CANBERRA, Could 25 (Reuters) – U.S. corn futures edged decrease on Tuesday, as forecasts for crop-friendly climate throughout a key U.S. rising area weighed on costs, although losses had been checked by the U.S. Division of Agriculture’s (USDA) planting progress report.
FUNDAMENTALS
* Essentially the most energetic corn futures on the Chicago Board Of Commerce Cv1 had been down 0.1% at $6.56-3/four a bushel by 0104 GMT, having closed 0.3% decrease within the earlier session.
* Essentially the most energetic soybean futures Sv1 had been up 0.1% at $15.24-3/four a bushel, having closed down 0.2% within the earlier session when costs hit April 30 low of $15.06-1/four a bushel.
* Essentially the most-active wheat futures Wv1 had been up 0.3% at $6.64-1/2 a bushel, having closed 1.8% decrease within the earlier session when costs hit an April 20th low of $6.53-1/four a bushel.
* The USDA mentioned U.S. farmers had planted 90% of their supposed corn acres as of Sunday, just under the common estimate in a Reuters analyst ballot of 91%.
* Soybean planting was 75% full by Sunday, the USDA mentioned, up from 61% per week earlier. The determine was behind the common analyst estimate of 80% however forward of the five-year common of 54%.
* The USDA rated 47% of the U.S. winter wheat crop in good-to-excellent situation, down 1 share level from the earlier week, defying the common analysts’ expectations for a two-point enchancment.
* Wheat futures retreated after crop scouts on an annual tour final week projected record-high yields in Kansas, the highest winter wheat state.
MARKET NEWS
* The greenback languished close to four-month lows in opposition to main currencies on Monday as bets on a sturdy international financial restoration continued to assist currencies seen as riskier. USD/
* Oil costs rose greater than 3% on Monday as a requirement bump fuelled by COVID-19 vaccination drives gave merchants optimism that the market can take up any Iranian oil that might come in the marketplace if Western talks with Tehran result in the lifting of sanctions. O/R
* International fairness markets gained on Monday whereas the greenback traded close to four-month lows in opposition to main currencies as traders eye upcoming U.S. inflation readings for steerage on financial coverage.
(Reporting by Colin Packham)
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