GRAINS-US new-crop soy up for 6th day on planting delays; corn dips

SINGAPORE, May 30 (Reuters) - Chicago new-crop soybean
futures rose for a sixth consecutive session to near a
three-month high on Thursday, buoyed by delays to U.S. planting.
    Corn edged lower as the market took a breather after five
straight session's of gains, while wheat fell on expectations of
ample global supplies following crop-friendly weather in key
    * Wet weather will continue to stymie U.S. farmers' attempts
to make rapid progress planting soybeans and finish remaining
corn sowing.
    * Excessive rain late this week will further slow U.S. corn
and soybean planting, with the risk of additional flooding that could harm crops in low-lying areas, an agricultural meteorologist said. * "It will be wettest beginning Thursday with the heaviest rains in Missouri, Iowa and Illinois," said Don Keeney, a meteorologist for MDA Weather Services. * Keeney said there would be widespread rains of more than 1 inch, or around 2.5 cm, with many areas receiving 2 to 3 inches or more. It will also rain in the U.S. Central Plains and in the Northern Plains, with heavy downpours of 2 to 4 inches or more on Thursday and Friday. * U.S. farmers slowed their planting pace during the past week due to rainy conditions that delayed the tail end of corn seeding and pushed soybean planting to its slowest in 17 years, the U.S. Department of Agriculture said in its weekly crop progress report. * The USDA said that corn planting was 86 percent complete as of May 26, up 15 percentage points from a week earlier. Corn's progress was down from 99 percent a year ago and behind the five-year average of 90 percent. * Farmers had finished 44 percent of their soybean planting as of May 26, compared with 87 percent a year ago and a five-year average of 61 percent.
* CBOT spot-month soybeans came under pressure on Wednesday following news that China, the world's largest buyer of soybeans, had cancelled an order for U.S. soy. * The USDA said private exporters reported the cancellation of sales of 147,000 tonnes of U.S. soybeans to China for delivery this marketing year. MARKET NEWS * The dollar remained under pressure in early Asian trading on Thursday. * U.S. crude futures fell below $93 a barrel on Thursday, extending declines from a near 2-percent drop a day earlier. DATA/EVENTS (GMT) 0800 Italy Producer prices 0900 Euro zone Economic sentiment 1230 U.S. Q1 GDP 1230 U.S. Weekly jobless claims 1400 U.S. Pending home sales 1500 U.S. EIA weekly crude stocks Prices at 0051 GMT Contract Last Change Pct chg MA 30 RSI CBOT wheat 697.50 -5.25 -0.75% 867.66 57 CBOT corn 664.75 -0.25 -0.04% 764.07 50 CBOT soy 1506.25 4.50 +0.30% 1580.75 58 CBOT rice $15.38 -$0.08 -0.55% $15.48 55 WTI crude $92.98 -$0.15 -0.16% $89.08 39 Currencies Euro/dlr $1.294 $0.065 USD/AUD 0.962 -0.094 Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral)

About the author



Stories from our other publications