SYDNEY, May 8 (Reuters) - U.S. corn futures slipped on
Wednesday, reversing gains from the previous session, as
forecasts for favourable planting weather weighed on prices. 
         
    FUNDAMENTALS  
    * Chicago Board Of Trade July corn fell 0.12 percent
to $6.39-1/4 a bushel, having gained 0.55 percent in the
previous session.
    * July wheat fell 0.28 percent $7.07 a bushel, having
closed up 0.9 percent on Tuesday. 
    * March soybeans were little changed at $13.81-1/2 a
bushel, having firmed 0.95 percent on Tuesday.
    * Traders readying for the next U.S. Department of
Agriculture monthly supply and demand report on Friday. 
    * Poor growing weather should result in a 9 percent drop in
	

		

			
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U.S. 2013 winter wheat production from the previous year's crop,
in spite of a 2 percent rise in planted acreage, analysts said
ahead of a U.S. government report. 
    * The average estimate of U.S. hard red winter wheat
production among 15 analysts surveyed by Reuters was 776 million
bushels, a potential seven-year low that compares with 1.004
billion bushels produced a year ago. 
    * Stalled by rain and late-season snow last week, U.S.
farmers have planted just 12 percent of their intended corn
acres, the slowest pace since 1984, the U.S. Department of
Agriculture said in a weekly report. 
    * Better corn planting weather is seen for the next week to
10 days in the U.S. Midwest but conditions will be less than
ideal with widespread rains expected beginning Wednesday and
continue into the weekend. 
    * USDA said 32 percent of the U.S. winter wheat crop was
rated in good to excellent condition, down from 33 percent a
week earlier and the lowest since 1996. The poorest ratings
remained in the Plains states, which have struggled with drought
as well as spring freeze damage. 
    * Seedings of spring wheat, most of which is high-quality
milling wheat produced in the northern Plains, continued to lag
	

		

			
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due to cold and wet conditions.
    * Additional support for wheat was dry weather continuing to
delay planting in Australia's eastern grain belt, although
output in the key western wheat region was set to rebound after
favorable rain. 
    * Yields of Ukrainian spring barley and spring wheat may
fall as much as 30 percent if no rain falls on dry fields in the
next two weeks, a senior weather forecaster said on Tuesday.
 
    * In neighboring Russia, concern was centered on the south
where continued dry weather could hurt yields in the country's
main wheat export region. 
         
    MARKET NEWS  
    * Major currencies got off to a sleepy start in Asia on
Wednesday, but the New Zealand dollar stood out after the
central bank complained it was overvalued, prompting markets to
briefly sell the kiwi.  
    * Brent crude oil fell more than $1 on Tuesday as worries
about market fundamentals curbed an early rise that had brought
the price close to $106 a barrel on strong German data and
concern about tension in the Middle East.  
    * The Dow closed above 15,000 for the first time on Tuesday
and the S&P 500 ended at another record high, extending the
market's rally as more investors rushed to join the party and
German industrial data beat expectations.  
	

		

			
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    DATA/GMT 
0200  China     Exports yy                Apr       
0200  China     Imports yy                Apr       
0200  China     Trade balance             Apr       
1000  Germany   Industrial output mm      Mar        
1430  U.S.      EIA weekly crude stocks   Weekly    
 
1430  U.S.      EIA weekly dist. stocks   Weekly    
 
1430  U.S.      EIA weekly gasoline stk   Weekly    
     
  Grains prices at  0038 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     707.00    -2.00  -0.28%    +0.60%     705.25   45
  CBOT corn      639.25    -0.75  -0.12%    +0.43%     635.19   51
  CBOT soy      1381.50    -0.75  -0.05%    +0.89%    1360.65   60
  CBOT rice      $15.43    $0.03  +0.19%    -0.55%     $15.56   59
  WTI crude      $95.41   -$0.21  -0.22%    -0.78%     $92.90   61
  Currencies                                                
  Euro/dlr       $1.308   $0.000  +0.04%    +0.06%
  USD/AUD         1.017   -0.001  -0.08%    -0.74%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Ed Davies)