Por Mark Weinraub
CHICAGO, Apr 14 (Reuters) – U.S. wheat, corn and soybean futures rebounded on Wednesday, underpinned by concerns that a cold front in the U.S. Midwest and the Great Plains could hurt development of harvest, operators said.
* Corn on the Chicago Stock Exchange hit its highest level since June 2013 with a rise of 2.8%.
* Chicago soft red winter wheat futures were up 3.2%, while Kansas City hard red winter wheat was up 3.4%.
* “Next week’s cold wave poses a risk of damage to wheat in parts of one-third of the southern Great Plains of the United States, possibly burning corn that has already sprouted in the Midwest,” said Commodity Weather Group in a note to clients.
* The weather could also cause some growers to delay planting corn and soybeans, as crops planted in cold temperatures may have a difficult time emerging from the ground.
* “US temperatures do not fit into the ‘severe’ category, but the current cold snap keeps enthusiasm for early corn and soybeans low, with conditions appearing dry but cold for the next seven to 10 days o more, “said Matt Zeller, StoneX’s director of market information, in a note to clients.
* At 1629 GMT, May corn futures on the Chicago Stock Exchange were up 16.25 cents at $ 5.9625 per bushel and May Chicago soybeans were up 24.25 cents at $ 14.1375 per bushel.
* May wheat in Chicago was up 21.50 cents at $ 6.5125 a bushel.
* Experts predict a dry streak in the coming weeks on the European continent. The water deficit is already present in spring wheat producing areas in the northern United States, French consultancy Agritel said in a note.
* “The weather in France is closely watched,” said Agritel. “Weather forecasts for the coming weeks point to a risk of water deficit, which adds to firm prices, including the 2021 harvest.”
(Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Edited in Spanish by Ricardo Figueroa)