GRAINS-Corn falls for second straight session on dry weather forecast

SYDNEY, May 9 (Reuters) - U.S. corn futures fell for a
second session on Thursday as forecasts for dry weather raised
expectations that farmers would be able to accelerate planting
after the slowest start to corn seeding in 29 years.
             
    FUNDAMENTALS  
    * Chicago Board Of Trade July corn fell 0.39 percent
to $6.30-1/2 a bushel, having closed down 1.1 percent in the
previous session.
    * July soybeans fell 0.22 percent to $13.87-3/4 a
bushel, having firmed 0.62 percent on Wednesday.
    * July wheat fell 0.35 percent to $7.03-1/2 a bushel,
having closed down 0.42 percent on Wednesday. 
    * Corn under pressure as forecasts for dry weather in the
	
U.S. Midwest bolstered hopes that growers will be able to push planting back on schedule after damp field conditions caused the slowest start to corn seeding in 29 years. * Better corn planting weather is expected in the U.S. Midwest over the next week to 10 days following wet weather that has hampered the seeding pace, an agricultural meteorologist said on Wednesday. * Traders also noted positioning ahead of the USDA's monthly report on global supply and demand, which will be released on Friday. * U.S. corn supplies at the end of the 2013/14 crop year were forecast at a nine-year high due to the biggest plantings since the 1930s, analysts said ahead of the government's first forecast for new-crop stocks. * Paraguayan and Brazilian soybeans are set to be shipped to the United States, where stocks of the oilseed are unusually tight due to last year's drought in the U.S. Midwest, industry sources familiar with the trades told Reuters on Wednesday. MARKET NEWS * The euro held near a one-week high against the dollar and two-month peaks on its Australian counterpart in early Asian trade on Thursday, having risen broadly after upbeat German factory activity data bolstered sentiment.
* The spread between Brent and U.S. crude oil futures narrowed sharply in the last half hour of trade on Wednesday fueled by expectations for increased capacity to funnel rising U.S. crude oil production out of benchmark-supply-point Cushing. * The S&P 500 closed at an all-time high for a fifth day on Wednesday in a broad rally that keeps surprising investors with its longevity and resilience. DATA/GMT 0130 China CPI yy Apr 0130 China PPI yy Apr 1100 Britain BOE bank rate May 1230 U.S. Jobless claims Weekly 1430 U.S. EIA natural gas stocks Weekly 2350 Japan Bank lending yy Apr Grains prices at 0053 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 703.50 -2.50 -0.35% -0.78% 704.03 45 CBOT corn 630.50 -2.50 -0.39% -1.48% 632.20 51 CBOT soy 1387.75 -3.00 -0.22% +0.40% 1360.53 65 CBOT rice $15.23 $0.00 +0.00% -1.81% $15.55 49 WTI crude $96.58 -$0.04 -0.04% +1.00% $92.94 65 Currencies Euro/dlr $1.316 $0.001 +0.06% +0.63% USD/AUD 1.019 0.002 +0.17% +0.04% 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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