Press "Enter" to skip to content

GRAINS-Corn and soybeans rise due to cold weather outlook in the US and dollar weakness

Por Julie Ingwersen

CHICAGO, U.S., Apr 19 (Reuters) – US corn futures rose on Monday, flirting with the multi-year highs of last week as frost and rainfall forecasts heightened concerns over the pace of planting and germination, according to analysts.

* Soybeans followed corn’s rally, while wheat was unstable, falling at times on profit-taking after hitting a six-week high. The weak dollar lent it support, which theoretically makes US grains more competitive in the world.

* At 1810 GMT, May corn was up 6.25 cents to $ 5.9175 a bushel, hovering around last week’s high of $ 6.0150, the highest on a continuous chart of the most active corn contract since June 2013.

* December corn, representing the 2021 harvest, set a maximum for the contract at $ 5.2175.

* Soybeans for May rose 18.25 cents to $ 14.5150 a bushel.

* Corn rose as traders focused on the weather they will face from U.S. crops, as freezing temperatures are expected across most of the Plains and the Midwest this week, along with some snow and rain.

* “There’s enough concern here, with Chinese (corn) imports being what they are, to keep the corn market in pretty good demand right now,” said Sterling Smith, director of agricultural research at crop insurer AgriSompo North America.

* Pending the U.S. Department of Agriculture’s weekly report on crop progress to be released on Monday, analysts polled by Reuters expect, on average, the government to show that U.S. farmers planted 9% of its corn and 3% of the soybeans until Sunday.

* CBOT May wheat rose 0.25 cents to $ 6.5275 a bushel, cutting gains after hitting $ 6.6075, its highest since March 8.

* Wheat futures received support after the USDA reported that US wheat export inspections totaled 613,595 tons, beating traders’ expectations by a range of 250,000 to 550,000 tons.

* “Wheat prices […] they are up due to strong export shipments combined with increased weather risks, “said Arlan Suderman, chief commodity economist at StoneX, in a note to clients.

(Additional reporting by Michael Hogan in Hamburg, Edited in Spanish by Javier López de Lérida)

Read more

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *