CHICAGO: US corn futures rose on Thursday, briefly hitting a fresh 10-year high, on forecasts for more showers that will further delay planting in the rain-soaked Midwest, traders said.
Soybean futures eased, with traders noting that the slow pace of corn planting could cause an uptick in soybean acres as the calendar rolls past the ideal seeding date for corn.
Wheat futures also were firm, as the rain forecast for the eastern Midwest threatens to reduce the quality of soft red winter wheat in the region.
“Weather is really a huge factor today,” said Bill Biedermann, a partner at AgMarket.Net. “The weather maps suggest that there could be some significant rains in quite a bit of the Corn Belt.” At 11:35 a.m. CDT (1635 GMT), Chicago Board of Trade July corn futures were up 5-1/2 cents at $8.17-3/4 a bushel. Prices peaked at $8.19-3/4, the highest for the most-active contract since August 2012.
“We have US planting issues. It’s cold and wet and the market is putting in some extra risk,” StoneX commodity risk manager Matt Ammermann said.
Signs of strong export demand added support to corn. Private exporters reported the sale of 1.088 million tonnes of corn to China, the US Agriculture Department said.
Separately, USDA said that weekly corn export sales totaled 1.710 million tonnes, up 35% from a week earlier.
CBOT July soybeans were down 5-1/2 cents at $16.87-1/4 a bushel.
Soyoil futures were strong, hitting a new record high for the second day in a row on support from Indonesia’s decision to widen the scope of a palm export ban to include raw materials for cooking oil.
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