Top Stories
Top Stories
Wires

GRAINS-Corn rises for 2nd session on U.S. crop concerns; wheat falls

Naveen Thukral

* Corn rises on worries about late-planted U.S. crop

* Wheat drops for 4th straight session on harvest pressure

(Adds details, quote) SINGAPORE, July 3 (Reuters) - Chicago corn futures rose for a second session on Wednesday with prices underpinned by concerns over late-planted crops vulnerable to adverse weather. Wheat slid for a fourth consecutive session on pressure from the northern hemisphere harvest, while soybeans ticked higher after dropping for the last two sessions. The most-active corn contract on the Chicago Board of Trade was up 0.5% at $4.28-1/4 a bushel by 0317 GMT, having gained 0.8% in the previous session. Soybeans were up 0.1% at $8.99-1/2 a bushel, having closed down 1.1% on Tuesday, while wheat lost 0.2% to $5.02-1/4 a bushel, having slid 1.7% on Tuesday. The U.S. Department of Agriculture (USDA) on Monday pegged the condition of the corn crop at 56% good-to-excellent, unchanged from the previous week. Analysts polled by Reuters had expected a slight improvement. A year ago, 76% of the corn crop was rated good-to-excellent. On Friday, the USDA surprised traders by estimating U.S. 2019 corn plantings at 91.7 million acres. "The USDA planting intentions came out higher than the market expected," said Ole Houe, director of advisory services at brokerage IKON Commodities. "There is still likely to be a significant lack of U.S. corn production, to the tune of 30-40 million tonnes or maybe more." The agency left its crop condition rating for soybeans at 54% good-to-excellent, unchanged from the previous week, but well down from 71% a year ago. Wheat faced pressure as supplies from the northern hemisphere, including top exporter Russia, hit the market. Russia's Agriculture Ministry said on Tuesday that it had kept its grain harvest forecast for 2019 unchanged at 118 million tonnes, RIA news agency reported. Commodity funds were net sellers of CBOT wheat, soybean, soyoil and soymeal contracts, and net buyers of corn contracts on Tuesday, traders said.

Grains prices at 0317 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 502.25 -1.00 -0.20% -4.74% 518.28 34CBOT corn 428.25 2.25 +0.53% +1.06% 431.04 37CBOT soy 899.50 0.75 +0.08% -2.52% 900.88 40CBOT rice 11.29 $0.02 +0.18% -2.51% $11.81 31WTI crude 56.55 $0.30 +0.53% -3.28% $55.96

Currencies

Euro/dlr $1.129 -$0.008 -0.69% -0.69%USD/AUD 0.6993 -0.003 -0.38% -0.21%

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

(Reporting by Naveen Thukral Editing by Kenneth Maxwell)