BEIJING: Chicago corn futures lost ground on Friday but were set for a second weekly climb underpinned by concerns over rising temperatures in the US and China, while soybeans and wheat also pared gains from the previous session.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.69% at $6.15-6/8 a bushel, as of 0140 GMT, hovering near its lowest since May 7. Wheat is set for a third consecutive weekly decline, down 2% for the week so far.
Corn fell 0.44% to $4.56-4/8 a bushel after rising to a two-week high in the previous session. Soybeans fell 0.32% to trade at $11.85-6/8 a bushel, after rising 1.04% in the previous session. Soybeans have risen 0.64% so far this week, the first weekly rise in three.
Wheat planting in Argentina jumped sharply in the last week thanks to dry weather in much of the South American country, the Buenos Aires Grains Exchange (BdeC) reported on Thursday.
The US soy processing pace increased in May from a seven-month low a month earlier, as some crush plants resumed operations after seasonal downtime for maintenance and repairs and as margins improved, analysts said ahead of a National Oilseed Processors Association (NOPA) monthly report on Monday.
The US Department of Agriculture confirmed private sales of 120,000 metric tons of US soybeans for delivery to “unknown” destinations in the 2023/24 marketing year.
South Korea’s Major Feedmill Group (MFG) purchased an estimated 60,000 metric tons of soymeal expected to be sourced from either South America or the United States in an international tender on Thursday, European traders said.
Searing temperatures and drought in parts of China, including the wheat producing regions of Henan and Shandong, are adversely impacting summer planting, the agriculture ministry said on Thursday. Traders are monitoring US forecasts as corn crops approach an important period for development in July amid worries about rising temperatures in the US farm belt.
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