* Chicago wheat falls for 2nd day to weakest since mid-March
* Soybeans underpinned by U.S.-China trade deal hopes
(Updates prices, adds graphic) SINGAPORE, April 30 (Reuters) – Chicago wheat futures slid for a second session on Tuesday to a six-week low after the U.S. Department of Agriculture (USDA) rated the condition of the winter crop ahead of market expectations. Soybeans firmed after closing lower in the last two sessions, with prices supported by expectations of a Washington-Beijing trade deal. The most-active wheat contract on the Chicago Board of Trade had given up 0.8 percent to $4.32 a bushel as of 0728 GMT, after earlier in the session dropping to its weakest since March 12 at $4.29-1/4 a bushel. Corn was unchanged at $3.61-3/4, while soybeans were up 0.2 percent at $8.62 a bushel. “Weather is very good everywhere for the wheat crop,” said a Singapore-based trader. “Asian millers are waiting and not buying as there could be further decline in prices.” Beneficial crop weather in the southern U.S. Plains hard wheat belt, and key wheat production areas around the globe, including top exporter Russia, are dragging on wheat prices. The USDA in a weekly report said 64 percent of the U.S. winter wheat crop is in good-to-excellent condition, ahead of market forecasts and above last year’s 33 percent at this time of year. On the technical front, CBOT July wheat may fall to $4.23-1/4 per bushel as it has broken support at $4.38-1/4, Wang Tao, Reuters market analyst for commodities technicals, wrote in a report. The USDA said 15 percent of the U.S. corn crop has been planted, slightly ahead of market expectations.
It pegged U.S. soybean planting at 3 percent, slightly behind market forecasts. More rain is expected across the Midwest in the coming days, which could prolong river flooding and lengthen spring planting delays. Expectations for a U.S.-China trade deal supported beans. International Monetary Fund Managing Director Christine Lagarde said on Monday she expects the United States and China to reach a deal to end their trade dispute, which has unnerved financial markets and cast a shadow over the global economy.
Brazil’s 2018/19 soybean crop is poised to be the second-largest on record, a Reuters poll showed. Commodity funds were net buyers of CBOT corn and soyoil futures contracts on Monday and net sellers of soybeans, soymeal and wheat, traders said.
Grains prices at 0728 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 432.00 -3.25 -0.75% -2.15% 462.20 19CBOT corn 361.75 0.00 +0.00% +1.26% 372.04 39CBOT soy 862.00 1.25 +0.15% +0.32% 890.13 23CBOT rice 10.63 $0.00 +0.00% +2.02% $10.88 46WTI crude 63.60 $0.10 +0.16% -2.47% $62.40
Currencies
Euro/dlr $1.118 $0.004 +0.31% +0.48%USD/AUD 0.7041 0.000 +0.03% +0.40%
(Reporting by Naveen Thukral; Editing by Uttaresh.V)
