GRAINS-US wheat futures drop after rains; soybeans, firm corn

Band Mark Weinraub

CHICAGO, April 29 (Reuters)U.S. wheat futures fell on Friday, dragged down by red winter durum wheat contracts after showers in key growing areas of the U.S. Plains provided a much-needed boost to soil moisture, traders said.

Corn futures hit their highest level in nearly 10 years for the third day in a row on fears that rains and cool weather could further delay plantings in the US Midwest.

Soybeans were also strong after posting losses in four of the previous five sessions. Support from crude oil market gains helped soybeans.

Good to excellent conditions for US winter wheat fell to their lowest level since 1989, but rains brought relief to crops as they approached key development phases.

“Wheat dances with the times,” said Greg Grow, director of agribusiness at Archer Financial Services. “There’s been some moisture out West that’s timely enough to help.”

As of 11:35 a.m. CDT (4:35 p.m. GMT), the Chicago Board of Trade Soft Red Winter Wheat benchmark contract for July WN2 was down 20 1/2 cents at $10.65 1/4 a bushel. KC July hard red winter wheat KWN2 was down 26 cents at $11.15-1/4 a bushel and hit its lowest since April 8.

July Corn CBOT CN2 rose 6 1/2 cents to $8.20 a bushel after peaking at $8.24 1/2 a bushel. The session high was the highest for the most active contract CV1 since August 2012.

Weather forecasts continued to show cool, wet weather across much of the U.S. Corn Belt for the week ahead, drawing attention to planting delays.

Dry weather in central Brazil has also raised concerns about the country’s main corn crop, which, like the last US crop, is seen as essential to help offset the disruption in Ukrainian exports.

July Soy CBOT SN2 rose 8 1/2 cents to $16.93 1/4 a bushel.

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Sherry Jacob-Phillips, Krishna Chandra Eluri and Richard Chang)

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