GRAINS-U.S. corn slides to 9-month low on higher stocks

Sun Mar 31, 2013 8:23pm EDT

* Corn falls 3.4 pct to lowest since late June 2012
    * US report shows stocks higher than mkt expectations
    * Wheat at one-month low, soy remains under pressure

 (Adds detail, background)
    SINGAPORE, April 1 (Reuters) - Chicago corn dropped to a
nine-month low on Monday, falling more than 3 percent and
extending losses after a government crop report on Friday showed
larger-than-expected U.S. stockpiles.
    The U.S. Department of Agriculture surprised the market with
forecasts for old-crop corn supplies, estimating the stockpile
at the lowest in nine years, up from an average estimate of the
lowest in 15 years.
    It pegged corn stocks as of March 1 at 5.399 billion
bushels, above the average analyst estimate of 5.013 billion
bushels. The USDA also said farmers would plant the highest corn
acreage since 1936. 
    Growers were expected to increase overall seedings this year
after the worst drought since 1934 last summer reduced yields
and sent corn and soybean futures to a record last year. But
higher prices reduced demand.
    Chicago Board of Trade most-active May corn fell as
much as 3.4 percent to $6.71-1/2 a bushel, the lowest since late
June.
    Wheat slid to its lowest in almost a month and soybeans
remained under pressure in early Asian trade on higher stocks.
    CBOT May wheat fell as much as 0.9 percent to
$6.81-1/4 per bushel, the lowest since early March, while May
soybeans were little changed at $14.06 a bushel.
    Soybean stocks were estimated at 999 million bushels, above
trade guesses of 935 million bushels. Plantings of all varieties
of U.S. wheat were estimated at 56.4 million acres, up 1 percent
from last year, while stocks of wheat were up 3 percent from a
year ago.
    
  Grains at 2343 GMT
  Contract        Last    Change  Pct chg  MA 30   RSI 
  CBOT wheat     684.25    -3.50  -0.51%   867.22   29
  CBOT corn      672.75   -22.50  -3.24%   764.33   22
  CBOT soy      1406.00     1.25  +0.09%   1577.41   33
  CBOT rice      $15.29   -$0.08  -0.49%   $15.48   63
  WTI crude      $97.26    $0.03  +0.03%   $89.22   75
  Currencies                                                
  Euro/dlr       $1.280   $0.051  
  USD/AUD         1.041   -0.015  
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)