GRAINS-Corn edges lower, USDA planting report checks losses

CANBERRA, May 25 (Reuters) – U.S. corn futures edged lower on Tuesday, as forecasts for crop-friendly weather across a key U.S. growing region weighed on prices, though losses were checked by the U.S. Department of Agriculture’s (USDA) planting progress report.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.1% at $6.56-3/4 a bushel by 0104 GMT, having closed 0.3% lower in the previous session.

* The most active soybean futures were up 0.1% at $15.24-3/4 a bushel, having closed down 0.2% in the previous session when prices hit April 30 low of $15.06-1/4 a bushel.

* The most-active wheat futures were up 0.3% at $6.64-1/2 a bushel, having closed 1.8% lower in the previous session when prices hit an April 20th low of $6.53-1/4 a bushel.

* The USDA said U.S. farmers had planted 90% of their intended corn acres as of Sunday, just below the average estimate in a Reuters analyst poll of 91%.

* Soybean planting was 75% complete by Sunday, the USDA said, up from 61% a week earlier. The figure was behind the average analyst estimate of 80% but ahead of the five-year average of 54%.

* The USDA rated 47% of the U.S. winter wheat crop in good-to-excellent condition, down 1 percentage point from the previous week, defying the average analysts’ expectations for a two-point improvement.

* Wheat futures retreated after crop scouts on an annual tour last week projected record-high yields in Kansas, the top winter wheat state.

MARKET NEWS

* The dollar languished near four-month lows against major currencies on Monday as bets on a robust global economic recovery continued to support currencies seen as riskier.

* Oil prices rose more than 3% on Monday as a demand bump fuelled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.

* Global equity markets gained on Monday while the dollar traded near four-month lows against major currencies as investors eye upcoming U.S. inflation readings for guidance on monetary policy.

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