Mon Apr 22, 2013
* Corn farmers nervous due to soggy soil
* Some corn area may shift to soybean in U.S.
* Wheat falls in line with corn
By Mayank Bhardwaj
NEW DELHI, April 22 (Reuters) - Chicago corn futures fell on Monday after settling up more than 1 percent in the previous session after some reports of an improvement in weather
conditions but concerns remain about a slowdown in planting due to recent heavy rains.
Better weather conditions pushed down wheat, which had jumped nearly 1 percent in the previous session due to worries that rain could damage the soft red winter crop in the Midwest
and that cold could hurt hard red winter wheat in the Plains.
May corn shed 0.61 percent to $648 a bushel by 0427 GMT on the Chicago Board of Trade, having gained 1.2 percent in the last session. May wheat lost 0.60 percent to $7.07 a
bushel, after closing up 0.9 percent in the previous session.
May soybeans futures slipped 0.56 percent to $13.74 a bushel. They had settled at $14.28-1/4 per bushel on Friday, down 0.2 percent.
"There have been some reports in the past 48 hours which suggest less severe weather conditions, and to me that's the most plausible reason behind the fall of all the three," said
Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
On Friday, corn fell as an agricultural meteorologist said more rain was expected in the U.S. Midwest after deluges last week. Forecasts of further rain had raised apprehensions of a
delay in planting.
U.S. farmers are beginning to become nervous due to the soggy soil but they have time until May to make up for any sowing delay. But some experts are already talking about the
potential of some corn area shifting to soybeans.
Corn drew support from previous projections of U.S. farmers harvesting a record crop this year.
On the back of some improvement in weather, wheat fell in line with corn, said Mathews.
Grains prices at 0427 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 707.25 -4.25 -0.60% +0.28% 710.74 54
CBOT corn 648.00 -4.00 -0.61% +0.54% 677.87 44
CBOT soy 1374.75 -7.75 -0.56% -3.90% 1411.49 56
CBOT rice $15.16 -$0.07 -0.49% -1.43% $15.25 32
WTI crude $88.42 $0.41 +0.47% +0.79% $92.78 34
(Editing by Clarence Fernandez)
* Corn farmers nervous due to soggy soil
* Some corn area may shift to soybean in U.S.
* Wheat falls in line with corn
By Mayank Bhardwaj
NEW DELHI, April 22 (Reuters) - Chicago corn futures fell on Monday after settling up more than 1 percent in the previous session after some reports of an improvement in weather
conditions but concerns remain about a slowdown in planting due to recent heavy rains.
Better weather conditions pushed down wheat, which had jumped nearly 1 percent in the previous session due to worries that rain could damage the soft red winter crop in the Midwest
and that cold could hurt hard red winter wheat in the Plains.
May corn shed 0.61 percent to $648 a bushel by 0427 GMT on the Chicago Board of Trade, having gained 1.2 percent in the last session. May wheat lost 0.60 percent to $7.07 a
bushel, after closing up 0.9 percent in the previous session.
May soybeans futures slipped 0.56 percent to $13.74 a bushel. They had settled at $14.28-1/4 per bushel on Friday, down 0.2 percent.
"There have been some reports in the past 48 hours which suggest less severe weather conditions, and to me that's the most plausible reason behind the fall of all the three," said
Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
On Friday, corn fell as an agricultural meteorologist said more rain was expected in the U.S. Midwest after deluges last week. Forecasts of further rain had raised apprehensions of a
delay in planting.
U.S. farmers are beginning to become nervous due to the soggy soil but they have time until May to make up for any sowing delay. But some experts are already talking about the
potential of some corn area shifting to soybeans.
Corn drew support from previous projections of U.S. farmers harvesting a record crop this year.
On the back of some improvement in weather, wheat fell in line with corn, said Mathews.
Grains prices at 0427 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 707.25 -4.25 -0.60% +0.28% 710.74 54
CBOT corn 648.00 -4.00 -0.61% +0.54% 677.87 44
CBOT soy 1374.75 -7.75 -0.56% -3.90% 1411.49 56
CBOT rice $15.16 -$0.07 -0.49% -1.43% $15.25 32
WTI crude $88.42 $0.41 +0.47% +0.79% $92.78 34
(Editing by Clarence Fernandez)
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