Chicago Board of Trade corn and soyabean futures rose more than 1 percent on Wednesday, extending gains from the previous session on outlooks for mostly dry weather that likely will stress US crops, traders and analysts said. Corn and soya prices came off their session highs at midday as investors adjusted their positions to match the latest weather models. MGEX spring wheat futures were lower on a profit-taking setback while CBOT wheat sagged on pressure from ample US winter wheat stockpiles.
Corn crop condition ratings declined earlier this week in top-producing states of Iowa, Illinois and Nebraska, and extended outlooks for limited rainfall were seen as threatening to corn plants during their yield-setting pollination phase. CBOT September corn futures were up 5 cents to $3.82 per bushel at 12:23 pm CDT (1723 GMT). The contract has traded in a relatively narrow range this week, after last week notching both a one-year high of $4.04-3/4 and a subsequent multi-week low of $3.69-3/4. CBOT August soyabeans were up 9-3/4 cents at $9.99-1/4 per bushel, heading for their highest closing price in nearly a week. CBOT September wheat were down 2-1/2 cents at $5.01-1/4 per bushel and MGEX September spring wheat off 8-1/4 cents to $7.72-1/4.
The US Department of Agriculture on Thursday will release weekly US grain and soya export sales that will show whether global importers bought US supplies during a volatile week of futures trading last week. The Taiwan Flour Millers' Association bought cargoes of US milling wheat in an international tender that closed earlier on Wednesday, with prices for spring wheat rising sharply, European traders said.
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