Corn rises on delays to U.S plantings

Source: By Naveen Thukral and Sybille de La Hamaide, Reuters • Posted: Tuesday, May 3, 2022

SINGAPORE/PARIS – Chicago corn futures rose on Tuesday as adverse weather delayed U.S. planting, while soybeans and wheat edged lower but held above the multi-week lows hit in the previous session, traders said.

The most-active corn contract on the Chicago Board of Trade (CBOT) climbed 0.4% to $8.06-3/4 a bushel, soybeans lost 0.2% to $16.41-1/2 a bushel and wheat fell 0.1% to $10.54-1/4 a bushel.

Soybeans were under pressure from falling crude oil markets and cool and wet conditions in the U.S. Midwest that continued to limit corn and soybean planting. Some analysts think delayed U.S. corn planting could push farmers to plant more soybeans.

The USDA said the seeding of the U.S. corn crop was 14% complete by Sunday, lagging the average analyst estimate of 16% and well behind the five-year average of 33%. U.S. soybean planting was 8% complete, matching trade expectations but behind the five-year average of 13%.

The U.S. Department of Agriculture (USDA) on Monday rated 27% of the U.S. winter wheat crop in good to excellent condition, unchanged from the previous week and the lowest for this time of year since 1996, underscoring the impact of drought in the Plains wheat belt.

Wheat was pressured by beneficial rainfall across parts of the U.S. Plains. The U.S. Department of Agriculture (USDA) on Monday had rated 27% of the U.S. winter wheat crop in good to excellent condition, the lowest for this time of year since 1996, underscoring the impact of drought in the Plains wheat belt.

Commodity funds were net sellers of Chicago Board of Trade soybean, corn, soyoil, wheat and soymeal futures contracts on Monday, traders said.

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Barbara Lewis)

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