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GRAINS-Corn drops for 2nd session as U.S. weather improves; soybeans down

SINGAPORE, May 9 (Reuters) - Chicago corn slid 1 percent on Thursday, falling for a second session as forecasts for dry weather next week in parts of the U.S. Midwest boosted hopes that farmers will be able to catch up on planting. Soybeans lost ground amid Washington-Beijing trade tension which has curbed U.S. soybean exports to China.


* The spotlight is on weather across the U.S. Midwest after weeks of rain put corn plantings behind the average pace. The U.S. Department of Agriculture (USDA) noted in an outlook that the National Weather Service forecast below-normal rainfall in the Midwest during May 13-17.

* The agency on Monday said 23 percent of the corn crop had been planted, below the five-year average of 46 percent.

* Expectations for the USDA to estimate ample crop inventories are further pressuring agriculture markets.

* The USDA, in a report on Friday, will peg 2018-19 U.S. corn ending stocks at 2.055 billion bushels, up from 2.035 billion last month, and soybean stocks at 920 million bushels, up from 895 million in April, according to a Reuters poll of analysts.

* Wheat ending stocks are expected to swell to 1.097 billion bushels from 1.087 billion.

* U.S.-China trade war is weighing on the soybean market. U.S. President Donald Trump said on Wednesday he would be happy to keep tariffs on Chinese imports as the two countries prepare for new talks to try to rescue a faltering trade deal amid a sharp increase in U.S. duties.

* Soybeans were the single most valuable U.S. agricultural export crop and until the trade war China bought $12 billion-worth a year from U.S. farmers. The dispute, however, has slashed shipments of American beans to China.


* A gauge of world equity markets slid and the dollar traded near break-even on Wednesday over growing concerns about the latest U.S.-China trade talks and as the United States moved closer to raising tariffs on $200 billion worth of Chinese imports.


0130 China PPI YY April0130 China CPI YY April1200 Brazil Retail Sales YY March1230 US International Trade March1230 US Initial Jobless Claims Weekly1230 France Reserve Assets Total April

Grains prices at 0124 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 434.75 -4.25 -0.97% -0.57% 454.54 46CBOT corn 360.50 -3.75 -1.03% -1.03% 367.87 47CBOT soy 821.75 -5.50 -0.66% -1.02% 884.36 9CBOT rice 10.95 -$0.01 -0.05% +2.29% $10.75 69WTI crude 61.68 -$0.44 -0.71% +0.46% $63.18


Euro/dlr $1.119 $0.000 +0.01% -0.05%USD/AUD 0.6978 -0.003 -0.47% -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 Shreejay Sinha)