By Naveen Thukral
SINGAPORE, Might 4 (Reuters) – Chicago corn futures have been little modified on Tuesday, buying and selling close to the earlier session’s eight-year excessive on world provide worries though a fast tempo of U.S. planting curbed positive aspects.
Wheat gained floor after dropping greater than 2% on Monday, whereas soybeans ticked increased.
“Asian consumers aren’t chasing excessive world corn costs,” mentioned one Singapore-based feed grain dealer. “Importers are ready for the U.S. authorities’s supply-demand report due subsequent week for a value path. Excessive costs are more likely to immediate U.S. farmers to plant extra corn.”
Essentially the most-active corn contract on the Chicago Board of Commerce (CBOT) Cv1 was unmoved at $6.79-1/2 a bushel by 0330 GMT, after hitting a March 2013 excessive of $6.98 a bushel on Monday.
Wheat Wv1 climbed 0.7% to $7.22-3/Four a bushel, after closing down 2.3% within the earlier session, and soybeans Sv1 rose 0.1% to $15.25-1/2 a bushel.
As of Sunday, 46% of the US’ corn plantings have been full, the U.S. Division of Agriculture (USDA) mentioned in a weekly report, topping analysts’ expectations of 44%.
That was up from 17% per week earlier and forward of the five-year common of 36%.
In Iowa, the highest U.S. corn-producing state, farmers have been in a position to plant virtually half of the state’s anticipated corn crop throughout the week ended Might 2, for a complete of 69% planted, based on the USDA.
Nationwide soybean planting was 24% full, in comparison with analysts’ estimates for 25%.
In Brazil, the 2020/2021 second corn crop is estimated at 72.7 million tonnes, in contrast with 77.65 million tonnes beforehand, based on dealer StoneX.
In the meantime, agricultural markets analysis agency SovEcon on Monday revised up its forecast for Ukraine’s 2021 wheat crop to a report 28.6 million tonnes from the earlier estimate of 27.Eight million tonnes and 24.9 million tonnes harvested in 2020.
SovEcon mentioned Ukraine may additionally harvest a report excessive 36.6 million tonnes of corn this 12 months versus 30.Three million tonnes in 2020.
Commodity funds have been web sellers of CBOT soybean, wheat and soymeal futures contracts on Monday, merchants mentioned. They have been seen as web consumers of soyoil contracts and even in corn. COMFUND/CBT
(Reporting by Naveen Thukral; Modifying by Subhranshu Sahu)
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