GRAINS-Corn jumps on USDA planting report

  • 5/18/2021
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CANBERRA, May 18 (Reuters) - U.S. corn futures rose 1.5% on Tuesday after the U.S. Department of Agriculture (USDA) pegged planting behind market expectations, stoking concerns about already tight global supplies. FUNDAMENTALS * The most-active corn futures on the Chicago Board Of Trade were up 1.5% at $6.62-1/2 a bushel by 0153 GMT, having gained 1.4% in the previous session, when prices had hit an April 28 low of $6.33. * The most-active soybean futures were up 0.7% to $15.98-1/4 a bushel, having closed little changed in the previous session. * The most-active wheat futures were up 1% at $7.06-3/4 a bushel, having closed down 1.1% on Monday. * The USDA said U.S. farmers had planted 80% of their intended corn acres as of Sunday, up from 67% a week earlier and the five-year average of 68%. * Analysts polled by Reuters expected a range from 79% to 88%. * Soybean planting was 61% complete as of Sunday, ahead of the average analyst estimate of 60% and well above the five-year average of 37% planted. * The USDA rated 48% of the winter wheat crop in good-to-excellent condition, down 1 percentage point from the previous week. Analysts polled by Reuters, on average, expected the winter crop condition to improve by 1 percentage point. * Private exporters reported the sale of 1.7 million tonnes of corn to China for delivery in the 2021/22 marketing year, the U.S. Agriculture Department said. It was the fourth corn sale of more than 1 million tonnes to China this month. MARKET NEWS * The dollar teetered near multi-month lows against European currencies on Tuesday as Treasury yields stall due to renewed expectations that U.S. interest rates will remain low for an extended period. * Oil prices rose more than 1% on Monday, lifted by European economic reopenings and rising U.S. demand after prices fell earlier due to surging coronavirus cases in Asia and underwhelming Chinese manufacturing data. * Stock indexes edged lower globally on Monday, with technology shares weighing the most on the benchmark U.S. S&P 500 index, while gold prices hit their highest in more than three months as investors sought safety. (Reporting by Colin Packham; Editing by Subhranshu Sahu) Our Standards: The Thomson Reuters Trust Principles.

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