Chicago corn futures gained on Tuesday, following energy markets higher on hopes of renewed fuel demand as lockdowns ease, but were capped by ahead-of-schedule planting across the US Midwest, analysts said.
Soyabeans climbed on confirmation of new sales to China, even as the United States renewed tariff threats over China's handling of the novel coronavirus. Gains were also tempered by strong planting progress.
Wheat was barely changed, as rain forecasts in parts of Europe boosted competitive crop prospects, while the US Department of Agriculture (USDA) gave US wheat positive marks.
Traders are anticipating next Tuesday's World Agricultural Supply and Demand Estimates report from the USDA, so gains were minimal.
Chicago Board of Trade's most-active corn contract gained 2-3/4 cents to $3.18-1/4 a bushel as of 11:26 a.m. (1726 GMT).
July Wheat trimmed 1 cent to $5.18-1/2 a bushel. July soyabeans added 1-1/4 cents to 8.37-3/4 a bushel.
The USDA said Tuesday that Chinese buyers booked deals for 378,000 tonnes of US soyabeans. Private exporters reported that 136,000 tonnes were for delivery in the 2019/2020 marketing year, with 242,000 tonnes for delivery in 2020/21.
Gains were capped by concern that renewed political tensions between Washington and Beijing over the coronavirus pandemic could hinder new purchases of US farm products by China.
Strong planting progress in both corn and soyabeans stifled the gains, after the USDA reported Monday afternoon that US farmers had planted 51% of intended corn acres, above analyst estimates in a Reuters poll of 48% and the five-year average of 39%.
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