Corn down on disappointing export data; soy, wheat also lower

(Updates with closing prices)
By Julie Ingwersen
CHICAGO, March 18 (Reuters) - U.S. corn futures fell on
Monday, halting a four-session rebound from contract lows set
last week, as traders worried about export prospects for U.S.
grains, analysts said.
Soybeans and wheat futures also declined.
Chicago Board of Trade (CBOT) May corn settled down
1-3/4 cents at $3.71-1/2 per bushel.
CBOT May soybeans ended down 3-1/2 cents at $9.05-3/4
a bushel and May soft red winter wheat fell 5-1/2 cents at
$4.56-3/4 a bushel.
Corn futures were pressured in part by disappointing weekly
U.S. export data. The U.S. Department of Agriculture reported
export inspections of U.S. corn in the latest week at 795,241
tonnes, down from an adjusted figure of 803,351 tonnes the
previous week.
"These exports have been running weaker and weaker for
corn," said Brian Basting, an analyst with Advance Trading in
Bloomington, Illinois.
"It's impossible to say when or if a trade deal (with China)
might be struck ... But the export market is weak right now,"
Basting said, noting competition from Ukraine and strong crop
production prospects in South America.
CBOT soybean futures also declined, reflecting the absence
of fresh developments in U.S.-China trade talks, in which
soybean shipments are a major issue.
Traders noted prospects for wet weather and flooding in
northwestern portions of the Midwest Corn Belt and the
Mississippi River Delta to delay corn planting and encourage
farmers to switch some acres to soybeans, which can be seeded
later in the season.
CBOT wheat futures posted the largest declines on a
percentage basis, with the May contract pressured by
lackluster export inspections. The USDA reported weekly export
inspections of U.S. wheat at 353,727 tonnes, below a range of
trade expectations for 400,000 to 700,000 tonnes.

However, Minneapolis Grain Exchange spring wheat futures
rose, with the May contract up 6 cents at $5.60-3/4 a
bushel, supported by news that Ethiopia was seeking 400,000
tonnes of milling wheat.
Worries about U.S. spring wheat planting delays due to deep
snows and frozen soils in the northern Plains added support.

CBOT settlement prices:
Net Pct Volume
Last change change
CBOT wheat WK9 456.75 -5.50 -1.2 55358
CBOT corn CK9 371.50 -1.75 -0.5 159829
CBOT soybeans SK9 905.75 -3.50 -0.4 61524
CBOT soymeal SMK9 309.80 -1.00 -0.3 35456
CBOT soyoil BOK9 29.44 0.01 0.0 36980
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 Gus Trompiz in Paris and Naveen
Thukral in Singapore; editing by Dan Grebler and James

First Published: 2019-03-18 03:27:02
Updated 2019-03-18 22:18:20

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