GRAINS-US corn at 2-wk top, soy up for 5th day on weather concerns
SINGAPORE, Aug 16 (Reuters) - Chicago corn rose to a two-week high on Friday while soybeans climbed to their highest since July 24 as forecasts for hot and dry weather in parts of the U.S. crop belt triggered concerns over supplies. Wheat rose for a third consecutive session, tracking gains in corn and soybeans.
* Warmer, drier weather in the U.S. Midwest through the end of August will draw down soil moisture levels, potentially reducing crop yields.
* However, the warmer temperatures will also boost corn and soybean growth and reduce the threat of harm from an early frost.
* Strong export sales of both commodities and a government report that showed farmers planted less corn and soybeans this season than expected ignited a rally and triggered short-covering by commodity funds, which have built up bearish bets in recent weeks.
* The U.S. Department of Agriculture on Thursday said farmers were unable to plant just over 7.7 million acres of land that had been earmarked for cropland due to excessive wet weather this planting season.
* The USDA's Farm Service Administration said an intended 3.4 million acres of corn were not planted, 1.6 million acres of soybeans and 1.7 million acres of wheat.
* The USDA pegged net U.S. soybean export sales last week at nearly 1.9 million tonnes, the highest weekly tally in 18 months. Corn export sales were well above expectations.
* Monthly soybean processing data released by the National Oilseed Processors Association attracted little market reaction as the August crush of 116.3 million bushels was largely in line with trade expectations.
* Argentina's 2012/13 corn crop is 98.8 percent harvested with an average national yield of 7.27 tonnes per hectare, 0.53 tonnes above the average recorded over the previous 12 seasons, the Buenos Aires Grains Exchange said on Thursday.
* Commodity funds bought a net 22,000 CBOT corn contracts on Thursday, trade sources said. They bought 4,000 wheat and bought 10,000 soybeans.
* Wheat futures have advanced on spillover strength from higher corn and soybeans prices.
* The dollar was nursing heavy losses in Asia on Friday after wild swings overnight left dealers struggling to find a pattern amid all the noise, setting the scene for a defensive session into the weekend.
* Oil prices rose on both sides of the Atlantic on Thursday and Brent hit a four-month high on fears that escalating violence in Egypt could affect the Suez Canal or spread across the Middle East, where supplies already face disruptions.
* U.S. stocks had the biggest one-day percentage drop since late June on Thursday in higher-than-average trading volume after poor results and outlooks from Dow components Wal-Mart and Cisco.
DATA/EVENTS (GMT) 0800 - Euro Zone Current Account For June 0800 - Euro Zone Net Investment Flow In June 0900 - Euro Zone Final Inflation For July 0900 - Eurostat Trade For June 1230 - U.S. Housing Starts/Building Permits For July 1355 - Thomson Reuters/Univ Of Mich Preliminary August CONSUMER SENTIMENT 1430 - U.S. ECRI Weekly
Prices at 0048 GMT
Contract Last Change Pct chg MA 30 RSI CBOT wheat 651.75 2.25 +0.35% 866.13 43 CBOT corn 474.75 2.50 +0.53% 757.73 45 CBOT soy 1268.50 3.00 +0.24% 1572.83 29 CBOT rice $15.44 $0.04 +0.23% $15.48 51 WTI crude $107.12 -$0.21 -0.20% $89.55 61
Euro/dlr $1.335 $0.106 USD/AUD 0.914 -0.142
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)