SINGAPORE: Chicago corn ticked higher on Thursday, rising for the first time in three sessions, although the market was trading close to its lowest in three weeks on expectations of an uptick in US corn planting this year.
Soybeans edged higher, while wheat dropped to its lowest since early March.
“The corn market has been under pressure on expectations of a big US acreage number to be released next week,” said one trader in Singapore.
“However, further direction can only be ascertained once we have the acreage number.”
The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.1% to $4.51-1/2 a bushel as of 0304 GMT, having dropped to its lowest since March 5 on Wednesday.
Wheat lost 0.3% to $5.33-3/4 a bushel and soybeans added 0.3% to $10.03-1/2 a bushel.
US farmers are estimated to plant 94.361 million acres with corn this year, up from 90.594 million acres seeded in 2024, according to an average of analysts polled by Reuters.
The US Department of Agriculture’s (USDA) planting intentions report is due at 1600 GMT on Monday.
The average trade estimate for soybeans was 83.762 million acres, down from 2024’s 87.050 million acres.
There is some support for soybeans from expectations of a smaller harvest in Brazil.
‘Chicago corn prices set to challenge decades-long streaks’
Brazilian agricultural consultancy AgRural said the country’s farmers are set to produce 165.9 million metric tons of soybeans in the 2024-25 season, 2.3 million tons less than previously forecast.
Commodity funds were net sellers of CBOT corn, soybean, soymeal and wheat futures contracts on Wednesday, traders said.
They were net buyers of soyoil contracts, traders said.
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