Corn firms as market worries about planting delays

U.S. corn futures edged higher on Monday, extending gains into a second straight session, as recent adverse weather conditions threatened delay in planting schedule.
    
Soybeans edged higher, while wheat fell 0.5 percent despite the threat-induced production drop.
    
The most active corn futures on the Chicago Board Of Trade were up 0.4 percent at $3.62-3/4, as of 0112 GMT, having gained 0.3 percent in the previous session.
    
Corn was drawing support after a blizzard across the Midwest threatened to stop farmers sowing crops, though they cautioned ample global supplies capped gains, analysts said. 
    
"The reality is, the world's grain supplies are plentiful. There are substantial downside conditions, it is not a deal breaker," said Phin Ziebell, agribusiness economist, National Australia Bank.
    
The most active wheat futures slipped 0.4 percent to $4.62-3/4 a bushel, having closed 0.9 percent higher on Friday.
    
The U.S. Department of Agriculture is scheduled to release updated U.S. planting progress figures for corn and spring wheat on Monday.
     
The most active soybean futures were up 0.4 percent at $8.99 a bushel, having closed unchanged on Friday.
    
The Buenos Aires Grains Exchange on Thursday raised its forecast for Argentina's soybean harvest to 55 million tonnes, a day after the Rosario exchange increased its estimate for the crop.
    
Brazilian agricultural statistics agency Conab raised its estimates for the country's soy and corn harvests.
    
Adding to the pressure, traders said, was continued uncertainty over the state of trade talks between the United States and China.
   
 Grains prices at 0319 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  462.75   -1.75    -0.38%       +0.49%  459.40     49
 CBOT corn   362.75    1.75    +0.48%       +0.76%  367.49     46
 CBOT soy    899.00    3.75    +0.42%       +0.42%  899.90     52
 CBOT rice    10.49   $0.02    +0.24%       +1.94%  $10.75     44
 WTI crude    63.71  -$0.18    -0.28%       +0.20%  $60.17     65
 Currencies                                                      
 Euro/dlr    $1.131  $0.001    +0.09%       +0.53%               
 USD/AUD     0.7175   0.000    +0.06%       +0.73%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
Source: Reuters (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)