By Karl Plume
CHICAGO, Might 25 (Reuters) – U.S. corn futures tumbled to a one-month low on Tuesday as well timed spring planting and helpful rains throughout a lot of the Midwest boosted crop prospects.
Losses accelerated as corn costs fell under latest lows and breached different technical chart help ranges.
Soybeans and wheat additionally dropped on stronger harvest prospects in addition to spillover strain from the tumbling corn market.
“Corn is simply dragging all the pieces down,” mentioned Ted Seifried, chief ag market strategist at Zaner Group.
“We had put some climate premium out there due to dryness within the West. However now that we have gotten rains and a better-looking forecast, we’re taking that climate premium again out.”
Chicago Board of Commerce July corn futures CN1 dropped 38-1/four cents to $6.18-3/four a bushel by 12:59 p.m. CDT (1759 GMT), the bottom since April 22. New-crop December corn CZ1 was down 24-1/four cents to $5.16 after breaching chart help at its 50-day shifting common.
July soybeans SX1 fell 18 cents to $15.04-3/four a bushel, whereas CBOT July wheat WN1 shed eight cents to $6.54-1/four a bushel.
In a weekly replace issued after Monday’s market shut, the U.S. Division of Agriculture (USDA) mentioned farmers had planted 90% of meant corn acres as of Sunday, above the five-year common of 80% and slightly below a mean estimate of 91% in a pre-report Reuters ballot.
Brisk planting, coupled with common rain within the U.S. Midwest, has taken consideration away from international provide tensions, though cool spring temperatures have raised some query marks.
U.S. soybean planting remained forward of the typical tempo of latest years, though it was a contact under analyst expectations, the USDA knowledge confirmed.
(Extra reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Modifying by Sherry Jacob-Phillips, Emelia Sithole-Matarise and Sonya Hepinstall)
((karl.plume@thomsonreuters.com; +1 313 484 5285; Reuters Messaging: karl.plume.thomsonreuters.com@reuters.internet))
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