Reuters: Market News: GRAINS-US corn falls 1 pct on liquidation before USDA data

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GRAINS-US corn falls 1 pct on liquidation before USDA data Apr 9th 2012, 16:44 Mon Apr 9, 2012 12:03am EDT * Soybeans climb 0.7 pct, highest since Aug. 31 * Shrinking LatAm supply, strong demand buoy soy * Corn, wheat up half pct on U.S. export sales * U.S. corn stocks seen dropping to 16-year low By Naveen Thukral SINGAPORE, April 9 (Reuters) - Chicago soy climbed to its highest in more than seven months on Monday, rising for a third straight session as strong U.S. exports and shrinking South American supplies buoyed the market. Corn and wheat futures also rose, lifted by robust demand for grains ahead of a key U.S. Department of Agriculture (USDA) report on global supply and demand for agricultural products. The market is closely watching the weather in the U.S. Midwest where farmers have kicked off this year's planting season at a record pace, raising the danger of some of the crop being exposed to cold weather forecast for the region this week. "U.S. export sales report showed that there is strong demand for not just soybeans but also grains," said Ker Chung Yang, an analyst at Phillip Futures in Singapore. "U.S. planting weather is another issue which will dominate the market in the coming weeks." Chicago Board of Trade soybeans for May delivery rose 0.7 percent to $14.44 a bushel at 0327 GMT, after climbing to $14.46-3/4 a bushel earlier in the session, the highest since Aug. 31. May wheat rose 0.4 percent to $6.40-3/4 a bushel, while May corn gained half a percent to $6.61-1/2 a bushel. U.S. soybean prices have been climbing amid a steady stream of downwardly revised South American crop forecasts and expectations of more demand for U.S. soy in the export market. The USDA data released on Thursday showed weekly U.S. soybean export sales topped 1 million tonnes, above the trade expectations. Corn exports also topped trade expectations with the largest weekly sales in 5-1/2 months, including 394,000 tonnes to China, its biggest purchase since October. Wheat has been getting support on news that top importer Egypt bought 115,000 tonnes of U.S. soft red winter wheat. The USDA will update its monthly world supply and demand estimates and ending stocks forecasts on Tuesday. U.S. corn supplies are expected to fall to a fresh 16-year low before the fall harvest, said analysts polled by Reuters, signaling there will be razor-thin supplies this year that could stoke food inflation and hurt margins for food companies. Traders polled the USDA to peg Brazil's soybean production at 67.114 million tonnes, down from 68.5 million in March. Argentine production was seen dropping to 45.193 million from 46.5 million. Large speculators increased their net long position on Chicago Board of Trade soybean futures and options for a ninth consecutive week, reaching another record high in the wake of a government report on plantings and stockpiles. Farmers have been planting corn at the fastest pace ever in the U.S. Midwestern grain belt this spring, leaving the crop open to cold weather expected in parts of the region this week. However, meteorologists said the blast of cold weather was expected to largely sweep through areas where hardly any corn had been planted or where the crop has not developed enough to be hurt. Prices at 0327 GMT Contract Last Change Pct chg MA 30 RSI CBOT wheat 640.75 2.25 +0.35% 650.30 46 CBOT corn 661.50 3.25 +0.49% 650.23 63 CBOT soy 1444.00 10.00 +0.70% 1365.06 82 CBOT rice $15.08 $0.03 +0.20% $14.55 67 WTI crude $102.07 -$1.24 -1.20% $105.65 38 Currencies Euro/dlr $1.306 -$0.004 -0.32% -0.28% USD/AUD 1.028 -0.002 -0.18% -0.24% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential Link this Share this Digg this Email Reprints

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