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Warm, dry spell seen boosting U.S. spring planting
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Economic worries also hang over commodity markets
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Investors adjust positions before holiday weekend
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, April 6 (Reuters) - Chicago corn, wheat
and soybeans edged down on Thursday as an improved weather
outlook for U.S. spring planting kept a lid on prices.
Worries about the global economic outlook also hung over
commodities as investors adjusted positions before the Easter
holiday weekend. Chicago markets will be closed on Friday.
Grain traders are also awaiting the weekly U.S. export data
on Thursday.
The market focus has shifted to forecasts of drier and
warmer weather for the week ahead that may boost fieldwork in
the northern plains spring wheat belt after snow and in the
Midwest corn heartland following recent rain.
That has taken attention away from drought-affected winter
wheat conditions in the southern plains.
"There is some improvement in the U.S. weather after the
rain, which should help planting," said a Singapore-based
trader. "The weather is likely to dominate the market."
The most-active corn contract on the Chicago Board of Trade
(CBOT) was down 0.6% at $6.48-3/4 a bushel by 1149 GMT.
CBOT wheat ticked down 0.2% to $6.80-1/2 a bushel,
while soybeans shed 0.6% to $15.02-1/4 a bushel.
Soybeans touched their lowest in almost a week earlier in
the session, while corn and wheat were trading near one-week
lows hit on Wednesday.
"Profit-taking is taking place against the backdrop of
macro-economic uncertainty, but also due to a shortened week
with the Easter long weekend," consultancy Agritel said.
Grain markets are also awaiting next Tuesday's monthly crop
supply/demand report from the U.S. Department of Agriculture,
and the introduction from Saturday of a new Argentine exchange
rate scheme to boost soybean exports.
Wheat markets are monitoring a tender by Egypt's General
Authority for Supply Commodities on Thursday to gauge Black Sea
supply, after uncertainty created by reports that top exporter
Russia plans to require minimum prices to cover farmers' costs.
(Reporting by Gus Trompiz in Paris, Naveen Thukral in Singapore
and Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu and
Sohini Goswami)
