 71 CBOT rice 11.63 $0.01 +0.09% -0.21% $11.38 53 WTI crude 51.82 -$0.11 -0.21% -1.31% $57.35 Currencies Euro/dlr $1.123 $0.002 +0.21% -0.40% USD/AUD 0.6842 -0.003 -0.44% -1.03% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

GRAINS-Corn hits highest since 2014 on expectations of lower US output

17 Jun 2019

* Chicago corn jumps to 5-year peak, gains more than 2% * Rains, flooding likely to reduce U.S. corn production (Adds details, quote) By Naveen Thukral SINGAPORE, June 17 Chicago corn futures climbed more than 2% on Monday to a five-year top as more rains and flooding in parts of the U.S. Midwest are likely to curb output in the world's biggest producer of the grain. Wheat rose to a nine-and-a-half-month peak while soybeans advanced more than 1%, gaining for a sixth consecutive session. The most-active corn contract on the Chicago Board of Trade was up 2.3% at $4.63-1/4 a bushel, as of 0305 GMT, near the session high of $4.64 a bushel - the highest since June 2014. "The market is finding new 'horror stories' about U.S. corn crops as it scours the U.S. Midwest for information," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The storms have left millions of acres unseeded in the $51 billion U.S. corn market and put crops that were planted late at a greater risk for damage from severe weather during the growing season. Together, the problems heap more pain on a farm sector that has suffered from years of low crop prices and a U.S.-China trade war that is slowing agricultural exports. End-users of corn, such as producers of livestock feed and ethanol, have been bidding up for old-crop supplies to prepare for tighter domestic inventories. "The market does not believe that farmers can complete planting before the window closes. The weather will now have a material impact on supplies," said Phin Ziebell, agribusiness economist, National Australia Bank. Wheat was up nearly 1% at $5.43-3/4 a bushel after climbing to its highest since Aug. 31 at $5.44-3/4 a bushel, and soybeans added 1.4% to $9.09-1/2 a bushel, having firmed 1% in the previous session. Analyst said soybeans were drawing support from the wet U.S. weather. Soybeans have a later planting window, but should the rains continue, farmers may be unable to finish planting of the oilseed too. U.S. soybean processors likely crushed fewer soybeans last month than they did in the same month a year ago, but the crush rate was still the second-largest on record for May, according to analysts polled ahead of a monthly industry report. Large speculators raised their net long position in CBOT corn futures in the week to June 11, 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 0305 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 543.75 5.25 +0.97% +1.54% 484.68 74 CBOT corn 463.25 10.25 +2.26% +4.81% 402.11 83 CBOT soy 909.50 12.75 +1.42% +2.42% 850.50 77 CBOT rice 11.61 -$0.04 -0.30% -0.39% $11.38 51 WTI crude 52.64 $0.13 +0.25% +0.69% $57.73 Currencies Euro/dlr $1.122 $0.001 +0.11% -0.50% USD/AUD 0.6880 0.001 +0.12% -0.48% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, additional reporting by Colin Packham in SYDNEY; Editing by Subhranshu Sahu)

GRAINS-Corn climbs to 4-year top as rains stall U.S. planting

14 Jun 2019

* Chicago corn set to finish week with almost 7% gain * Rains, flooding halt field work in U.S. Midwest * Wheat futures ease after climbing to 6-month high (Adds details, quote) By Naveen Thukral SINGAPORE, June 14 Chicago corn futures rose to a four-year high on Friday and were poised to finish the week with a gain of almost 7% as more rains in parts of the U.S. Midwest threaten to stall planting. Wheat prices slid after jumping to a six-month high, while soybeans were little changed, having risen for the last four sessions. The most-active corn contract on the Chicago Board Of Trade climbed to its highest since July 2015 at $4.45-1/4, extending gains into a fourth session. Corn was up 6.6% for the week after closing down 2.6% last week. Wheat rose to its highest since December at $5.37-1/2 a bushel and has added nearly 6% for the week in what would be its fifth straight weekly gain. The corn market got a boost this week after the U.S. Department of Agriculture (USDA) cut its forecast of the U.S. 2019 corn yield in a monthly report and slashed its forecast of 2019/20 ending stocks, citing "unprecedented planting delays." "It is a serious matter now, it will further reduce yields and there are expectations that the USDA will further cut production estimates in the next report," said one Singapore-based trader. Soybeans have gained ground for the last four sessions as persistent rain in the Midwest crop belt raised concerns that later-planted beans would be hit too. The USDA said the U.S. soybean crop was 60% seeded by June 9, compared to the five-year average of 88%. Soybeans have gained nearly 4% this week, rebounding from last week's 2.4% loss. A worsening of European soft wheat's competitiveness on world markets led crop consultancy Strategie Grains to cut by more than 1 million tonnes its forecast for EU soft wheat exports to third countries for the 2019/20 season on Thursday. Strategie Grains now expects the European Union to export 22.1 million tonnes of soft wheat in the season starting on July 1, down from 23.2 million estimated last month. Commodity funds were net buyers of CBOT corn, soybean, wheat, soyoil and soymeal futures contracts on Thursday, traders said. Trade estimates of net fund buying in corn ranged widely from 18,000 to 50,000 contracts. Grains prices at 0423 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 535.00 -0.50 -0.09% +3.28% 477.98 71 CBOT corn 443.50 1.50 +0.34% +3.68% 396.33 76 CBOT soy 887.50 -0.50 -0.06% +3.29% 846.46 69 CBOT rice 11.67 $0.02 +0.17% +0.82% $11.32 57 WTI crude 52.55 $0.27 +0.52% +2.76% $58.04 Currencies Euro/dlr $1.127 -$0.006 -0.49% -0.34% USD/AUD 0.6899 -0.006 -0.88% -0.89% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

