CHICAGO: Chicago soybean futures edged up on Tuesday, steadying after a day-earlier slide fueled by macroeconomic worries, as traders assessed US planting progress.
Wheat firmed, despite pressure from recent rainfall across the US Great Plains aiding parched winter wheat, while corn traded near even, supported as the pace of planting continues to lag.
Focus is turning to the US Agriculture Department’s May global crop report due on Thursday. It will include a first full outlook for the upcoming 2022/23 season, as well as an assessment of Ukraine exports and production in drought-stricken regions like Brazil and the European Union.
The most-active Chicago Board of Trade (CBOT) soybean futures added 10-3/4 cents to $15.96 a bushel by 10:12 a.m. CDT (1512 GMT).
CBOT corn inched up 1 cent to $7.73 a bushel while Chicago wheat gained 5-3/4 cents to $10.98-1/2 a bushel.
Both corn and soy held above the multiweek lows hit on Monday when they were pressured by falling crude oil and improved planting across the US Midwest.
“When the planting window opens, we tend to see a correction. I’m not sure it’s over,” said John Zanker, market analyst at Risk Management Commodities.
After Monday’s market close, the USDA pegged corn planting at 22% complete, lagging an average analyst estimate of 25% and the five-year average of 50%. That underscored the impact of recent cold, wet weather ahead of this week’s expected warm spell.
Soybean planting progress of 12% also missed average expectations.
“It’s going to be a slow year, no doubt about it,” said Joe Vaclavik, president of Standard Grain.
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