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GRAINS-Corn jumps 2% as U.S. govt confirms planting delays

Colin Packham

SYDNEY, June 4 (Reuters) - U.S. corn futures jumped as much as much as 2% on Tuesday after the U.S. Department of Agriculture said planting was behind analyst forecasts, stoking expectations that some farmers could switch to sowing other crops. The most active corn futures on the Chicago Board of Trade were up 2.3 percent at $4.34 a bushel by 0018 GMT, having closed down 0.6 percent in the previous session. The climb came after the USDA said U.S. corn planting was 67% complete as of Sunday, well behind market estimates. Analysts had expected the USDA to peg planting at between 68% and 76% complete. Should farmers be unable to finish planting corn within a few weeks, growers may switch to soybeans which have a later sowing window. The most active wheat futures were up 0.7% at $5.23-1/2 a bushel, after earlier marking their highest since Feb. 6 at $5.29 a bushel. Wheat closed up 4.4 percent on Monday. The most active soybean futures were up 1.1 percent at $8.89 a bushel, having closed up 0.1 percent on Monday. The USDA said 39% of the U.S. soybean crop was planted, at the low-end of market estimates.

Grains prices at 0018 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 523.50 3.75 +0.72% +4.08% 461.04 73CBOT corn 434.00 9.75 +2.30% +1.64% 381.93 77CBOT soy 889.00 10.00 +1.14% +1.28% 845.76 72CBOT rice 11.67 -$0.03 -0.26% +1.83% $11.04 70WTI crude 53.04 -$0.21 -0.39% -0.86% $61.11 13


Euro/dlr $1.125 $0.001 +0.10% +0.75%USD/AUD 0.6971 0.000 -0.07% +0.48%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)