SYDNEY - U.S. corn futures edged up on Thursday to hit a five-week high as forecasts for further rains across a key growing region stoked fears of widespread planting delays.
The most active corn futures on the Chicago Board Of Trade were up 0.1 percent at $3.68-3/4 by 0131 GMT, near the session high of $3.69-1/2 a bushel - the highest since March 29. Corn gained 1.7 percent in the previous session.
The most active soybean futures were little changed at $8.51-1/2 a bushel, having fallen 0.3 percent on Wednesday when prices hit a low of $8.44-1/4 a bushel - the lowest since Oct 29.
The most active wheat futures were up 0.1 percent at $4.36-1/4 a bushel, having closed up 1.7 percent on Wednesday.
Corn drew support from concerns that wet weather across the U.S. Midwest will slow planting.
The U.S. Department of Agriculture said this week that 15 percent of the U.S. corn crop had been planted as of April 28, in line with a year ago but well behind the average pace of 27 percent.
Soybean market eyes U.S.-China trade talks.
The two nations held "productive" trade talks in Beijing on Wednesday and will continue discussions in Washington next week, U.S. Treasury Secretary Steven Mnuchin said.
The dollar took a breather in Asia on Thursday after recovering from a brief spill overnight when markets were whipsawed by mixed messages on policy from the Federal Reserve.
Oil prices dipped on Thursday after data showed record U.S. crude oil production, which resulted in a surge in stockpiles.
U.S. stocks ended lower on Wednesday and the S&P 500 snapped a three-day streak of record high closes as comments from Federal Reserve Chairman Jerome Powell appeared to dampen hopes the central bank could move later this year to cut interest rates.
DATA/EVENTS (GMT) 0400 Indonesia Inflation YY April 0750 France Markit Mfg PMI April 0755 Germany Markit/BME Mfg PMI April 0800 EU Markit Mfg Final PMI April 1100 UK BOE Bank Rate May 1100 UK GB BOE QE Corp May 1230 US Initial Jobless Claims weekly 1400 US Factor Orders MM March
(Reporting by Colin Packham; editing by Richard Pullin)
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