By Tom Polansek
CHICAGO, June 29 (Reuters) – Chicago Board of Commerce corn and soybean futures had been blended on Tuesday as merchants adjusted positions forward of key U.S. studies on crop plantings and inventories.
The U.S. Division of Agriculture on Wednesday is predicted to extend its estimate for corn plantings by about 3% from March, in response to a Reuters ballot of analysts. Soybean plantings are seen up 1.5% from March.
Nonetheless, merchants stay nervous concerning the threat for decent or dry climate to harm yields when grain shares are slim.
Analysts anticipate the USDA on Wednesday will report corn and soybean inventories on June 1 had been down 17% and 43% from a yr earlier, respectively.
“The issue is that little rain is within the forecast for the dry areas and an excessive amount of rain is within the forecast for the areas which can be already too moist,” mentioned Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage.
CBOT December corn futures CZ1, which signify the crop that shall be harvested this fall, settled 1-1/four cents greater at $5.48-1/2 a bushel. November soybeans SX1 had been flat at $13.12-1/2 a bushel, whereas September wheat WU1 slipped 5-1/four cents to $6.46-1/four on the CBOT.
MGEX spring wheat futures MWEc1 completed decrease after hitting their highest worth in additional than eight years amid considerations about drought within the northern U.S. Plains hurting harvests, merchants mentioned.
In Canada, farmers expanded canola plantings this spring to money in on record-high costs, however Prairie drought threatens to scorch crops.
“Scorching climate is an actual and a longer-term concern,” mentioned Ole Houe, director of advisory companies at brokerage IKON Commodities in Sydney.
The USDA, in a weekly report on Monday, rated 64% of the U.S. corn crop in good to glorious situation, down 1 share level from the prior week and beneath analysts’ expectations. Simply 20% of spring wheat was rated good to glorious, beneath every week earlier and analysts’ expectations.
(Reporting by Tom Polansek in Chicago, Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Modifying by Alexander Smith, Andrea Ricci and Jonathan Oatis)
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