By Karl Plume
CHICAGO, Could 26 (Reuters) – U.S. corn futures recovered barely on Wednesday from a steep selloff a day earlier as cut price shopping for and technical shopping for lifted costs from one-month lows, though positive factors had been restricted by beneficial crop climate throughout the U.S. Midwest.
Soybeans had been combined after prior-session losses on good crop climate, whereas wheat fell to recent six-week lows on sturdy U.S. winter crop prospects and stiff competitors in export markets.
Brisk corn and soybean planting and rainfall within the U.S. Midwest have taken consideration away from world provide tensions and hovering feed grain demand from China that had pushed corn futures to an eight-year peak earlier this month.
“Persons are making an attempt to name a short-term backside. It is a operate at this time of bottom-picking and technical shopping for after yesterday’s selloff,” mentioned Terry Reilly, senior commodities analyst with Futures Worldwide.
Chicago Board of Commerce July corn futures CN1 rose 6-1/four cents to $6.26-1/2 a bushel by 12:50 p.m. CDT (1750 GMT). July soybeans SN1 had been down four cents at $15.07-3/four a bushel and CBOT July wheat WN1 was down four cents at $6.52-1/2 a bushel.
Widespread rains have boosted just lately seeded corn and soybeans and lessened some dryness considerations in parts of the western Corn Belt.
Forecasters count on additional rains throughout the Midwest by Friday, with further precipitation subsequent week within the Ohio River Valley and the central Midwest. Dryness, nevertheless, stays a priority in parts of the Dakotas, forecasters mentioned.
Grain merchants are starting to sq. positions forward of the lengthy U.S. Memorial Day weekend, with markets closed on Monday.
Steps by China to rein in commodity costs have additionally inspired buyers to trim positions in grain markets, merchants mentioned.
Merchants had been monitoring export flows from Argentina, a significant provider of soymeal and corn, amid persevering with strike actions by port employees.
(Extra reporting by Gus Trompiz in Paris and Colin Packham in Canberra; Enhancing by David Clarke and Steve Orlofsky)
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