GRAINS-Corn rises for 2nd session on slow U.S. harvest pace; soybeans firm

Naveen Thukral

* Corn gains more ground as U.S. harvest lags average pace

* Soybeans rise on Chinese buying, Brazilian planting delays

(Adds details, quote) Oct 8 (Reuters) - Chicago corn futures rose for a second straight session on Tuesday, with a slower pace of U.S. harvest and concerns over forecasts for a freeze looming for the country's northwestern grain belt supporting prices. Soybeans gained on purchases by the world's top buyer China and worries about planting delays in the biggest exporter Brazil. The most-active corn contract on the Chicago Board of Trade was up 0.2% at $3.87-3/4 a bushel by 0320 GMT, having gained 0.6% in the previous session. Soybeans added 0.1% at $9.16 a bushel, having closed down 0.1% on Monday, and wheat rose 0.1% to $4.89-3/4 a bushel, having closed down 0.3% in the previous session. "All eyes are on whether the USDA shaves its U.S. corn yield forecast again," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Oilseed futures prices have mostly gained to leave prices around their recent highs." The U.S. Department of Agriculture said 15% of the corn crop had been harvested, below analysts' forecasts and lower than the average pace of 27%. The agency said 56% of the corn crop was in good to excellent condition, slightly behind market forecasts. On the soybean crop, the USDA said 14% had been harvested, slightly behind market forecasts. The market is now eyeing the USDA's report on world agriculture supply and demand on Oct. 10. Analysts surveyed by Reuters on average expect the government to lower its forecasts of U.S. yield, production and 2019/20 ending stocks for both corn and soybeans.

The corn market is drawing additional support from forecasts for late-week snowstorms across the Dakotas and western Minnesota followed by a cold spell. Lows in northwest Iowa next weekend could dip to 28 degrees Fahrenheit (minus 2 Celsius). In the soybean market, the focus is on Chinese buying and Brazilian planting. The USDA on Monday reported more soybean exports to China, the latest in a flurry of buying the world's top buyer of the oilseed has done ahead of high-level trade negotiations with the United States. Brazilian farmers have planted 3.1% of the estimated soybean area for the 2019/2020 crop, agribusiness consultancy AgRural said on Monday, blaming a lack of rain for the slowest start to the season in six years. Commodity funds were net buyers of CBOT corn and soyoil futures contracts on Monday, traders said. The funds were small net sellers of soybeans, soymeal and wheat futures.

Grains prices at 0320 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 489.75 0.50 +0.10% +0.20% 480.30 52CBOT corn 387.75 0.75 +0.19% -0.26% 371.48 63CBOT soy 916.00 0.75 +0.08% +0.47% 885.75 68CBOT rice 11.64 -$0.01 -0.09% -0.68% $11.97 30WTI crude 53.07 $0.32 +0.61% +0.49% $55.97


Euro/dlr $1.098 $0.000 -0.01% +0.10%USD/AUD 0.6749 -0.002 -0.28% +0.12%

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

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)