By Christopher Walljasper
CHICAGO, Could 10 (Reuters) – Chicago corn futures fell on Monday, pausing after rallying to eight-year highs final week, with merchants specializing in the U.S. Division of Agriculture’s upcoming world supply-demand report for brand new worth path.
Wheat dipped, supported by helpful rains throughout the U.S. Nice Plains, whereas soybeans traded combined on continued tight provides.
Chicago Board of Commerce most lively corn Cv1 fell 20-1/2 cents to $7.11-3/four per bushel.
Wheat Wv1 fell 31-1/four cents to $7.30-1/2 per bushel. Soybeans Sv1 misplaced 2-1/2 cents to $15.87-1/2 per bushel.
After CBOT corn reached its highest since March 2013 on Friday, the market stepped again, with rainfall throughout the U.S. Midwest and powerful planting progress including strain, merchants mentioned.
“Total, planting progress is fairly respectable,” mentioned Tom Fritz, commodity dealer at EFG Group, noting that heavy rainfall within the japanese cornbelt might gradual planting. “I do not see any sustained issues.”
U.S. farmers planted 67% of deliberate corn acres and 42% of deliberate soybeans acres, as of Could 9, consistent with analyst expectations. L1N2MX1I0
The USDA is ready to difficulty its first provide and demand estimates for the 2021/22 season on Wednesday, probably predicting continued tightness in U.S. soybean ending shares.
“All eyes are on how tight the carryout is,” mentioned Chuck Shelby, president of Threat Administration Commodities. “Going ahead, we’ll want a document yield, simply to take care of these ranges.”
China’s corn purchases have underpinned costs lately, with importers shopping for one other 1.02 million tonnes of new-crop corn on Monday, whereas canceling 280,000 tonnes of old-crop purchases, the USDA mentioned.
Stress within the wheat market was pushed by helpful rainfall throughout the U.S. Nice Plains and Europe.
“Situations of the winter wheat crop are good. I feel the spring wheat areas are going to be bettering,” Fritz mentioned. “We will have some respectable wheat crops this 12 months.”
Winter wheat was rated 49% good-to-excellent, in response to the USDA.
(Reporting by Christopher Walljasper; Extra reporting by Michael Hogan and Naveen Thukral; Modifying by Will Dunham)
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