Top Stories
Top Stories
Wires

GRAINS-Corn gains for 8th session as rains stall U.S. corn planting

Naveen Thukral

* Corn trades near last session's 1-year top, wheat rebounds

* Rains seen curbing U.S. corn planting this year

* Wheat futures rise after closing lower on Tuesday

(Adds details, quote) SINGAPORE, May 22 (Reuters) - Chicago corn futures rose for an eighth straight session on Wednesday as U.S. farmers are unlikely to finish planting this year following excessive rains, resulting in tighter world supplies. Wheat gained ground after closing lower on Tuesday with short-covering by funds expected support prices. The most-active corn contract on the Chicago Board of Trade had risen 0.3% to $3.95-1/4 a bushel by 0224 GMT, after hitting a one-year high on Tuesday. Wheat added 0.2% to $4.79-3/4 a bushel and soybeans were up 0.6% at $8.27-1/4 a bushel. "Weather forecasters now have the U.S. corn-planting window coming to an end with farmers struggling to plant," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Combined with a big investor short, the market is galloping higher." The U.S. Department of Agriculture said a lower-than-expected 49% of the U.S. corn crop has been planted, the slowest pace on record, based on data going back to 1980. Soybeans were 19% planted, also short of market expectations.

The wheat market is being supported by short-covering by funds although ample world supplies are likely to keep a lid on the market. Top exporters, led by Russia are forecast to harvest bumper crops in the coming months. Soybean prices were pressured on expectations the USDA may soon announce a trade-war aid package for farmers that could boost soybean plantings and possibly further swell record-large stocks of the oilseed. Commodity funds were net buyers of CBOT corn and wheat futures contracts on Tuesday and net sellers of soybeans, soymeal and soyoil, traders said. Estimates for wheat ranged from funds buying a net 4,000 contracts to selling a net 2,000 contracts.

Grains prices at 0224 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 479.75 1.00 +0.21% +3.17% 449.06 79CBOT corn 395.25 1.00 +0.25% +3.13% 367.57 82CBOT soy 827.25 5.25 +0.64% +0.67% 858.98 50CBOT rice 11.29 -$0.02 -0.18% +1.99% $10.76 86WTI crude 62.61 -$0.52 -0.82% -0.78% $63.23

Currencies

Euro/dlr $1.116 $0.001 +0.05% -0.09%USD/AUD 0.6882 0.001 +0.20% -0.15%

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)