GRAINS-Corn hits 1-week high as rains threaten to stall U.S. planting

13 Jun 2019

* Chicago corn climbs more than 1%, up for third session * Soybeans, wheat futures gain for 4th consecutive session * Forecasts of more U.S. rains threatening to halt planting (Adds details, quote) By Naveen Thukral SINGAPORE, June 13 Chicago corn rose 1.2% on Thursday to a one-week high, while soybeans gained for a fourth consecutive session as forecasts of more rains in the U.S. Midwest threatened to stall planting. Wheat jumped to its highest since early February with prices underpinned dry weather hurting recently planted crop in Australia, typically the world's fourth-largest exporter. The most-active corn contract on the Chicago Board of Trade was up 1.2% at $4.35-1/4 a bushel, as of 0149 GMT, near the session high of $4.36 a bushel - the highest since June 4. Soybeans added 0.3% to $8.80-1/2 a bushel, after closing 2.2% firmer on Wednesday and wheat rose 0.5% to $5.29 a bushel, after climbing to its highest since Feb. 6 at $5.30-3/4 a bushel. Corn and soybeans are drawing support particularly from forecasts for wet weather across the U.S. Midwest, which threaten to stall planting. The U.S. Department of Agriculture (USDA) on Tuesday cut its corn yield projection in a monthly report by 5.7% to 166 bushels, surprising analysts who had expected a smaller decline. "With so much late planting this season, the tail on weather threats to this U.S. corn crop will run well into the northern (hemisphere) autumn," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The USDA left its estimates for soybean production and yields unchanged from May. Adjustments to the soybean crop outlook can be expected in the USDA's July report, the agency's chief economist told Reuters on Wednesday. If conditions improve, farmers could switch acres to soybeans, which are typically planted after corn. However, future rains mean more soybean plantings may be stalled, traders said. China's soymeal futures rose 2.6%, while rapemeal futures climbed more than 3%, largely tracking gains in the Chicago market. The wheat market is being buoyed by a third year of drought in Australia. Dry weather will persist across Australia until at least the end of September, the country's weather bureau said on Thursday, in a forecast that threatens to further lower wheat production. There is just a 30% chance that Australia will record average rainfall between July 1 and Sept 30, Australia's Bureau of Meteorology said. Commodity funds were net buyers of CBOT corn, soybean, soymeal, soyoil and wheat futures contracts on Wednesday, traders said. Grains prices at 0149 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 529.00 2.75 +0.52% +4.24% 474.78 69 CBOT corn 435.25 5.25 +1.22% +4.69% 394.00 71 CBOT soy 880.50 2.50 +0.28% +2.56% 845.35 66 CBOT rice 11.73 -$0.02 -0.13% -0.38% $11.28 54 WTI crude 51.28 $0.14 +0.27% -3.74% $58.31 Currencies Euro/dlr $1.129 -$0.004 -0.32% -0.17% USD/AUD 0.6921 -0.004 -0.56% -0.57% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

