GRAINS-Egypt leaps in USDA October report


CANBERRA, May 18 (Reuters) – US corn futures rose 1.5% on Tuesday after the US Department of Agriculture (USDA) kept planting behind market expectations and raised concerns about already tight global supplies.

BASIC KNOWLEDGE

* Most active corn futures on the Chicago Mercantile Exchange gained 1.4% in the previous session when prices hit the April 28 low of $ 6.33, at $ 6.62-1 / 2 per bushel for 0153 increased 1.5% with.

* Most active soybean futures were $ 15.98-1 / 4 bushel, up 0.7% from the previous session.

* Most active wheat futures were up 1.1% from $ 7.06-3 / 4 on Monday, down 1.1%.

* USDA said US farmers planted 80% of their maize plantings as of Sunday, which was 67% a week ago and 68% a five-year average.

* Analysts surveyed by Reuters expected a range between 79% and 88%.

* Soybean planting was 61% complete as of Sunday, ahead of the 60% average analyst estimate and well above the five-year average of 37% cultivated.

* The USDA rated 48% of its winter wheat crop in good to excellent condition, down 1 percentage point from the previous week. Analysts surveyed by Reuters, on average, expected a 1 percentage point improvement in the winter crop condition.

* The US Department of Agriculture reported that private exporters sold 1.7 million tons of corn for delivery to China in the 2021/22 marketing year. This month was the fourth sale of corn to China, exceeding 1 million tons.

MARKET NEWS

* The dollar approached monthly lows against European currencies as Treasury yields halted on Tuesday amid renewed expectations that US interest rates will remain low for a long time.

Oil prices soared by more than 1% on Monday amid re-opening of the European economy and rising US demand, after prices fell earlier due to rising coronavirus cases in Asia and China’s dominant production data.

Stock indices fell globally on Monday, with tech stocks weighing the most in the US S&P 500 index, with gold prices reaching their highest levels in more than three months as investors sought security. (Reporting by Colin Packham; Editing by Subhranshu Sahu)