GRAINS-Corn firms as USDA pegs planting pace at record low

SYDNEY, May 14 (Reuters) - U.S. new-crop corn rose on
Tuesday after the U.S. Department of Agriculture (USDA) pegged
the sowing pace at the slowest rate on record despite a boost to
planting from recent favorable weather.

FUNDAMENTALS
* Chicago Board Of Trade December corn, the most
actively traded contract, rose 0.46 percent to $5.41-3/4 a
bushel, having closed up 1.8 percent in the previous session.
* July corn was little changed at $6.55-3/4 a bushel,
after gaining 3 percent in the previous session.
* July soybeans rose 0.19 percent to $14.22 a bushel
after firming 1.45 percent on Monday when the oilseed hit a

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two-week intraday high of $14.23 a bushel.
* July wheat was unchanged at $7.09-3/4 a bushel,
having closed up 0.78 percent on Monday.
* After a cold and wet spring in most of the U.S. crop belt,
farmers have seeded 28 percent of their intended corn acres, up
from 12 percent a week earlier but far behind the five-year
average of 65 percent, the USDA said in a weekly report on
Monday.
* The figure fell just below the average 29 percent estimate
by analysts surveyed by Reuters ahead of the report.
* For soybeans, the USDA said planting was 6 percent
complete, up from 2 percent a week earlier, but the pace was the
slowest for the 19th week since 1984, when soybeans were only 4
percent seeded. The five-year U.S. average for soybeans is 24
percent.
* The USDA said 32 percent of the U.S. winter wheat crop was

rated in good to excellent condition, unchanged from the
previous week. The poorest ratings were in the breadbasket of
the Plains, which has struggled with an ongoing drought.

* Corn is under pressure after USDA forecast a record crop
that would bolster U.S. stocks to more than 2 billion bushels at
the end of next season, above trade expectations despite reduced
yields due to late planting.
* U.S. soybean production was projected at a record 3.390
billion bushels, with 2013/14 ending stocks more than doubling
to 265 million bushels from the 125 million estimated for the
end of this season. The forecast was above trade expectations
for 236 million bushels.

MARKET NEWS
* The dollar held firm near five-week high against a basket
of major currencies on Tuesday after U.S. retail sales data
eased fears of a slowdown in the world's largest economy.

* Crude oil prices settled lower on Monday after a choppy
day of trading, hit by slowing oil demand in China and data
showing the biggest drop for U.S. retail gasoline sales in more
than four years.
* U.S. stocks closed little changed on Monday, pausing after
hitting record highs last week, but strength in healthcare
issues helped to keep declines in check.

DATA/EVENTS (GMT)
0900 Euro zone Industrial production
0900 Germany ZEW economic sentiment
1130 U.S. NFIB business optimism
1145 U.S. ICSC weekly chain store sales
1230 U.S. Import/export prices
2030 U.S. API weekly crude stocks

Grains prices at 0019 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 709.75 0.00 +0.00% +0.78% 707.82 49
CBOT corn 655.75 0.25 +0.04% +3.06% 633.92 73
CBOT soy 1422.00 2.75 +0.19% +1.64% 1368.22 79
CBOT rice $15.49 $0.06 +0.36% +1.54% $15.51 61
WTI crude $95.27 $0.10 +0.11% -0.80% $92.77 54
Currencies
Euro/dlr $1.299 $0.002 +0.12% -0.02%
USD/AUD 0.997 0.002 +0.19% -0.50%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Colin Packham; Editing by Richard Pullin)