Soybeans and corn are under pressure from favorable planting weather in the US

Chicago soybean and corn futures fell on Wednesday amid pressure from a faster planting pace and prospects for favorable growing conditions in the U.S. Midwest.

Wheat rose slightly after closing sharply lower.

Basics

* The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $14.13-1/2 by 0008 GMT and corn lost a quarter of a cent at $5.84-1/2 a bushel.

* Wheat added 0.2% to $6.44-1/2 a bushel.

* The US Department of Agriculture (USDA) reported that corn and soybean plantings exceeded market expectations.

*Farmers planted 49% of their corn and 35% of their soybean acres, the agency said.

* Reduced purchases from top importer China put additional pressure on soybeans.

* Imports of China’s soybeans fell 10% year-on-year in April, customs data showed on Tuesday, after tighter customs controls delayed exports.

* The world’s biggest soybean buyer imported 7.26 million tonnes of the oilseed last month, significantly less than the 9 million tonnes expected by traders.

* The United Nations said on Tuesday that inspections of outbound vessels under a deal allowing safe grain exports from Ukraine to the Black Sea had resumed. Moscow has threatened to withdraw from the deal on May 18 due to restrictions on its own grain and fertilizer exports.

* Commodity funds were net sellers of CBOT contracts for corn, soybeans, wheat, soybean meal and soybean oil on Tuesday, traders said.

Market news

* A gauge of global stocks fell on Tuesday as investors grew cautious ahead of key U.S. consumer price data, while a stalemate over the U.S. debt ceiling sparked a sharp sell-off in short-term Treasuries.

Data/Events (GMT, April) 0600 Germany HICP Final YY 1230 US Core CPI MM, SA; YY, NSA 1230 US CPI MM, SA; YY, NSA 1230 US CPI wage earner (Reporting by Naveen Tughral; Editing by Uttaresh Venkateswaran)