By Colin Packham
CANBERRA, April 28 (Reuters) – U.S. corn futures fell 3% on Wednesday as merchants squared positions after costs had reached a close to eight-year excessive within the earlier session.
Wheat fell 2% as costs got here beneath stress from the weak point of corn, whereas soybeans additionally declined 1%.
Probably the most-active corn futures on the Chicago Board of Commerce Cv1 have been down 3.1% at $6.34 a bushel by 0047 GMT after closing down 0.5% within the earlier session when costs had earlier hit a June 2013 excessive of $6.84 a bushel.
“We have seen some actually robust rallies. There’s some unwinding as questions stay in regards to the scenario in South America,” stated Phin Ziebell, agribusiness economist at Nationwide Australia Financial institution.
Brazil’s upcoming second corn crop is seen as essential to replenishing tight international shares, although climate forecasts present little rain for dry southern areas within the week forward.
U.S. plantings have been delayed by chilly temperatures, though the tempo is anticipated to select up within the coming weeks.
The U.S. Division of Agriculture stated U.S. farmers have been capable of plant 17% of their meant corn acres as of Sunday, in step with the common estimate in a Reuters ballot of analysts.
Soybean futures Sv1 fell 1.2% to $15.02-1/four a bushel, having closed down 1.3% on Tuesday.
Wheat futures Wv1 fell 1.8% to $7.19-3/four a bushel after closing down 1% within the earlier session.
The declines in wheat got here regardless of the USDA estimating 49% of U.S. winter wheat was in good or glorious situation, in a four-point drop from every week earlier that was sharper than anticipated on common by analyst.
(Reporting by Colin Packham)
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