JAKARTA, May 7 (Reuters) - Chicago corn rose for a fifth straight session on Tuesday amid reports of a delay in the U.S. planting season, while soybeans and wheat retreated from multi-months highs.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) gained 0.27% to $4.70-1/4 a bushel by 0107 GMT, hitting the highest since Dec. 29.
* Wheat was down 0.23% to $6.47-1/4 a bushel after hitting a nine-month high earlier in the day, while soybeans lost 0.16% to $12.46-3/4 a bushel.
* Nearly two weeks of wet weather in the western U.S. Corn Belt have put most of the Crop Watch producers' planting efforts behind schedule after what was an efficient start to the season, and more rain this week could prolong the delays.
* The U.S. Department of Agriculture's (USDA) weekly crop progress report showed 50% of the U.S. winter wheat crop rated in good-to-excellent condition, up 1 percentage point from last week and the highest for this time of year since 2020.
* Analysts estimate U.S. corn and soybean production for 2024-25 to be lower than the USDA's previous outlook, a Reuters survey showed, while wheat output is expected to be higher than 2023/24 production. The USDA is scheduled to release its May crop supply/demand report on May 10.
* Analysts estimate corn and soybeans production in Argentina and Brazil for 2023/24 to be lower than the USDA's estimate in April.
* Analysts expect world grain end-stocks for 2023/24 to be lower than the previous USDA estimate in April, while U.S. grain end-stocks are estimated to rise from 2023-24. The USDA is scheduled to release its report on May 12.
* Russian wheat export prices continued to rise last week as volatile weather conditions made crop forecasts difficult. Combined with dry weather in the south of the country, May frosts in central regions, the Volga region and in some southern regions could have a negative impact on the crop, analysts said.
* Russia's April exports of wheat, barley and maize (corn) are estimated at 5.7 million metric tons, down from 6.1 million tons in March, the Sovecon agricultural consultancy said.
* Ukraine's grain exports in the 2023/24 marketing season had reached almost 42 million metric tons as of May 6 compared with 42.6 million sent abroad as of May 8, 2023, agriculture ministry data showed on Monday.
* Egypt has procured 1.8 million metric tons of wheat in local harvest so far this season that started on April 13, the supply ministry said on Monday.
MARKET NEWS
* Asian shares made 15-month highs on renewed confidence of U.S. interest rate cuts, while traders waited on a policy meeting in Australia later in the day and had a close eye on a falling yen.
DATA/EVENTS (GMT)
0430 Australia RBA Cash Rate May
0600 Germany Industrial Orders MM March
0600 Germany Manufacturing O/P Current Price SA March
0600 Germany Consumer Goods SA March
0600 UK Halifax House Prices MM, YY April
0645 France Reserve Assets Total April
0830 UK S&P Global PMI: MSC Composite Output April (Reporting by Bernadette Christina; Editing by Subhranshu Sahu)
