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US corn, soy rise as Brazil rains drive farmers from fields

  • "Wheat being beaten down yesterday did not make too much sense," said Terry Reilly, senior analyst with Futures International in Chicago.
  • CBOT May soybeans were 7-1/4 cents higher at $14.15-3/4 a bushel and CBOT May corn was 2-1/4 cents higher at $5.54-3/4 a bushel.
Published February 24, 2021
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CHICAGO: US corn and soybean futures rose on Wednesday as storms in major production areas of Brazil disrupted fieldwork, which threatened to slow export shipments from one of the world's major suppliers, traders said.

"Very heavy rains remain in the forecast for Brazil's northern soybean belt, where farmers are trying to harvest this year's soybean crop so that they can turn around and plant the safrinha (second) corn crop," Arlan Suderman, chief commodities economist at brokerage StoneX said in a note to clients.

The wheat market also was strong, with the most-active Chicago Board of Trade May soft red winter wheat contract rising 1.9% to a five-week high on a technical bounce after falling on Tuesday.

"Wheat being beaten down yesterday did not make too much sense," said Terry Reilly, senior analyst with Futures International in Chicago.

A flurry of activity on the export market, with buyers in the Philippines and Jordan looking for supplies, added support.

At 9:36 a.m. CST (1536 GMT), CBOT May wheat was up 12-1/2 cents at $6.82-3/4 a bushel.

CBOT May soybeans were 7-1/4 cents higher at $14.15-3/4 a bushel and CBOT May corn was 2-1/4 cents higher at $5.54-3/4 a bushel.

The rain in Brazil limited the amount of soybeans available on the export market as strong demand in recent months has reduced the global stockpile.

"There are some short-term supply constraints," said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne.

Strength in oilseeds around the globe bolstered the soybean market.

Canadian front-month canola futures added as much as 1.9% to set a fresh record high on Tuesday while nearby rapeseed on Euronext climbed 3% to set another near eight-year peak.

Gains in the crude oil market also lent support.

Reuters

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