Corn, soybeans steady on demand hopes, wheat eases on Europe rain

• The most-active corn contract on the Chicago Board Of Trade  was up 0.2% at $3.12-1/2 a bushel by 1148 GMT.

PARIS/SINGAPORE: Chicago corn and soybeans ticked higher on Wednesday as plans by countries to ease lockdown measures and a move by U.S. President Donald Trump to keep meat factories open tempered fears about demand destruction caused by the coronavirus epidemic.

A slump in energy consumption, however, continued to hang over the corn market, which has fallen to 10-year lows this month as demand for corn-based ethanol fuel dried up.

Wheat prices fell as rain across much of Europe and the Black Sea region eased worries about crop stress, while export markets were quieter after a wave of import tenders and export restrictions earlier in the coronavirus crisis.

The most-active corn contract on the Chicago Board Of Trade  was up 0.2% at $3.12-1/2 a bushel by 1148 GMT.

The contract remained close to a 10-1/2-year low of $3.09 struck last week.

CBOT soybeans were up 0.1% at $8.33 a bushel.

Shares and oil prices were firmer, with investors focusing on countries easing coronavirus lockdowns.

Grain markets were also factoring in an order issued by President Trump on Tuesday requiring meat-processing plants to stay open to protect food supply in the United States.

"Grain markets were slightly higher overnight with corn and soybean futures positive as traders expect an increase in livestock feed demand as meat-processing plants begin to re-open," brokerage Allendale said in a note.

Trump's order followed the closure of several factories due to workers falling ill from the novel coronavirus. Reduced meat processing had also disrupted livestock breeding at farm level, with the prospect of less use of feed grain like corn and soy.

The corn market was also facing pressure from a brisk start to the planting season in the United States, where farmers are expected to plant a big area.

"Corn crop-outlook in most exporting nations looks pretty good. U.S. planting progress is going on very well," said a Singapore-based grains trader.

U.S. farmers planted 27% of intended corn acres as of Sunday, the U.S. Department of Agriculture said late on Monday, topping most analysts' expectations and the five-year average of 20%.

CBOT wheat was 1.2% lower at $5.19-3/4 a bushel.