GRAINS-Corn, soybeans ease on US planting progress; wheat firms

SINGAPORE, April 29 (Reuters) - Chicago corn and soybeans slid on Tuesday, with both markets facing pressure from rapidly advancing U.S. planting, amid a trade war with top farm goods importer China.

Wheat ticked higher on bargain-buying after last session's deep losses, although gains were curbed by forecasts of much-needed rains in the U.S. winter crop belt.

FUNDAMENTALS

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.2% to $4.82-1/2 a bushel, as of 0132 GMT and soybeans Sv1 lost quarter of a cent to $10.62-1/4 a bushel. Wheat Wv1 added 0.8% to $5.35 a bushel, after dropping 2.5% on Monday.

U.S. farmers had planted 24% of the nation's corn crop as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly report on Monday, one percentage point behind an average of analyst expectations but ahead of the five-year average for this time of year of 22%.

The USDA said the soybean crop was 18% planted, ahead of both the five-year average of 12% and the average estimate among 12 analysts surveyed by Reuters of 17%.

U.S. farmers were expected to increase corn planted acreage in 2025 to the highest in 12 years, while cutting soybean acres to a five-year low amid a trade war with China, by far the world's biggest soybean importer.

Rain is projected to aid wheat crops in the U.S. Plains over the next 10 days, Commodity Weather Group said, adding that some parts of Texas and Oklahoma may receive six to eight inches. The showers should benefit yields for the region's hard red winter wheat, which is used to make bread.

After trading closed on Monday, the USDA rated 49% on the nation's winter wheat crop as being in good or excellent condition. That was up from 45% a week ago and above analysts' expectations for 47%.

Commodity funds were net sellers of CBOT wheat, corn and soymeal futures contracts on Monday, traders said. Funds were net buyers of soybean and soyoil futures, they said. COMFUND/CBT

MARKET NEWS

The S&P 500 and the Dow ended in positive territory at the conclusion of a choppy session on Monday and gold advanced as investors looked for signs of progress in tariff negotiations at the top of an eventful week of corporate earnings and economic data. MKTS/GLOB

DATA/EVENTS (GMT)

1000 EU Consumer Confid. Final Apr

1400 US Consumer Confidence Apr