GRAINS-Corn eases from 1-week top, forecast of lower US yields limits losses

12 Jun 2019

* Chicago corn futures dip after climbing almost 3 pct on Tuesday * Forecast of lower yields, planted area likely to support prices (Adds details, quote) By Naveen Thukral SINGAPORE, June 12 Chicago corn futures ticked lower on Wednesday as the market took a breather after climbing nearly 3% in the last session on a forecast of a larger-than-expected reduction in U.S. yields. Wheat fell for the first time in three sessions, while soybeans eased. The most-active corn contract on the Chicago Board of Trade was down 0.3% at $4.26-1/2 a bushel by 0226 GMT, having risen 2.9% in the previous session. Wheat lost 0.3 percent to $5.16-1/2 a bushel, after ending Tuesday up 2.1% and soybeans were down 0.2% at $8.58 a bushel. The U.S. Department of Agriculture in a monthly report on Tuesday slashed its corn yield projection by 10 bushels an acre from May, or 5.7%, to 166 bushels. Analysts had expected a smaller decline to 172.4 bushels. The drop, along with a 3-percent decrease in the USDA's expectation for how many acres farmers will plant, left the government's production estimate at 13.68 billion bushels. That would be the smallest harvest in four years. "There is likely more to reduction in yields to come as our estimates now have the U.S. corn loss at 40-50 million tonnes, so the USDA will show more reduction in the next few months," said Ole Houe, director of advisory services at brokerage IKON Commodities. "It is important to note that globally the world corn stocks have fallen from 350 million tonnes four years ago to 290 million in the latest USDA report." The agency on Tuesday kept its production and yield estimates for soybeans unchanged from last month, surprising analysts who were generally looking for declines. The crop is typically planted after corn. Farmers who were unable to plant corn could grow soybeans on those acres instead, adding to supplies. The USDA said late on Monday that it was looking into ways to allow farmers who have been unable to plant crops due to rain to qualify for farm aid payments linked to trade disputes. Commodity funds were net buyers of CBOT corn, soybean, soymeal and wheat futures contracts on Tuesday, and net sellers of soyoil contracts, traders said. Grains prices at 0226 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 516.50 -1.50 -0.29% +1.77% 474.36 62 CBOT corn 426.50 -1.25 -0.29% +2.59% 393.71 63 CBOT soy 858.00 -1.25 -0.15% -0.06% 844.60 49 CBOT rice 11.53 -$0.05 -0.39% -2.04% $11.27 49 WTI crude 52.39 -$0.88 -1.65% -1.63% $58.77 Currencies Euro/dlr $1.133 $0.000 -0.02% +0.13% USD/AUD 0.6950 -0.001 -0.14% -0.16% 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)

GRAINS-Corn drops on U.S. planting progress; wheat, soybeans fall

11 Jun 2019

* Corn falls as U.S. farmers complete 83% of planting * Wheat drops for 2 out of 3 sessions, soybeans lower (Adds details, quotes) By Naveen Thukral SINGAPORE, June 11 Chicago corn futures lost ground on Tuesday as U.S. farmers made progress in seeding the crop, although concerns over lower yields from late-planted crop limited losses. Wheat slid, falling for two of three sessions on improved conditions of the U.S. spring wheat, while soybeans fell after closing higher on Monday. The most-active corn contract on the Chicago Board of Trade was down 0.5% at $4.13-1/2 a bushel by 0245 GMT, having closed the previous session unchanged. Wheat lost 0.8% to $5.03-1/2 a bushel and soybeans were down 0.5% at $8.54-1/4 a bushel, having firmed 0.3% on Monday. "U.S. farmers might just be able to finish planting if the weather holds up," said one Singapore-based feed grains trader. "It is probably not going to be a disaster that the market was expecting but yields are going to suffer." The USDA in its weekly crop report said corn planting was 83% complete, up from 67% a week ago and matching analyst expectations. The agency rated 59% of the crop as good-to-excellent, ahead of market expectations. The U.S. Crop Watch producers report that a lot of progress was made on planting last week as most areas finally got a favourable stretch of dry weather. Although much of the corn was planted a lot later than usual due to the overly wet spring, the producers say that their corn fields are in decent condition. Soybeans, which are usually planted later than corn, were 60% planted, slightly ahead of market forecasts. That was up from 39% a week earlier and below the average for 88%. The USDA is expected to trim its estimates for corn and soybean yields in its monthly supply and demand report due later on Tuesday. However, some traders said the cuts will likely be too small to reflect the full impact of late planting. The USDA said 81% of the spring wheat crop is in good-to-excellent condition, below last week's 83% but above 70% a year ago. The agency is looking into ways to allow farmers who have been unable to plant crops due to rains and waterlogged fields to qualify for farm aid payments, Agriculture Secretary Sonny Perdue said on Monday. Commodity funds were net buyers of CBOT corn, soybean, soymeal, soyoil and wheat futures contracts on Monday, traders said. Grains prices at 0245 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 503.50 -4.00 -0.79% -1.27% 468.54 55 CBOT corn 413.50 -2.25 -0.54% -1.66% 389.30 51 CBOT soy 854.25 -4.25 -0.50% -1.67% 844.38 46 CBOT rice 11.73 -$0.04 -0.38% -0.09% $11.21 67 WTI crude 53.47 $0.21 +0.39% -0.96% $59.16 Currencies Euro/dlr $1.131 -$0.002 -0.18% +0.33% USD/AUD 0.6956 -0.004 -0.60% -0.29% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

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