GRAINS-Corn, soybeans, wheat rally for second day in a row
(Adds closing prices, analyst quote)
By Mark Weinraub
CHICAGO, April 26 (Reuters) - U.S. soybean and corn futures firmed on Tuesday, their second straight day of gains, on expectations the pace of planting will slow in coming days due to wetter weather.
"Tractors could stall quickly as more rains move into the Midwest this week," Farm Futures senior grain market analyst Bryce Knorr, said in a note to clients.
Wheat futures also rose for the second day in a row as traders covered short positions despite a bearish fundamental picture amid signs of good crop development and weak export prospects.
Chicago Board of Trade May corn futures settled up 5-1/4 cents at $3.82-1/4 a bushel. CBOT May soybeans were 18 cents higher at $10.17-3/4 a bushel.
"A wetter bias is forecast for much of the Midwest later this week to cause interruptions to fieldwork," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
Soybeans gained more ground as funds continued to buy agricultural commodities on worries over South American supply.
The U.S. Agriculture Department said on Monday afternoon that 30 percent of the U.S. corn crop has been planted, in line with expectations but much higher than the five year average of 16 percent. Soybeans were 3 percent planted, also ahead of the five-year average. Continuación...