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|15 April, 2019

Corn firms as market worries about planting delays

The most active corn futures on the Chicago Board Of Trade were up 0.4% at $3.62-3/4

Image used for illustrative purpose. Crops Growing On Field Against Sky During Sunset.

Image used for illustrative purpose. Crops Growing On Field Against Sky During Sunset.

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SYDNEY  - U.S. corn futures edged higher on Monday, extending gains into a second straight session, as recent adverse weather conditions threatened delay in planting schedule.

Soybeans edged higher, while wheat fell 0.5 percent despite the threat-induced production drop.

The most active corn futures on the Chicago Board Of Trade were up 0.4 percent at $3.62-3/4, as of 0112 GMT, having gained 0.3 percent in the previous session.

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Corn was drawing support after a blizzard across the Midwest threatened to stop farmers sowing crops, though they cautioned ample global supplies capped gains, analysts said.

"The reality is, the world's grain supplies are plentiful. There are substantial downside conditions, it is not a deal breaker," said Phin Ziebell, agribusiness economist, National Australia Bank.

The most active wheat futures slipped 0.4 percent to $4.62-3/4 a bushel, having closed 0.9 percent higher on Friday.

The U.S. Department of Agriculture is scheduled to release updated U.S. planting progress figures for corn and spring wheat on Monday.

The most active soybean futures were up 0.4 percent at $8.99 a bushel, having closed unchanged on Friday.

The Buenos Aires Grains Exchange on Thursday raised its forecast for Argentina's soybean harvest to 55 million tonnes, a day after the Rosario exchange increased its estimate for the crop.

Brazilian agricultural statistics agency Conab raised its estimates for the country's soy and corn harvests.

Adding to the pressure, traders said, was continued uncertainty over the state of trade talks between the United States and China.    

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

© Reuters News 2019

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