US corn futures rose for a second straight session on Tuesday on a slower-than-average start to planting in the United States and forecasts for Midwest rains that will stall further progress. Soyabean prices retreated after hitting a three-week high in the previous day as government data showed a faster-than-expected pace of new crop plantings.
"The trade has been really active selling beans and buying corn because of the planting numbers," said Mike Zuzolo, president of Global Commodity Analytics in Atchison, Kansas.
The actively-traded Chicago Board Of Trade July corn contract gained 6-1/4 cents, or 1.7 percent, to $3.71-3/4 a bushel by 11:12 am CDT (1612 GMT), with buying speeding up as the contract climbed above its 200-day moving average. New-crop December corn rallied above its 50-, 100- and 200-day moving averages.
July soyabeans fell 5-1/4 cents, or 0.5 percent, to $9.66-1/2 a bushel while new-crop November also retreated. The US Department of Agriculture estimated US corn planting at 17 percent complete as of Sunday, well behind last season's pace of 28 percent and slightly below the five-year average of 18 percent. Soyabean planting, however, was estimated at 6 percent complete, ahead of a 3-percent average for the crop that is normally seeded after corn in the Midwest farm belt. US wheat futures rose, led by the spring and hard red winter wheat contracts, as a weakening dollar raised hopes for better US export demand. Slower-than-normal planting further supported spring wheat.
The dollar fell to a fresh 5-1/2-month low against a basket of major currencies, raising the buying power of some importers. CBOT July wheat rose 5-1/2 cents, or 1.3 percent, to $4.24-3/4 a bushel while July KC hard red winter wheat added 6 cents, or 1.5 percent, to $4.20-1/4. July spring wheat futures were 8 cents higher at $5.39-1/2 per bushel, a 1.5-percent gain.