August 19, 2019 / 9:07 PM / a month ago

GRAINS-Corn, soybean futures slide on beneficial U.S. weekend rains

 (Updates with closing U.S. prices, weekly USDA crop progress
data)
    By Julie Ingwersen
    CHICAGO, Aug 19 (Reuters) - U.S. corn futures fell 1.6% on
Monday and soybean futures also declined after much-needed rains
crossed dry areas of the Corn Belt over the weekend, bolstering
crop production prospects, analysts said.
    Wheat followed the softer trend.
    Chicago Board of Trade December corn settled down
6-1/4 cents at $3.74-1/2 per bushel, but remained inside of
Friday's trading range.
    CBOT November soybeans ended down 13-1/4 cents at
$8.66-1/2 a bushel and December wheat finished down 5
cents at $4.72-1/2 a bushel.
    Corn led the way down after weekend storms brought rain to
Minnesota, southern Iowa, western Missouri and eastern Kansas,
along with parts of Illinois, Indiana and Ohio.
    "The rain exceeded expectations in most areas, particularly
in the western Midwest, improving conditions for corn and
soybean growth," space technology company Maxar said in a note
to clients.
    The weekend showers, coupled with forecasts for more rain
this week, put the focus back on prospects for hefty U.S.
supplies.
    "So today is about taking risk premium out of the market,"
said Don Roose, president of Iowa-based U.S. Commodities.
    After the CBOT close, the U.S. Department of Agriculture in
a weekly crop progress report rated 56% of the U.S. corn crop
and 53% of U.S. soybeans in good to excellent condition, down
from 57% and 54%, respectively, a week earlier.
    Analysts surveyed by Reuters on average had expected no
change for ratings of either crop.
    Traders awaited clues on harvest prospects from the Pro
Farmer Midwest Crop Tour, which began scouting fields on Monday.
The annual tour is expected to release corn yield estimates for
Ohio and South Dakota later on Monday. 
    Scouts travelling one route in northwestern Ohio on Monday
found corn yield potential was below average after a wet spring
delayed plantings.   
    The tour concludes on Thursday night in Minnesota after
scouting fields in seven states, and Pro Farmer editors are
scheduled to release their U.S. corn and soybean crop estimates
on Friday.
    Some analysts say any downward revisions to crop
expectations could have limited price impact given large global
supplies and the U.S.-China trade tussle, which has curbed U.S.
soybean exports.
    "Amid the ongoing trade disputes between the U.S. and China,
high stocks and the expectation of a high South American crop,
many market participants see no reason to believe in any lasting
price recovery," Commerzbank said in a note.
    U.S. President Donald Trump said on Sunday he was not yet
ready to reach a trade deal with Beijing, citing a buoyant U.S.
economy. 
      
    CBOT settlement prices:
                                  Net     Pct  Volume
                         Last  change  change        
 CBOT wheat     WZ9    472.50   -5.00    -1.0   49683
 CBOT corn      CZ9    374.50   -6.25    -1.6  139996
 CBOT soybeans  SX9    866.50  -13.25    -1.5   64555
 CBOT soymeal   SMZ9   297.20   -3.10    -1.0   28255
 CBOT soyoil    BOZ9    29.04   -0.47    -1.6   49168
   NOTE: CBOT December wheat and corn and November soybeans
shown in cents per bushel, December soymeal in dollars per short
ton and December soyoil in cents per lb.
    

 (Reporting by Julie Ingwersen in Chicago
Additional reporting by Gus Trompiz in Paris and Naveen Thukral
in Singapore
Editing by Matthew Lewis and Sandra Maler)
  
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