GRAINS-New-crop corn falls 1 pct on record weekly planting

SYDNEY, May 21 (Reuters) - U.S. new-crop corn futures fell
more than 1 percent on Tuesday after U.S. farmers surpassed
market expectations by planting a record amount of the crop last
week.
    
    FUNDAMENTALS  
    * Chicago Board of Trade December corn, the most
actively traded contract, fell 1.06 percent to $5.14-1/2 a
bushel, having gained 0.14 percent in the previous session.
    * Front-month corn dropped 0.62 percent to $6.45-1/2 a
bushel, after closing down 0.5 percent on Monday.
    * July soybeans declined 0.2 percent to $16.61-1/2 a
bushel, having firmed 1.1 percent on Monday.
    * July wheat eased 0.8 percent to $7.79-3/4 a bushel.
	
It ended Monday up 0.29 percent. * U.S. farmers took advantage of mostly clear skies in the last week to plant corn at a blistering pace, pushing progress to 71 percent, from 28 percent a week earlier, the U.S. Department of Agriculture said Monday in a weekly report. * Analysts expected corn seeding to be 63 percent complete. * The 43-percentage point increase indicates that farmers in the world's biggest corn producer seeded a single-week U.S. record of 41.8 million acres as of Sunday, topping 34.1 million acres in June 1992. * More rain was expected in the U.S. Midwest this week, which would delay the tail end of corn planting, although some analysts were viewing the forecast as bearish for prices as it would benefit the crop already in the ground. * The U.S. spring wheat crop, most of which is grown in the northern Plains, was 67 percent planted by Sunday, up from 43 percent a week earlier, but behind the five-year average of 76 percent. * Soybeans supported by tight stocks, analysts said. MARKET NEWS * The euro got off to an unusually quiet start in Asia on Monday. * Oil edged lower in volatile trading on Friday, posting a second consecutive weekly loss.
* A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Friday. DATA/EVENTS (GMT) 0600 Germany Producer prices 1145 U.S. ICSC weekly chain store sales 1255 U.S. Redbook weekly retail sales 2030 U.S. API weekly crude stocks Grains prices at 0015 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 679.75 -5.50 -0.80% -0.51% 704.73 37 CBOT corn 645.50 -4.00 -0.62% -1.11% 639.41 37 CBOT soy 1461.50 -3.00 -0.20% +0.90% 1387.72 51 CBOT rice $15.18 $0.00 +0.00% -0.39% $15.40 46 WTI crude $96.57 -$0.14 -0.14% +0.57% $93.10 63 Currencies Euro/dlr $1.288 $0.000 +0.01% +0.35% USD/AUD 0.980 0.000 -0.05% +0.80% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)

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