* 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
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
Currencies
Euro/dlr $1.307 $0.000 +0.04% +0.16%
USD/AUD 1.030 0.003 +0.25% +0.26%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice:USD per hundredweight
RSI 14, exponential
(Editing by Clarence Fernandez)
