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GRAINS-Corn eases for 2nd session, U.S. planting delays limit losses

Naveen Thukral

* Corn eases for 2nd session after touching 3-year high

* Rain forecasts seen further delaying U.S. planting

(Adds details, quote) SINGAPORE, May 30 (Reuters) - Chicago corn eased for a second session on Thursday, taking a breather after climbing to a three-year high in the previous session although losses were checked by concerns over more rains further delaying U.S. planting. Wheat lost more ground while soybeans slid for the first time in four sessions. The most-active corn contract on the Chicago Board of Trade was down 0.5% at $4.16-3/4 a bushel, as of 0230 GMT, after climbing on Wednesday to its highest since June 2016 at $4.38 a bushel. Wheat dipped 0.4% to $4.88-1/2 a bushel after closing down nearly 3% in the previous session and soybeans were down 0.2% at $8.70 a bushel, after closing 1.9% firmer on Wednesday. The U.S. Department of Agriculture on Tuesday said 58% of the corn crop had been planted as of May 26, well below the average 90% for this time of the year. The agency's weekly crop report showed that just 29% of the soybean crop had been planted, well below the average of 66%.

Analysts had been expecting corn planting to be 63% complete and soybean planting to be 31% complete. More rain forecast across the U.S. Midwest is likely to further delay planting. "Corn is moving a bit lower today as the market is just pausing a little bit," said Phin Ziebell, an agribusiness economist at National Australia Bank. "There are forecasts of more rains in the U.S. Midwest and that might prevent farmers from finishing planting." While U.S. farmers struggle with excessive moisture, Australian growers are suffering from a third year of drought. Hot and dry weather will persist across Australia's east coast for at least another three months, the country's weather bureau said on Thursday, in a forecast that threatens to severely crimp agricultural production. Ukraine's grain exports have risen to 46.1 million tonnes so far in the 2018/19 season compared with 36.4 million tonnes at the same point last season, the agriculture ministry said on Wednesday. Ukraine harvested a record 70 million tonnes of grain last year, up from about 61 million in 2017. Commodity funds were net buyers of CBOT soybean, corn, soymeal and soyoil futures contracts on Wednesday, traders said. They were net sellers of wheat.

Grains prices at 0230 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 488.50 -2.00 -0.41% -0.20% 452.15 64CBOT corn 416.75 -2.00 -0.48% +3.09% 373.37 80CBOT soy 870.00 -2.00 -0.23% +4.85% 847.12 71CBOT rice 11.68 -$0.04 -0.30% +1.08% $10.92 87WTI crude 59.07 $0.26 +0.44% -0.12% $62.32


Euro/dlr $1.113 -$0.003 -0.23% -0.55%USD/AUD 0.6920 0.000 -0.03% +0.04%

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)