US corn and wheat futures were modestly higher on Friday as wider financial markets regained some ground after plummeting on fears of the economic fallout from the global coronavirus outbreak. But soyabean futures fell, hitting life-of-contract lows as crop weather in South America improved, bolstering expectations of large harvests there.
As of 1:01 p.m. CDT (1801 GMT), Chicago Board of Trade May corn was up 1-3/4 cents at $3.67-1/2 per bushel, turning higher after dipping to $3.63-1/2, a contract low and the lowest value for a most-active corn contract on a continuous chart since Sept. 12. CBOT May wheat was up 2-1/4 cents at $5.07-3/4 a bushel.
Grains drew support from short-covering and a bounce in equity markets on hopes of a coordinated stimulus package from world governments in response to the coronavirus pandemic, which threatens to slow down the global economy. However, CBOT May soyabeans were down 9 cents at $8.50-1/2 a bushel after hitting $8.45-1/4, the cheapest price for a most-active soyabean contract since May 28, 2019.
Argentina's Buenos Aires Grains Exchange on Thursday lowered its estimate of the country's 2019/20 soyabean crop to 52 million tonnes, from 54.5 million previously, citing hot and dry weather. But beneficial rains have since fallen in parts of Argentina's crop belt, and outlooks called for more in the next week.
"There were question marks on their crop, but then the forecast is wet. So that aids the dry conditions," said Don Roose, president of Iowa-based US Commodities.
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