SYDNEY: US corn futures extended gains into an eighth session on Wednesday, hovering near a one-year high amid fears that adverse weather in a key North American producing region would further delay planting.
FUNDAMENTALS
The most active corn futures on the Chicago Board of Trade had risen 0.3pc to $3.95-1/4 a bushel by 0016 GMT.
They closed up 1.4 percent on Tuesday, after prices earlier in the day touched their highest since June at $3.99 a bushel.
The most active wheat futures were steady at $4.78-3/4 a bushel, after inching up 0.1pc on Tuesday when prices marked their highest since Feb. 25 at $4.93 a bushel.
The most active soybean futures were up 0.4pc at $8.25 a bushel, having closed down 1.2pc on Tuesday.
The US Department of Agriculture said a lower-than-expected 49pc of the US corn crop has been planted, the slowest pace on record, based on data going back to 1980. Soybeans were 19pc planted, also short of market expectations.
Soybean prices were pressured on expectations the USDA may soon announce a trade-war aid package for farmers that could boost soybean plantings and possibly further swell record-large stocks of the oilseed.
MARKET NEWS
The US dollar was higher against the euro and the yen on Tuesday in a day of risk-on trades after US President Donald Trump temporarily eased curbs on China's Huawei Technologies Co Ltd.
Oil futures were steady on Tuesday as the prospect of mounting US-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand.
Shares of technology companies helped lift Wall Street on Tuesday.
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