Por Julie Ingwersen
CHICAGO, Apr 1 (Reuters) – Closest U.S. corn futures slowed their advance Thursday on profit-taking after the benchmark contract rose to its highest level since 2013, bolstered by a report from the Department of Agriculture. (USDA) which projected smaller-than-expected plantings and rekindled concerns about the global supply of grains.
* The nearest soybean futures, meanwhile, fell due to profit taking.
* However, deferred futures contracts for corn and soybeans increased as the USDA plantations report shifted the market focus to the 2021 crop.
* At 1755 GMT, May corn on the Chicago Stock Exchange rose 0.5 cent to $ 5.6475 per bushel, declining after hitting $ 5.85, the highest price on a continuous chart of the corn contract plus active since June 2013. But the December New Crop contract was up 10.5 cents to $ 4.88.
* May CBOT soybeans fell 24.75 cents to $ 14.12 a bushel, while November New Harvest soybeans rose 10.75 cents to $ 12.67.
* “The real story on Wednesday was acreage shortages. As such, today’s strength is in new crop contracts,” Arlan Suderman, StoneX’s chief commodities economist, wrote in a client note.
* Wheat futures fell amid favorable growing conditions across the Northern Hemisphere. Wheat for May was down 7 cents to $ 6.11 a bushel.
* American farmers plan to plant 91.1 million acres of corn this year, the most since 2016, and 87.6 million acres with soybeans, the most since 2018, the USDA said Wednesday. However, both estimates were well below analysts’ expectations.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore. Edited in Spanish by Rodrigo Charme)