By Julie Ingwersen
CHICAGO, April 19 (Reuters) – U.S. corn futures rose on Monday, flirting with multi-year highs set final week, as forecasts for frosty climate and precipitation raised considerations concerning the tempo of planting and germination, analysts mentioned.
Soybeans adopted corn greater whereas wheat was uneven, turning decrease at instances on profit-taking after reaching a six-week prime. A weaker greenback .DXY lent assist, theoretically making U.S. grains extra aggressive globally.
As of 1:10 p.m. CDT (1810 GMT), Chicago Board of Commerce Could corn CK1 was up 6-1/Four cents at $5.91-3/Four per bushel, hovering close to final week’s excessive of $6.01-1/2, the best on a steady chart of the most-active corn contract Cv1 since June 2013.
CBOT December CZ1 corn, representing the 2021 crop, set a life-of-contract excessive at $5.21-3/4.
CBOT Could soybeans SK1 have been up 18-1/Four cents at $14.51-1/2 a bushel.
Corn rose as merchants centered on U.S. crop climate, with sub-freezing temperatures anticipated throughout many of the Plains and the Midwest this week together with some snow and rain. In the meantime, dry situations persist within the northern Plains.
“There’s sufficient concern in right here, with Chinese language (corn) imports being what they’re, to maintain the corn market pretty nicely bid proper now,” mentioned Sterling Smith, director of agricultural analysis with crop insurer AgriSompo North America.
Forward of the U.S. Division of Agriculture’s weekly crop progress report due in a while Monday, analysts surveyed by Reuters on common anticipate the federal government to point out that U.S. farmers planted 9% of their corn and three% of soybeans by Sunday.
CBOT Could wheat WK1 was up 1/Four cent at $6.52-3/Four a bushel, paring good points after reaching $6.60-3/4, its highest since March 8.
Wheat futures drew assist after the USDA reported export inspections of U.S. wheat at 613,595 tonnes, topping dealer expectations within the vary of 250,000 to 550,000 tonnes. USDA/I
“Wheat costs are … firmer on stable export shipments mixed with elevated climate dangers,” Arlan Suderman, chief commodities economist at StoneX, mentioned in a consumer word.
(Further reporting by Michael Hogan in Hamburg Modifying by Kirsten Donovan and David Goodman )
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