Wheat down on strong production prospects; corn, soy also weak

(Updates with closing U.S. prices and USDA crop progress data,
changes dateline)
By Julie Ingwersen
CHICAGO, April 22 (Reuters) - Chicago wheat futures fell
more than 1% to a one-month low on Monday, pressured by
generally favorable U.S. crop conditions and expectations of
abundant global supplies, traders said.
Corn fell in sympathy with wheat and on outlooks for
improved planting weather in parts of the Midwest, and soybeans
also slipped.
Chicago Board of Trade May wheat settled down 8-1/2
cents at $4.35-3/4 per bushel after dipping to $4.35-1/4, its
lowest since March 12.
CBOT May corn ended down 3-3/4 cents at $3.54-3/4 a
bushel and May soybeans fell 3-1/2 cents to $8.77 a
bushel.
CBOT soft red winter wheat futures posted the biggest
declines of the three commodities, while K.C. hard red winter
wheat and Minneapolis Grain Exchange spring wheat
futures fell to contract lows in nearly every contract
month.
"Expectations are that the winter wheat is going to look
really good for this afternoon. I think we all know that the
spring wheat (planting progress) is behind, but I don't know
that the market seems to care," said Ted Seifried, chief
agricultural market strategist with Zaner Group.
After the CBOT close, the U.S. Department of Agriculture
rated 62% of the U.S. winter wheat crop in good to excellent
condition, up from 60% a week earlier. Analysts surveyed by
Reuters on average expected no change.
A year ago, the USDA rated just 31% of the crop as good to
excellent.
The USDA said farmers had planted 6% of their intended corn
acres by Sunday, behind the average trade estimate of 7% and the
five-year average of 12%. The government said soybean planting
was 1% complete, compared with the five-year average of 2%.
The USDA said the U.S. spring wheat crop was 5% seeded, up
from 2% a week ago but well behind the five-year average of 22%.
In Ukraine, farmers have so far sown 2.1 million hectares of
spring grain crops for the 2019 harvest, or 93% of the expected
area, the agriculture ministry said.
"The grains are generally weaker on what is perceived to be
favorable growing conditions for the world's crops amid feed
demand destruction in China," INTL FCStone chief commodities
economist Arlan Suderman said in a client note.
Traders were monitoring the spread of African swine fever in
China, home to the world's largest hog herd. The disease, which
is fatal to pigs but harmless in humans, has spread to every
province on the Chinese mainland since its initial detection in
August 2018.
China detected new cases of the disease in Hainan province,
the agriculture ministry said on Sunday. Authorities previously
said they hoped the disease would not spread to Hainan, an
island located off China's southern coast.

CBOT settlement prices:
Net Pct Volume
Last change change
CBOT wheat WK9 435.75 -8.50 -1.9 36282
CBOT corn CK9 354.75 -3.75 -1.1 124723
CBOT soybeans SK9 877.00 -3.50 -0.4 62527
CBOT soymeal SMK9 302.50 -0.70 -0.2 39148
CBOT soyoil BOK9 28.70 -0.10 -0.3 60818
NOTE: CBOT May wheat, corn and soybeans shown in cents per
bushel, May soymeal in dollars per short ton and May soyoil in
cents per lb.


(Additional reporting by Naveen Thukral in Singapore; Editing
by David Gregorio and Tom Brown)


First Published: 2019-04-22 04:12:31
Updated 2019-04-22 23:15:14


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