GRAINS-Corn edges up from 11-month low on bargain buying

SYDNEY, May 22 (Reuters) - U.S. new-crop corn rose on
Tuesday on bargain buying after the grain slid to an 11-month
low in the previous session when figures showing record planting
by U.S. farmers weighed on prices.
             
    FUNDAMENTALS  
    * Chicago Board Of Trade December corn, the most
actively traded contract, rose 0.24 percent to $5.21-1/2 a
bushel. Corn fell to an 11-month low on Monday of $5.12 a bushel
before recovering to close little changed.
    * July corn was little changed at $6.39-3/4 a bushel,
having fallen 1.5 percent in the previous session.
    * July soybeans fell 0.3 percent to $14.73-3/4 a
	
bushel, having firmed 0.9 percent on Monday. * July wheat was little changed at $6.80-1/4 a bushel, having closed down 0.7 percent on Monday. * Corn was under pressure after U.S. farmers took advantage of better weather to ramp up the pace of planting, seeding a record 41.8 million acres in a single week. * U.S. corn sowing was 71 percent complete as of Sunday, up from 28 percent a week earlier, the U.S. Department of Agriculture said in a weekly report on Monday afternoon. * The planting progress topped exceeded analyst estimates in a Reuters survey that went from 59 to 70 percent. * Old-crop July soybeans underpinned by tight stocks, despite easing in cash markets following the surge in new crop planting. * Soybean spot basis bids fell sharply for the third straight session around the U.S. Midwest on Tuesday, with bids for the oilseed declining the most since last year's harvest as both farmers and commercial elevators increased old-crop sales, dealers said. * Soybean planting progress rose to 24 percent, from 6 percent a week earlier, the USDA said. * Grains powerhouse Argentina aims to improve its soy and corn output by adopting a law securing the rights of seed companies to protect their genetic modification technology, a
government minister said on Tuesday. * Tornadoes, high winds, rain and hail that cut a swath across the midsection of the United States on Sunday and Monday did only minimal harm to the winter wheat crop in top producers Kansas and Oklahoma, agricultural experts said. MARKET NEWS * The dollar edged down against the yen in early Asian trade on Wednesday, moving away from last week's 4-1/2-year high against the Japanese currency, after comments from two U.S. Federal Reserve regional presidents suggested the central bank will continue its bond-buying scheme. * Crude prices fell on Tuesday, led lower by a sharp drop in U.S. gasoline futures as traders bet the market would be well supplied this summer, and as an industry report showed rising fuel stockpiles in the world's largest oil consumer. DATA/EVENTS (GMT) Bank of Japan announces monetary policy decision 0800 Euro zone Current account 1400 U.S. Existing home sales 1400 Federal Reserve Chairman Ben Bernanke testifies to U.S. congressional committee 1800 FOMC releases minutes of April 30-May 1 meeting Grains prices at 0020 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 680.25 -0.25 -0.04% -0.73% 704.13 35 CBOT corn 639.75 -0.25 -0.04% -1.50% 639.63 34 CBOT soy 1473.75 -4.50 -0.30% +0.63% 1392.74 56 CBOT rice $15.21 $0.03 +0.20% +0.23% $15.38 47 WTI crude $95.71 -$0.47 -0.49% -1.03% $93.12 54
Currencies Euro/dlr $1.293 $0.003 +0.20% +0.38% USD/AUD 0.982 0.002 +0.17% +0.12% 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)

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