CHICAGO: US corn futures rose to their highest in more than three weeks after heavy rains across broad swaths of the US Midwest stalled harvests, traders said. The harvest slowdowns also supported the soybean market.
"Even if we get a break in the rains for one to two days, that is not enough for farmers to get back in the fields," said Terry Reilly, senior analyst with Futures International in Chicago. Wheat futures were strong too, with MGEX spring wheat rocketing to its highest price since June 2011 on concerns about tight global stocks of high-protein supplies.
At 11:05 a.m. CDT (1604 GMT), the Chicago Board of Trade December soft red winter wheat contract was up 2-1/2 cents at $7.62 a bushel. MGEX spring wheat futures for December delivery were 17-1/2 cents higher at $10.44-1/2 a bushel.
In its first condition ratings for the 2022 winter wheat crop, the US Department of Agriculture (USDA) on Monday afternoon rated 46% of the crop in good-to-excellent condition, up from 41% a year earlier, but behind analysts' expectations of 54%. Estimates had ranged from 49% to 62% good-to-excellent. CBOT December corn was up 6-3/4 cents at $5.44-3/4 a bushel. On a continuous basis, the most-active corn contract hit its highest price since Oct. 4.
CBOT November soybeans gained 5-1/4 cents to $12.42-1/2 a bushel. The US soybean harvest was 73% complete as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 70%, but behind the average estimate in a Reuters analyst poll.
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