GRAIN-Maize: planting delays in the United States reach their highest level in almost two years

                * Corn reaches its highest level since July 2017 due to planting delays in the United States
* Wheat has reached its highest level since February, soybeans are up for the second day.

(Add graphics, update prices)
By Naveen Thukral
SINGAPORE, May 28 (Reuters) - Chicago corn futures have risen more
less than 2% on Tuesday, hitting a high close to 2 years as expected
heavy rains in the main growth areas of the United States threatened to
delay further planting.
Wheat has reached its highest level since February, driven by
the short cover while soy has won for a second session.
The most active corn contract at the Chicago Board of Trade
was up 2.4% at 4.13-3 / 4 dollars a bushel at 0317 GMT, near
$ 4.14-3 / $ 4 a bushel, its highest level since July 11
2017
Wheat rose 2.4% to $ 5.01-1 / $ 4 a bushel, after climbing
at its highest level since Feb. 19 at $ 5.03-1 / $ 4 a bushel and soy
were up 1.8% to $ 8.44 per half-bushel.
Above normal precipitation is expected in most of the Midwest.
and Plains Farm Belt over the next 15 days, further delaying
plant corn and soybeans and potentially damage the
the quality of the developing winter wheat crop, forecasters said.

"We are seeing quite significant gains for corn and beans,
delays in planting become serious, "said Phin Ziebell, a
Agri-Food Economist at the National Australia Bank. "The market
He is worried about planting delays and rain for sure. "
The most active contract is expected to increase by 7%
$ 4.40 / 3/4 over the next two weeks as it rolls on a
fierce wave C, according to Wang Tao, Reuters market badyst
for technical products.
Once corn stays above $ 4.40-3 / 4, a 23.6% retracement,
a bullish target at $ 5.82 will be established, as shown
by a double-bottom.
US grain markets closed on Monday for Memorial
Holiday day.
In Asia, cereal markets are worried about
Legionnaire's spread in the biggest consumers of China.
China has found destructive legionaries in maize crops in the
Eastern Jiangsu Province, state media Monday said.
The destructive pest has now expanded to 15 provinces and regions
since its first appearance in the southwestern province of
Yunnan early January.
Major speculators have sharply reduced their long net position in
CBOT corn futures in the week to May 21, US product
Commission on the futures trade said Friday.
Speculators also narrowed their net short positions on CBOT
Futures data for soybeans and wheat.

Cereal prices at 06.26 GMT
Contract Last modified pct chg chg MA 30 RSI two days
Wheat CBOT 501.25 11.75 + 2.40% + 6.59% 451.27 81
Corn CBOT 413.75 9.50 + 2.35% + 6.16% 371.65 84
CBOT soybean 844.50 14.75 + 1.78% + 2.80% 848.13 61
CBOT Rice 11.61 0.05 $ + 0.48% + 0.52% 10.89 $ 93
Gross WTI $ 59.28 $ 0.65 + 1.11% + 2.37% $ 62.64
Coins
Euro / dlr $ 1.118 - $ 0.001 -0.13% -0.18%
USD / AUD 0.6924 0.001 + 0.10% + 0.01%






(Report by Naveen Thukral, edited by Rashmi Aich)